Full-Year Trading Update

RNS Number : 8220P

Gooch & Housego PLC

07 October 2013

 

For immediate release

7 October 2013

Gooch & Housego PLC

("G&H" or the "Company")

Full-Year Trading Update

"Profit in line with market expectations"

Gooch & Housego PLC, the specialist manufacturer of optical components & systems, today announces that profit for the year ended 30 September 2013 is expected to be in line with market expectations. Preliminary results will be announced on 3 December 2013.

Trading conditions during the year were broadly positive, albeit set against a background of some hesitancy and uncertainty affecting most of the sectors in which G&H operates. Order intake was at the level needed to sustain growth in the business. The order book ended the year at £27.8 million, which is an increase of 12% over the level at the start of the year.

G&H has seen continued growth in its Aerospace & Defence business despite the headwinds affecting this sector. While some significant programmes stalled or were subject to delays, other more mature programmes proceeded as planned and outweighed the setbacks. While this market continues to be challenging, the Company remains optimistic about growth based on the strong customer relationships that have been developed in recent years and the breadth of opportunities currently being addressed.

In line with its strategy, the Company has continued to diversify its activities in the Industrial sector, with sensors and test & measurement systems growing in importance over the past year, combined with renewed activity in the undersea telecommunications market. In the industrial laser market G&H has kept pace with the technology shift away from solid state lasers in favour of fibre lasers for many routine material processing applications. The Company is now a major supplier to the fibre laser market at both component and subsystem level.

In Life Sciences, the Company began to utilise its Systems Technology Group (STG), established mid-way through the year to leverage G&H's excellence in components to develop subsystems level products, to address new opportunities in laser surgery and to build upon its already strong presence in Optical Coherence Tomography. These initiatives, combined with established business in microscopy and research & development work in diagnostics, have reinforced Life Sciences as one of the Company's main growth markets.

Creating the means to deliver growth has been a primary objective during the past year. In addition to initiatives such as setting up the STG, G&H has established a presence in the satellite and space markets and has taken a more focussed approach to product, application and business development. In parallel, the Company has been working on opportunities to increase the scope of its product offering and bring in new skills and experience.

Gareth Jones, Chief Executive of Gooch & Housego commented: -

"Despite what at times have been challenging market conditions, Gooch & Housego has traded in line with expectations whilst investing in and implementing several significant initiatives that will underpin long term growth."

For further information contact: -
Gareth Jones / Andrew Boteler	Gooch & Housego PLC	01460 256440
Tim Thompson / Gabriella Clinkard	Buchanan	020 7466 5000
Patrick Robb / David Anderson	Investec Bank plc	020 7597 5970

 

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