Gooch & Housego PLC Full Year Trading Update (2977B)
October 06 2015 - 2:00AM
UK Regulatory
TIDMGHH
RNS Number : 2977B
Gooch & Housego PLC
06 October 2015
For immediate release 6 October 2015
Gooch & Housego PLC
("G&H" or the "Company")
Full Year Trading Update
"Trading in line with expectations"
Gooch & Housego PLC (AIM: GHH), the specialist manufacturer
of optical components & systems, today announces that trading
for the year ended 30 September 2015 is expected to be in line with
market expectations. The Company expects to report its audited
results for the year ended 30 September on 1 December 2015.
Overall trading conditions in the year have been good, driven by
demand for lasers servicing micro-electronic materials processing
and telecommunication systems. The business has seen some recent
softening in micro-electronic demand from China, but there has been
an increase in the requirement for undersea telecommunications
products. We are expecting our space satellite communications
programme to generate commercial income in the new financial year.
The order book on 30(th) September 2015 was 10% higher than at the
beginning of the financial year.
During the year the business has made good progress against our
stated strategy in its drive to:
a) ensure a consistent level of operational excellence across
all sites, through the establishment of globally focused
operational teams and the introduction of LEAN manufacturing
principles.
b) develop deeper ties with key target customers, through the
recruitment of experienced market focused business development
staff.
c) ensure that there is a balanced R&D portfolio that meets
the business's strategic goals, through focusing on and properly
resourcing a smaller number of key strategic R&D projects.
The planned move of the Company's Palo Alto site to nearby
Fremont, in order to provide improved facilities and room for
further growth, has been delayed by three months due to
construction and planning issues, which have since been resolved.
The Fremont facility is now expected to be operational by the end
of the calendar year. As previously disclosed the business in Palo
Alto has built inventory reserves to satisfy expected customer
requirements while the new facility is brought on line.
G&H has strengthened its financial position since 31 March
2015 and remains well positioned to make further investment in the
business.
Mark Webster, Chief Executive Officer of Gooch & Housego
commented:
"The Company has performed in line with expectations in the year
to 30 September 2015. Whilst the business remains vigilant to
global macro-economic trends, in our key markets we continue to be
well placed for future growth. We remain focused on delivering our
financial goals through our twin strategies of diversification and
moving up the value chain. The new management team has put in place
a performance improvement programme prioritising operational
excellence, business development and R&D; we have made good
progress with this in FY2015 which will help underpin our future
performance."
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
& Defence, 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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