Interim Results
Gooch & Housego PLC
05 June 2007
For Immediate Release 5 June 2007
Gooch & Housego PLC
Interim results for the six months ended 31 March 2007
Gooch and Housego PLC, the specialist manufacturer of optical components and
systems, today announces interim results for the six months ended 31 March 2007.
Financial Highlights
• Group turnover up for the half year by 8% to £13.63m (2006: £12.65m)
• Profit before tax up by 28% to £3.12m (2006: £2.43m)
• Basic earnings per share up by 41% to 10.7p (2006: 7.6p)
• Interim dividend increased by 7% to 1.5p (2006: 1.4p)
Operational Highlights
• Steady growth in optics and acousto-optics
• New UK factory on schedule and sale of existing factory agreed
• Key appointment to ORION team and reorganisation on track
• ChromoDynamics Inc beta product launched and 'Proof of Concept' study for
automated bladder cancer testing successfully completed
• Acquisition of SIFAM Fibre Optics Ltd in May 2007
Gareth Jones, Chief Executive of Gooch & Housego, commented:
'We have made a solid start to the year with particularly good progress in the
development of our new facilities, infrastructure and products. We have
broadened the scope of the Group with the acquisition of SIFAM in May and the
encouraging developments at ChromoDynamics. The factory development is moving
forward rapidly and the reorganisation of the Group is also beginning to deliver
benefits.'
For further information please contact:
Gooch & Housego PLC 01460 52271
Gareth Jones / Ian Bayer
Buchanan Communications 020 7466 5000
Tim Thompson / Susanna Gale
Chairman's Statement
I am pleased to be able to report that Gooch & Housego PLC has made a solid
start to the year, with NEOS Technologies, Inc. and Gooch & Housego UK Ltd
returning particularly good performances.
While demand for our current products continues to be strong, we have been
looking towards the future, and good progress has been made in the development
of new facilities, infrastructure and products. The new factory development in
Ilminster is now moving forward rapidly and will provide the space and
environment needed for future growth. The reorganisation of the Group is also
beginning to deliver benefits, as evidenced by the increase in inter-company
trading, and will be further enhanced as the new IT and communications
infrastructure becomes fully operational in the coming months.
We are adding new products, technologies and markets through a combination of
acquisition and in-house development, in line with our strategy for the
development of the Group. The acquisition of SIFAM brings a mix of component
level and integrated optoelectronic products with significant growth potential.
In addition, SIFAM supports our initiatives in biomedical imaging and fibre
lasers and provides opportunities for the joint development of instrument and
system level products.
ChromoDynamics, Inc. has completed the development of its first product, and has
demonstrated the potential of its biomedical imaging system to automate tests
important in the testing of bladder cancer. There is a long way to go before the
benefits and commercial potential of this technology can be quantified, but it
is an encouraging start.
Overall, the prospects for the Group continue to be healthy.
Directors and staff
I would like to welcome the management and employees of SIFAM to the Group and
to express my thanks to the Directors and all employees of the Group for their
contribution to a successful first half year.
Dr Julian Blogh
Chairman
Chief Executive's Review
Overview
The group achieved a steady growth in sales and a healthy increase in profits
when compared with last year. In addition, the major factory construction
project and the ongoing group reorganisation made good progress and remain on
schedule. Overall market conditions have been favourable, with strong demand for
acousto-optics and precision optics leading to excellent performances by NEOS
Technologies, Inc (NEOS) and Gooch & Housego UK Ltd (G&H UK).
With the acquisition of SIFAM Fibre Optics Ltd (SIFAM), in May 2007, and the
encouraging developments at ChromoDynamics, Inc (CDI) we have significantly
broadened the scope of the Group and paved the way for expansion into new
markets in the coming years. We have enhanced our ability to exploit these
opportunities by strengthening the management team and putting in place
structures that will enable us to operate as an integrated business on a global
scale.
Financial Results
For the half year to 31 March 2007, Group turnover increased by 8% to £13.63m
(2006: £12.65m). Operating profit, after charging goodwill amortisation,
increased by 28% to £3.12m (2006: £2.43m), basic earnings per share increased by
41% to 10.7p (2006: 7.6p) and basic earnings per share before goodwill
amortisation rose to 11.8p from last years 8.6p.
As stated in the 2006 Annual Report the Group is reorganising its optoelectronic
components and materials activities under the project name ORION. The ORION
sub-group, comprising Gooch & Housego UK Limited (G&H UK), NEOS Technologies Inc
(NEOS), Cleveland Crystal Inc, (CCI) and Landwehr Electronic GmbH (LE), achieved
total sales of £12.08m (2006: £10.91m) an increase of 11%. Operating profit,
after charging goodwill amortisation, for the ORION sub-group for the six months
ended 31 March 2007 was £3.64m, an increase of £0.86m over last year.
Individual sales performances within ORION saw G&H UK with sales up by 20% to
£4.24m (2006: £3.54m), NEOS also improved by 20% to £3.57m (2006: £2.97m), LE
improved with sales of £1.49m (2006:£1.29m) while CCI returned sales lower than
last year at £2.79m (2006:£3.11m).
Outside the ORION sub-group, sales at Optronic Laboratories Inc (OLI) were lower
at £1.55m compared to £1.74m for the period ended 31 March 2006.
Within ORION, operating profits for the six months ended 31 March 2007 for G&H
UK were up from £1.02m to £1.40m an increase of 37% whilst NEOS saw operating
profits up from £0.86m to £1.46m an increase of 70%. CCI reported operating
profits of £0.74m (2006: £0.80m) and LE returned £0.04m (2006: £0.10m).
Operating profits at OLI were £0.14m (2006: £0.22m) while the costs at CDI were
less than anticipated at £0.18m (2006 : costs of £0.03m for a two month period).
Following the reorganisation of the UK operations G&H PLC benefited from higher
management charges and so the costs for 2006 of £0.55m were reduced to £0.48m in
2007.
During the period under review the Group has suffered from the weakness of the
US Dollar. The average rate applied to these accounts for the six months ended
31 March 2006 was £1 = $1.75, while the comparable rate in 2007 was £1 = $1.94,
representing a fall of 11%.
The Group's financial trading position remains strong. Overall there has been a
net cash outflow of £0.92m (2006: £0.34m), which can be mainly attributed to the
costs of the new building at Dowlish Ford which continues to be funded from the
Group's own resources. The Group had net funds of £1.92m as at 31March 2007
(2006: £2.08m)
There has been an overall reduction in the Group's tax charge for the six months
ended 31 March 2007 to 38% (2006: 44%). This reduction is due to the higher
proportion of profits being generated in the UK and subject to a lower tax rate
than those applicable in the US and Germany.
Dividends
The Directors have declared an interim dividend of 1.5p to be paid on 27 July
2007 to all shareholders on the register as at 15 June 2007. This represents an
increase of 7% when compared with the 1.4p paid last year. The shares are
expected to go ex-dividend on 13 June 2007.
Gooch & Housego UK Ltd
G&H UK performed well in the first half of the year, with increased sales and
profits reflecting continued strong demand for acousto-optics and precision
optics. The encouraging growth in the precision optics business has been
achieved by focussing on those products where we have a world leading capability
and taking them to a wider, international customer base. This success, combined
with our plans to develop a new global sales organisation, gives us confidence
that there is scope for further growth in this market.
Despite space limitations we have increased the size of our acousto-optics
assembly and test facility by turning storage areas over to production. The
resulting increase in capacity achieved through investment in additional people
and equipment has enabled us to keep pace with growing customer requirements. We
have been working closely with several key customers on new projects, which if
successful will help to maintain demand in the second half of the year.
The new factory development has progressed well in recent months. The first
phase is complete and several of our larger machines have been installed and are
now operational. Construction of the new factory building and the renovation of
what will become the offices are well underway, and the entire development is
still on target for completion by the end of the calendar year. The sale of the
existing premises in Ilminster has been agreed and contracts exchanged.
Optronic Laboratories, Inc.
OLI is undergoing a gradual transition as its role in the group changes. While
sales of its traditional measurement instruments have declined slightly, OLI has
been actively supporting the development of the CDI hyperspectral imaging system
in parallel with developing its own new products aimed at expanding the
applications and markets it is able to address. As the Group's centre of
expertise in instrument design, engineering and manufacturing, OLI is becoming
increasingly important as new, higher added-value optoelectronic modules,
sub-systems and instruments are developed. The recent acquisition of SIFAM will
provide further opportunities to leverage OLI's instrumentation capability to
bring new products to market more rapidly that would otherwise be possible.
Cleveland Crystals, Inc.
Although sales and profits at CCI are slightly down on last year this reflects
the uneven nature of the inertial confinement fusion (ICF) crystal business,
rather than the underlying trends, which remain positive. CCI continues to be a
leader in the Pockels cell (electro-optic Q-switch) business, with steady
activity and the prospect of design wins in the second half of the year. The
immediate challenge on the ICF side of the business is to increase production to
meet a demanding delivery schedule extending forwards for the next twelve months
and beyond. Construction of a new production area has recently been completed
and this will provide increased capacity when new specialised equipment is
installed and commissioned in the coming months.
NEOS Technologies, Inc.
NEOS has had a tremendous start to the year and continues to break its own
records. As a consequence, space in their new factory is becoming limited and we
are already having to consider converting the remaining bay (currently used for
storage) into a production area, or even adding an additional bay in
anticipation of further increase in demand. NEOS and G&H UK are working ever
more closely together to ensure that customers are supported and the demand is
met in the most effective way possible. This has been a significant factor in
our ability as a group to increase production while at the same time meet the
market expectations for increased performance and reliability as new industrial
and medical applications for laser technology are adopted.
Landwehr Electronic GmbH
Sales into the German market have shown encouraging growth. The team at LE, with
support from across the group, have been successful in developing the European
market for the group's products, which has been a primary objective over recent
years. LE has also made a positive contribution to Group activities by
performing a research and development function that has helped the group to
upgrade existing products and to secure new business elsewhere in the world.
These support functions, and the ongoing investment in strengthening the
business, have had an impact on margins, which have declined slightly despite
the revenue growth.
ChromoDynamics, Inc. (CDI)
CDI has made good progress since the start of the year. In what has been a group
wide effort, the team at CDI has worked closely with teams located in other
group facilities to successfully complete the development of a biomedical
imaging 'engine'. CDI has focussed on applications, hardware and software
development, G&H UK has provided the acousto-optics, NEOS the electronics and
OLI has provided system design, engineering and manufacturing. The first 'beta'
units are scheduled for delivery in the coming weeks to carefully selected
initial customers who are active in biomedical research and who have entered
into a beta test site agreement. In addition, CDI is in discussion with
potential OEM users of the system, and demonstrations are planned.
In parallel, CDI is investigating applications of the 'engine' in molecular
diagnostics, and has been working closely with a senior pathologist and
biomedical statistician to determine the potential of the system. When used in
conjunction with a high quality microscope, the CDI system potentially enables
the latest generation of diagnostic assays to be performed with high speed and
accuracy in a fully automated manner. An initial 'Proof of Concept' study, to be
submitted to the FDA, has demonstrated that the system has the potential to
automate a test important in the diagnosis of bladder cancer.
SIFAM Fibre Optics Ltd
The acquisition of SIFAM was completed in May 2007. The business will therefore
contribute to the Group performance from the second half of the year. Fibre
optics is a hugely important technology that increasingly complements the bulk
and free-space optical technologies that the Group has specialised in to date.
The acquisition adds a new dimension to the Group's business and will allow us
to address new markets and applications in the photonics marketplace.
SIFAM excelled in the high specification telecoms market in the 1990's and
continues to be dominant in the specialised undersea telecoms sector. A
substantial investment in R&D in recent years has enabled the company to broaden
its addressable market such that today the majority of revenues are derived from
the design, development and supply of fibre optics solutions for biomedical,
industrial and aerospace and defence applications.
SIFAM is a leader in the development of emerging technologies such as fibre
lasers and biomedical imaging, and shares many customers with the Group. We look
forward to working with the SIFAM team on the many opportunities for joint
development that now present themselves.
Project ORION
Project ORION is gathering pace and remains on course for launch in January
2008. The rollout of the IT, communications and management information software
infrastructure is now at an advanced stage, and, with the exception of SIFAM and
CDI, is scheduled to go live during the summer. Consistent with the aim of
creating a strong management team with a global outlook, we have recently
recruited an experienced sales professional to establish and lead an ORION-wide
sales organisation. In parallel, the creation of a new strategic marketing
function and a re-focussed research and development organisation will enable us
to engage with and support our customers more closely than has been possible in
the past. This will also inform our product and technology roadmap and guide new
product development and acquisitions.
The need to have a group-wide understanding of our customers and markets, and
the benefits to be derived by working together are already clear. CDI would not
have been able to make the progress it has without the higher level of
communication and collaboration that exists as a result of this initiative.
Similarly, the ability of NEOS to respond to the increase in demand for
acousto-optics was enhanced by support it received from G&H UK in terms of
essential components. In the first half of the year, inter-company sales of
optics and crystals by G&H UK has grown to over £1million, an increase of 44%
when compared with the same period last year.
Prospects
I continue to be optimistic about the prospects for the Gooch & Housego Group of
companies. There appears to be a solid, and growing, demand for many of our
products, and there are markets that remain untapped. The pace of change is
increasing and like all businesses we face a number of challenges, some of which
are a consequence of the high technology sector in which we operate, others are
self-imposed such as the reorganisation and new factory development, which are
necessary if we are to maintain our recent growth record. We are investing in
businesses and technologies that broaden the scope of the Group and open up new
opportunities. We are also investing in people and infrastructure that will
enable us to make the most of those opportunities. We will continue to develop
higher added-value products that leverage our frequently unique component
capabilities, and wherever possible, target these at new markets with high
growth potential. By listening to customers, anticipating trends and striving
for excellence I am confident that our products will continue to be in demand.
Gareth CW Jones,
Chief Executive Officer
GOOCH & HOUSEGO PLC
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the six months ended 31 March 2007
6 months 6 months 12 months
ended ended ended
31 March 31 March 2006 30 September
2007 2006
(unaudited) (unaudited) (audited)
(restated) (restated)
£'000 £'000 £'000
Turnover 13,629 12,646 25,364
Trading expenditure excluding goodwill
amortisation (10,310) (10,041) (19,559)
Goodwill amortisation (201) (174) (381)
Operating profit 3,118 2,431 5,424
Other interest receivable and similar income 84 48 123
Interest payable and similar charges (79) (44) (96)
Profit on ordinary activities before 3,123 2,435 5,451
taxation
Tax on profit on ordinary activities (1,195) (1,066) (2,145)
Profit for the financial period 1,928 1,369 3,306
Basic earnings per 20p ordinary share 10.7p 7.6p 18.4p
Diluted earnings per 20p ordinary share 10.4p 7.5p 17.9p
The comparatives have been restated for the adoption of FRS 20 'Share-based
Payment' - see note 2.
GOOCH & HOUSEGO PLC
UNAUDITED CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
For the six months ended 31 March 2007
6 months 6 months 12 months ended
ended ended
31 March 2007 31 March 2006 30 September 2006
(unaudited) (unaudited) (audited)
(restated) (restated)
£'000 £'000 £'000
Profit for the financial period 1,928 1,369 3,306
Currency translation differences on foreign
currency net investments (397) 40 (496)
Total recognised gains and losses for the
financial period 1,531 1,409 2,810
RECONCILIATION OF MOVEMENTS IN EQUITY SHAREHOLDERS' FUNDS
6 months 6 months 12 months
Ended ended ended
31 March 31 March 30 September
2007 2006 2006
(unaudited) (unaudited) (audited)
(restated) (restated)
£'000 £'000 £'000
Profit on ordinary activities after taxation 1,928 1,369 3,306
Dividends paid (504) (468) (720)
1,424 901 2,586
Additional shares issued 13 - -
Share premium on issued shares 72 - -
85 - -
Share-based payment credit - see note 2 112 158 320
Other recognised gains and losses (397) 40 (496)
(285) 198 (176)
Net addition to shareholders' funds 1,224 1,099 2,410
Opening shareholders' funds 18,872 16,462 16,462
Closing shareholders' funds 20,096 17,561 18,872
GOOCH & HOUSEGO PLC
UNAUDITED CONSOLIDATED BALANCE SHEET
As at 31 March 2007
As at As at As at
31 March 2007 31 March 2006 30 September
2006
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
FIXED ASSETS
Intangible assets 5,019 5,410 5,225
Tangible assets 6,793 5,764 6,516
11,812 11,174 11,741
CURRENT ASSETS
Stock 4,006 3,711 3,875
Debtors 4,771 3,977 4,473
Asset held for sale 548 - -
Cash at bank and in hand 4,560 3,175 4,060
13,885 10,863 12,408
CREDITORS
Amounts falling due within one year (4,818) (3,504) (4,396)
NET CURRENT ASSETS 9,067 7,359 8,012
TOTAL ASSETS LESS CURRENT LIABILITIES 20,879 18,533 19,753
CREDITORS
Amounts falling due after more than one year (581) (795) (679)
PROVISIONS FOR LIABILITIES AND CHARGES (202) (177) (202)
NET ASSETS 20,096 17,561 18,872
CAPITAL AND RESERVES
Called up share capital 3,613 3,600 3,600
Share premium 3,476 3,404 3.404
Revaluation reserve 308 308 308
Profit and loss account 12,699 10,249 11,560
SHAREHOLDERS' FUNDS 20,096 17,561 18,872
GOOCH & HOUSEGO PLC
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 31 March 2007
6 months 6 months 12 months
ended ended ended
31 March 2007 31 March 30 September
2006 2006
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Net cash inflow from operating activities (i) 2,024 2,149 5,734
Returns on investments and servicing of finance
Interest received 84 53 123
Interest paid (52) (36) (63)
Interest element of hire purchase contracts (27) (8) (33)
Net cash inflow from returns on investments and
servicing of finance 5 9 27
Taxation
UK tax paid (399) (57) (321)
Overseas tax paid (721) (701) (1,613)
Cash outflow from taxation (1,120) (758) (1,934)
Capital expenditure
Purchase of tangible fixed assets (1,209) (331) (1,753)
Sale of tangible fixed assets 8 6 6
Net cash outflow from capital expenditure and
financial investment (1,201) (325) (1,747)
Acquisitions
Acquisition of subsidiary - (663) (689)
Net cash acquired on acquisition - - 24
Net cash outflow from acquisitions - (663) (665)
Equity dividends paid (504) (468) (720)
Net cash (outflow)/inflow before financing (796) (56) 695
Financing
New bank loan - - 169
Repayment of bank loan (14) (216) (274)
Capital element of hire purchase repayments (109) (65) (128)
Net cash outflow from financing (123) (281) (233)
(Decrease)/Increase in cash in the period (ii) (iii) (919) (338) 462
GOOCH & HOUSEGO PLC
NOTES TO THE UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 31 March 2007
6 months 6 months 12 months
ended ended ended
31 March 2007 31 March 2006 30 September 2006
(unaudited) (unaudited) (audited)
(restated) (restated)
£'000 £'000 £'000
(i) Reconciliation of operating profit to net cash
inflow from operating activities
Operating profit 3,118 2,431 5,424
Amortisation of goodwill 201 174 381
Non-cash share-based payment charge 112 158 320
Depreciation 310 247 541
(Loss)/Profit on disposal of tangible fixed assets (1) - 67
(Increase)/Decrease in stock (232) 209 (154)
Increase in debtors (389) (455) (1,139)
(Decrease)/Increase in creditors (1,095) (615) 294
2,024 2,149 5,734
(ii) Reconciliation of net cash inflow/(outflow) to
movement in net funds in the period
(Decrease)/Increase in cash in the period (919) (338) 462
Cash outflow from decrease in debt and lease financing 123 281 402
Changes in net funds resulting from cash flows (796) (57) 864
New hire purchase contracts - (206) (169)
Translation difference (184) (25) (165)
Movement in net funds in the period (980) (288) 530
Net funds at beginning of period 2,901 2,371 2,371
Net funds at end of period 1,921 2,083 2,901
(iii) Analysis of net funds
At Exchange Non-cash At
1 October 2006 Cash flow movement movement 31 March 2007
£'000 £'000 £'000 £'000 £'000
Cash at bank and in hand 4,060 710 (210) - 4,560
Bank overdrafts (269) (1,629) - - (1,898)
3,791 (919) (210) - 2,662
Debt due after one year (512) - 24 14 (474)
Debt due within one year (29) 14 1 (14) (28)
Hire purchase (349) 109 1 - (239)
(890) 123 26 (741)
2,901 (796) (184) - 1,921
GOOCH & HOUSEGO PLC
NOTES TO THE INTERIM STATEMENT
For the six months ended 31 March 2007
1. The financial information set out in this Interim Statement does not
constitute statutory financial statements within the meaning of Section 240
of the Companies Act 1985.
The summarised results for the six months ended 31 March 2007 and
comparative figures for the six months ended 31 March 2006 are unaudited.
Other than as adjusted for the adoption of FRS 20 (see note 2) the figures
included for the year ended 30 September 2006 have been extracted from the
Group statutory financial statements, which have been filed with the
Registrar of Companies and contain an unqualified audit opinion.
2. The Group has adopted FRS 20 'Share-based Payment' during the current
period. The adoption of this standard represents a change in accounting
policy. Consequently, the comparative figures for the half year to 31
March 2006 and the full year ended 30 September 2006 have been restated
accordingly.
The adoption of FRS 20 has resulted in an increase in employee costs of
£111,904 for the half year to 31 March 2007. The corresponding charges for
the half year ended 31 March 2006 and the year ended 30 September 2006 are
£158,382 and £320,229 respectively. An equivalent amount has been credited
to reserves in each period.
The charges recognised under FRS 20 represent the fair value of share
options awarded by the Group over the estimated vesting periods of the
respective options. The options have been valued using the Black-Scholes
option pricing model.
3. Taxation for the six months ended 31 March 2007 and 31 March 2006 has been
estimated at prevailing rates. Taxation for the year ended 30 September
2006 is the actual provision for that year.
4. The calculation of basic earnings per 20p Ordinary Share is based on the
profit on ordinary activities after taxation using as a divisor the
weighted average number of Ordinary shares in issue during the year.
During the six months ended 31 March 2007 the actual number of Ordinary
shares in issue increased by 63,492 to 18,062,654. This results in a
weighted average divisor of 18,020,316.
The Group has issued a number of share options to directors and senior
management and, as a result, a diluted earnings per share has been
disclosed.
All share options in respect of which the related performance criteria have
been met at the balance sheet date and which have an exercise price lower
than the average market price of the Group's share price in the period
since issue have been included in the calculation of diluted earnings per
share.
The weighted average number of shares in issue during the six months ended
31 March 2007, taking into account the dilutive effect of the share options
was 18,493,239 and for the year to 30 September 2006 were 18,435,688.
A reconciliation of the earnings used in the earnings per share calculation
is set out below:
6 months ended 31 6 months ended 31 12 months ended
March March
2007 2006 30 September 2006
(unaudited) (unaudited) (audited)
(restated) (restated)
£'000 p per £'000 p per £'000 p per
share share share
Basic earnings per share 1,928 10.7p 1,369 7.6p 3,306 18.4p
Goodwill amortisation 201 1.1p 174 1.0p 381 2.1p
Basic earnings per share before
goodwill amortisation 2,129 11.8p 1,543 8.6p 3,687 20.5p
Diluted earnings per share 1,928 10.4p 1,369 7.5p 3,306 17.9p
Goodwill amortisation 201 1.1p 174 1.0p 381 2.0p
Diluted earnings per share before
goodwill amortisation 2,129 11.5p 1,543 8.5p 3,687 19.9p
Basic and diluted earnings per share before goodwill amortisation has been
shown because, in the opinion of the directors, it more accurately reflects
the trading performance of the group.
5. In May 2007 the Group acquired a 100% interest in SIFAM Fibre Optics
Limited ('SIFAM'), the global technology leader in fused fibre technology,
for a consideration of £5.0 million plus costs. The consideration was
satisfied by a combination of cash and shares in Gooch & Housego PLC.
For the 12 months ended 30 September 2006, SIFAM reported turnover and
profit before tax of £3.9 million and £0.2 million respectively.
Accordingly, the acquisition is expected to be earnings enhancing in the
first year.
6. In December 2006, the Group exchanged contracts for the sale of its'
existing UK factory and headquarters for a total cash consideration of
£1,500,000. The sale is contracted to complete between the end of
September 2007 and March 2008 and is expected to generate a profit on
disposal of approximately £0.95 million less selling costs. As a result,
the property has been reclassified as an asset held for sale at 31 March
2007.
7. All of the amounts reported in this Interim Statement are in respect
of continuing operations.
8. Accounting policies are consistent with those applied in previous years and
are as set out in the Group's audited statutory financial statements at 30
September 2006 with the exception of the adoption of FRS 20 as described
in note 2 above.
9. The proposed interim dividend for the current year of £270,940 (1.5 pence
per share) will be recognised in the second half of the financial year as
it has yet to be approved. The interim dividend will be paid on 27 July
2007 to shareholders on the register at close of business on 15 June 2007.
10. Copies of the Interim Statement are available from the Company Secretary,
Gooch & Housego PLC, The Old Magistrates Court, East Street, Ilminster,
Somerset TA19 0AB.
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