Gooch & Housego PLC AGM Trading Update (8897F)
February 26 2015 - 02:01AM
UK Regulatory
TIDMGHH
RNS Number : 8897F
Gooch & Housego PLC
26 February 2015
For immediate release 26 February 2015
Gooch & Housego PLC
("G&H" or the "Company")
AGM Trading Update
"Trading in line with expectations"
Gooch & Housego PLC (AIM: GHH), the specialist manufacturer
of optical components & systems, will hold its Annual General
Meeting, at 11am this morning at the Company's headquarters in
Ilminster, Somerset. G&H's Chairman Gareth Jones will provide
the following update on trading performance since 1(st) October
2014, which is in line with management expectations.
"In the first four months of the current financial year the
business has performed well, in particular in the industrial
sector, where demand for both solid state and fibre optic lasers
and telecommunication systems was robust. The current order book is
6.1% higher than at the beginning of the financial year, despite an
increase in shipments, compared with the same period last year.
As part of an on-going initiative to improve manufacturing
efficiency G&H has now completed the closure of its Melbourne,
Florida facility, with this business being consolidated into its
Palo Alto, California and Ilminster sites. Additionally, the
Company is in the process of moving its Palo Alto site to nearby
Fremont, which will provide improved facilities and room for
further growth. G&H expects the transfer will be completed by
the end of the financial year and the business is currently
building inventory reserves to satisfy expected customer
requirements while the new facility is brought on line.
The Company has strengthened its financial position since 1(st)
October 2014 and remains well positioned to invest in the
business."
On the 1(st) January 2015, Mark Webster took over from Gareth
Jones as Chief Executive Officer, with Gareth moving to
Non-Executive Chairman. In addition, on the 10(th) November 2014,
Alex Warnock joined the Board as Chief Operating Officer.
"The new management team has identified three areas of focus as
part of a performance improvement programme. These are a) ensuring
a consistent level of operational excellence across all of the
sites, b) developing deeper ties with key target customers and c)
ensuring we have a balanced R&D portfolio that meets the
business' strategic goals. Whilst still at an early stage, progress
is being made with all three initiatives."
Mark Webster, Chief Executive Officer of Gooch & Housego
commented:
"Against a background of gradually improving market conditions
G&H is well placed to deliver continued growth in FY15 and
beyond, through our longstanding twin strategies of diversification
and moving up the value chain. In order to better place G&H for
future growth, management is implementing a performance improvement
programme that focuses on operational excellence, business
development and R&D."
For further information
contact: -
Mark Webster / Andrew Gooch & Housego
Boteler PLC 01460 256440
Mark Court / Gabriella
Clinkard Buchanan 020 7466 5000
Patrick Robb / David Investec Bank
Anderson plc 020 7597 5970
Notes to editors
1. Gooch & Housego is a photonics technology business
headquartered in Ilminster, Somerset, UK with operations in the USA
and Europe. A world leader in its field, the company researches,
designs, engineers and manufactures advanced photonic systems,
components and instrumentation for applications in the Aerospace
& Defense, Industrial, Life Sciences and Scientific Research
sectors. World leading design, development and manufacturing
expertise is offered across a broad range of complementary
technologies.
2. All financial information included in this announcement is
sourced from unaudited management accounts and excludes any
specific items. This announcement contains certain forward-looking
statements that are based on management's current expectations or
beliefs as well as assumptions about future events. These are
subject to risk factors associated with, amongst other things, the
economic and business circumstances occurring from time to time in
the countries and sectors in which G&H operates. It is believed
that the expectations reflected in these statements are reasonable
but they may be affected by a wide range of variables which could
cause actual results, and G&H's plans and objectives, to differ
materially from those currently anticipated or implied in the
forward-looking statements. Investors should not place undue
reliance on any such statements. Nothing in this announcement
should be construed as a profit forecast.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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