Gooch & Housego PLC Full Year Trading Update (6174S)
October 04 2017 - 2:00AM
UK Regulatory
TIDMGHH
RNS Number : 6174S
Gooch & Housego PLC
04 October 2017
For immediate release 4 October 2017
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 2017 is in line with its previous
guidance. The Company expects to announce its audited results for
the year ended 30 September 2017 on 28 November 2017.
During the financial year ended 30 September 2017, the business
has benefited from positive market conditions and strong demand in
its industrial and telecommunications sectors, in particular
critical components used in microelectronic manufacturing and high
reliability undersea fibre couplers.
G&H has started its new financial year with a record year
end order book, which, as at 30 September 2017, stood at GBP72.2
million, an increase of 36.7% compared with the same time last
year. Excluding the impact of foreign exchange and acquisitions
this represents an increase of 29.2% on the starting order book
last year.
Approximately one third of our business now relates to the
Aerospace & Defence ("A&D") sector, due in part to the
acquisitions made in FY 2016 and FY 2017.
In February 2017 the Company acquired StingRay Optics LLC
("StingRay"), a USA based specialist designer and manufacturer of
high performance optical and opto-mechanical sub-systems for
demanding defence and commercial applications. StingRay has
integrated well into the wider business and has performed strongly
since acquisition, contributing positively to the overall results
of G&H in FY 2017.
Our performance improvement programme has made positive
progress. There has been continued benefit from concentrating our
Research and Development ("R&D") efforts on fewer higher return
projects and from enhanced business development activity. We have
invested in our skills base, the latest manufacturing equipment,
improved lean processes and business systems and we intend to
continue to do so in order to support our future growth.
The Company remains in a strong financial position and will make
further investment in the business.
Mark Webster, Chief Executive Officer of Gooch & Housego,
commented:
"G&H is well positioned to take advantage of the positive
market conditions and we continue to invest in people, processes,
systems and capital equipment to meet the demands of a robust order
book.
"We remain committed to further diversification of the business
and moving up the value chain. This has been most evident in the
A&D sector, where recent acquisitions and investment in R&D
has taken us closer to establishing 'critical mass' in this
sector.
"We will continue to invest in our performance improvement plan
which we believe will underpin our future growth."
For further information
contact: -
Mark Webster / Andrew Gooch & Housego
Boteler PLC 01460 256440
Mark Court / Sophie
Cowles 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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