The company noted that the "challenging environment" experienced late last year continued in the first quarter of 2012. However for the remainder of 2012 they have good reason to expect a more positive trend and the return of a seasonal uplift as the year progresses.
The company is therefore putting in place an expansion of capacity to support the strong demand expected from smartphones and tablets, which will have a beneficial impact in the latter half of 2012 and 2013 in particular and it anticipates that 2012 will progress in line with expectations as new products are launched and brought to market.
Revenue in the first quarter from continuing businesses (Performance Materials and Wireless Systems) was up by 2% at £122 million ($191 million).
Wireless Systems Division
Revenue in the first quarter was very slightly higer at £48 million ($76 million ). Revenue from the telematics antennae and M2M communications systems supplied to the transportation markets has been lower than in the same period of 2011, when volumes were particularly high as a result of the inventory replenishment in the US auto market.
The Wireless Automation and Control Solutions have continued at a similar level to last year led by the ongoing demand for wireless control solutions used within railroads, industrial handling and mining. Revenue from Infrastructure Antennae systems business has increased on the prior year as a result of better demand for antennae used within portable devices such as gaming consoles.
Revenue in the first quarter from the discontinued Handset Antennae business (discontinued businesses) was more than halved to £12 million ($19 million). The disposal of this business remains subject to regulatory approval.
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