Gooch & Housego PLC Half Year Trading Update (5384J)
April 08 2015 - 2:00AM
UK Regulatory
TIDMGHH
RNS Number : 5384J
Gooch & Housego PLC
08 April 2015
For immediate release 8 April 2015
Gooch & Housego PLC
("G&H" or the "Company")
Half Year Trading Update
"Trading slightly ahead of expectations"
Gooch & Housego PLC (AIM: GHH), the specialist manufacturer
of optical components & systems, today announces that trading
in the six months ended 31 March 2015 was slightly ahead of
management expectations. Interim Results will be announced on 9
June 2015.
Following our AGM trading update released on 26 February 2015,
the Company has performed well, in particular in the industrial
sector, where demand has been strong for both solid state and fibre
optic lasers and telecommunication systems. Underlying sales growth
was higher than expected, driven by encouraging customer demand and
in addition has been helped by the strength of the US Dollar
compared with Sterling. The current order book is 5.8% higher than
at the beginning of the financial year.
As we had previously reported G&H has now completed the
closure of its Melbourne, Florida facility and the business has
been successfully consolidated into its Palo Alto, California and
Ilminster sites.
The previously announced move of the Company's Palo Alto site to
nearby Fremont, in order to provide improved facilities and room
for further growth, remains on track to be completed by the end of
the financial year. The business in Palo Alto is currently building
inventory reserves to satisfy expected customer requirements while
the new facility is brought on line.
G&H has strengthened its financial position since 1 October
2014 and remains well positioned to make further investment in the
business.
Mark Webster, Chief Executive Officer of Gooch & Housego
commented:
"The Company has performed ahead of expectations in the first
six months of the financial year against a background of generally
improving market conditions and remains 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; it is progressing well and will help
underpin future performance."
For further information
contact: -
Mark Webster / Andrew Boteler Gooch & Housego PLC 01460 256440
Mark Court / Gabriella
Clinkard Buchanan 020 7466 5000
Patrick Robb / David Anderson Investec Bank 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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