Laird issues profit warning on downturn in smartphone production

The Apple components supplier expects full-year profit to be well under expectations

Apple supplier Laird has warned annual profits will fall sharply following a sudden downturn in its smartphone components business and unprecedented pricing pressures.

Shares in the group almost halved to 165p as it said it may be facing "a new reality" in the mobiles market after an expected pick-up in smartphone production failed to materialise.