Preliminary Results-Amendment
Gooch & Housego PLC
29 November 2006
For Immediate Release 29 November 2006
The following press release replaces RNS number: 8766M
Under notes section 2. Segmental Reporting - table now inserted.
Gooch & Housego PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2006
'Sales and profit ahead of expectations'
Gooch and Housego PLC, the specialist manufacturer of acousto-optic and electro-
optic devices, precision optical components, crystals, instruments for measuring
optical radiation and hyperspectral imaging systems, today announces preliminary
results for the year ended 30 September 2006.
Financial Highlights
• Group turnover increased by 14% to £25.36m (2005: £22.32m)
• Profit before tax and before charging goodwill amortisation increased by
£1.13m to £6.15m (2005: £5.02m)
• Basic earnings per share increased by 25% to 20.1p (2005: 16.1p)
• Operating profits for the Group improved by 21% to £5.74m (2005: £4.76m)
• Final dividend increased by 8% to 4.2p (2005: 3.9p)
Operational Highlights
• Very strong performances by NEOS Technologies Inc and Cleveland Crystals
Inc
• Acquisition of ChromoDynamics Inc
• Major reorganisation of optoelectronic components activities underway
• Appointment of Dr Julian Blogh as non-executive Chairman
• Developments of products and applications at ChromoDynamics Inc
progressing well
Gareth Jones, Chief Executive of Gooch & Housego, commented:
'In favourable market conditions, demand for our products has been high and we
have reinforced our position as market leaders in several key product areas. We
have embarked upon a number of initiatives aimed at sustaining growth and we
have begun to open up some exciting new markets through the Acquisition of
ChromoDynamics Inc.
For further information:
Gooch & Housego PLC 01460 52271
Gareth Jones / Ian Bayer
Buchanan Communications 020 7466 5000
Tim Thompson / Susanna Gale
Gooch & Housego PLC
Chairman's Statement 2006
I am pleased to have been asked to join the board of Gooch & Housego PLC, a long
established and successful company with exciting prospects for the future. I
believe that I can make a positive contribution and look forward to helping the
company to achieve its considerable potential.
Although I joined the board after the end of the 2006 financial year I am
pleased to note the encouraging results that follow on from similar growth in
revenues and profits in the previous two years. The excellent performances by
NEOS and CCI are particularly noteworthy. Most of the growth has come from core
activities and reflects the strengths the company has in these areas.
Sustaining this level of growth in the longer term will require the company to
diversify its products and markets. A first step has been made with the
acquisition of CDI, and further investment is planned in 2007 to evaluate the
potential of its technology.
The company is making a substantial investment in people, facilities and
infrastructure in the coming year to underpin future growth. I would like to
thank all of our employees for their contribution to an excellent set of
results. We clearly have an excellent workforce and top quality products and I
look forward to the continuing success of the Group.
Dr Julian Blogh
Chief Executive's Review 2006
Overview
After a slow start, the past year has been characterised by improving market
conditions culminating in strong demand in the last quarter. This upturn in
demand was felt across most parts of the business and resulted in increases in
revenue and profit before tax for the Group of 14% and 23% respectively, and
very strong individual performances by NEOS Technologies Inc (NEOS) and
Cleveland Crystals Inc (CCI).
Events of significance during the year include the appointment of Dr Julian
Blogh as non-executive chairman, the acquisition of ChromoDynamics Inc (CDI),
and the conferring of a second Queen's Award on Gooch & Housego's UK operations.
I am very pleased to be able to welcome Dr Blogh to Gooch & Housego and I am
sure that his extensive experience will prove to be invaluable.
The Queen's Award is the most significant and widely recognised award that a UK
business can receive. To be able to add the Queen's Award for Enterprise:
International Trade in recognition of our recent export performance to our 1994
Queen's Award for Technological Achievement is an achievement of which the
entire workforce can be very proud.
The development of our new factory and headquarters in Ilminster has suffered
delays during the year due to the scale and complexity of the project, but it is
now progressing well, with the first phase nearing completion and scheduled for
occupation in January 2007. We now expect to have completed the development and
to have relocated all Ilminster operations by the end of 2007.
Earlier in the year we embarked on a major reorganisation of our optoelectronic
components activities. Going by the project name of ORION, and comprising Gooch
& Housego UK Ltd (G&HUK), CCI, NEOS and Landwehr Electronic GmbH (LE), the
reorganisation is aimed at creating a more efficient and effective integrated
global business with greater market presence and extended reach. Significant
progress has already been made in key areas such as establishing the essential
IT and communications infrastructure, and the project is on target to be
completed mid-2007.
Under the new structure, as the boundaries between the individual businesses
dissolve, we will report on the integrated business in terms of its products and
markets, rather than by manufacturing locations as we have in the past. The
increase in inter-company trading is already distorting individual results and
emphasises the need to focus on ORION's overall performance.
From 1 October 2006 we have also reorganised the corporate structure of the
Group, detaching the UK trading company from Gooch & Housego PLC and
establishing a new company, Gooch & Housego UK Ltd, to carry out UK trading
activities.
Financial Results
For the year ended 30 September 2006, Group turnover increased by 14% to £25.36m
(2005: £22.32m). Profit before tax, after charging goodwill amortisation of
£0.38m (2005: £0.34m), increased by 23% to £5.77m (2005: £4.68m). Profit
before tax and goodwill amortisation improved from £5.02m to £6.15m during the
year. Basic earnings per share increased by 24% to 20.1p (2005: 16.1p) while
basic earnings per share, before goodwill amortisation, rose to 22.2p from last
year's 18.0p.
The Group's improved sales results were led by NEOS with sales of £6.38m, an
increase over 2005 of £1.20m. CCI were close to equalling this performance with
sales in the year of £5.61m (2005: £4.46m). G&H maintained last year's
exceptional performance with sales of £7.52m (2005: £7.61m) and LE recorded
sales of £2.54m (2005: £1.99m).
Outside of the ORION companies Optronic Laboratories Inc (OLI) increased sales
to £3.32m (2005: £3.08m).
Operating profits for the Group improved by 21% to £5.74m (2005: £4.76m). ORION
companies contributed a total of £6.08m to total operating profits. NEOS
reported profits of £2.31m (2005: £1.62m), G&H trading profits of £2.40m (2005:
£2.41m) and CCI at £1.36m (2005: £ 0.78m).
OLI returned a 13% increase in profits to £0.43m (2005: £0.38m) while LE
returned profits of £19,000 (2005: £85,000). Costs incurred from the new
developments at CDI since its acquisition in February, totalled £0.16m. Head
office costs totalled £0.61m (2005: £0.51m)
The Group's financial position remains strong with net funds inflow of £0.53m
(2005: £2.04m). This is after financing the acquisition of CDI at
a cost of £0.68m. At 30 September 2006 the Group had total net funds of £2.90m
(2005: £2.37m).
An overall tax rate of 37% for the year (2005:38%) is as a result of higher
rates of US tax and the effect of the non-allowable charge for goodwill
amortisation.
Dividends
Reflecting the Group's improved performance, the Directors are proposing a final
dividend of 2.8p making a total for the year of 4.2p. This represents an
increase of 8% over last year's total of 3.9p and is covered 4.8 times by
post-tax earnings. The shares are expected to go ex-dividend on 6 December
2006, and following approval at the Annual General Meeting on 14 February 2007,
the dividend will be paid to Shareholders on 15 February 2007.
Gooch & Housego UK Ltd (G&HUK)
G&HUK performed strongly in the year, despite the figures indicating flat sales
and profits compared with the previous year. A significant increase in
inter-company sales, which are taken at reduced margin, has had a negative
impact on profits. With sales progressively being managed by local offices, an
increasing proportion of goods manufactured in the UK is now being sold via
other group companies, rather than directly as before.
The market for Q-switches, still our most significant single product, was soft
during the first quarter of the year, but picked up in the second quarter and
was strong throughout the second half. With the rise in demand threatening to
push lead times to unacceptable levels, measures were put in place to increase
capacity by two thirds by the end of the year. The Super Q-switch has been one
of our success stories this year, demonstrating that there are major advances to
be made in what might be thought of as mature technology. G&HUK continues to be
the world leader with this product.
In precision optics we have continued to focus on those aspects of the business
in which we excel. In the areas of crystal optics and thin-film coatings we
have demonstrated world-class capabilities and as a result have been able to win
increased export business and improve our margins. By extending our reach as
part of the new integrated components business and by leveraging the market
presence we already have in acousto-optics and electro-optics we expect to
continue to increase optical component sales.
Optronic Laboratories, Inc. (OLI)
OLI has a highly specialised product range that addresses a niche market.
Several key developments that will open up opportunities for OLI in new markets
sectors are currently underway, with the first of these scheduled for launch in
2007.
The expertise of OLI in instrument design and engineering is being used to
enable CDI to bring its hyperspectral imaging instrument to market more rapidly
than would otherwise be possible. OLI and CDI have also benefited from sharing
market information and is a good example of how we are able to exploit synergies
between members of the Group.
Cleveland Crystals, Inc. (CCI)
CCI has returned an exceptional performance with revenues up by a quarter and
profits almost doubling when compared to the previous year. Growth has been
experienced in both of the main sectors of the business, and CCI has been
successful in responding to demand and increasing output at modest additional
cost. This is reflected in the strong bottom-line performance.
CCI has continued to incrementally improve its Pockels cell product range and as
a result has reinforced its leading position in this market. To meet the
increase in demand for crystals for inertial confinement fusion (ICF)
applications, production facilities in Cleveland are currently being expanded.
The extended manufacturing facility will benefit from substantial external
investment in additional equipment in the coming months.
NEOS Technologies, Inc. (NEOS)
NEOS has once again been a star performer, with revenues up nearly a quarter and
profits by almost half when compared with 2005. The team at NEOS in their new
facility constitutes a highly efficient manufacturing unit. New product and
process developments in the past year have improved quality and increased
capacity, enabling NEOS to respond to the mid-year upturn in demand and increase
output significantly.
Landwehr Electronic GmbH (LE)
Sales at LE increased by nearly a third compared with the previous year and
demonstrate their success in channelling group products into the German market.
The product mix continues to be dominated by acousto-optic devices and RF
electronics, but sales of crystal optics and precision optics have shown
encouraging growth this year and illustrate the potential of this large market.
Margins were adversely affected by the increase in inter-company sales and the
recruitment of additional senior technical staff. There is now a strong team in
place at LE and the benefits of this investment are already being felt.
LE's core RF electronics business continues to be a key element of the Group's
wider acousto-optics capabilities, and several important new developments in the
past year are aimed at increasing RF driver sales, and as a consequence, overall
margins.
ChromoDynamics, Inc. (CDI)
The development of CDI's hyperspectral imaging engine is progressing well. A new
software team at CDI, engineering support from OLI and optical and electronic
design and manufacturing support from across the group have combined to keep
hardware and software development on schedule for a product launch in the second
quarter of 2007. Initial applications will be in biomedical and pharmaceutical
research. In parallel, CDI is investigating applications in diagnostics.
Sector Analysis
In the light of our reorganisation of the Group into what are in effect two
divisions - Optoelectronic Components and Materials and Instrumentation I would
like to comment briefly on the Group's activities over the past year in our
principal product sectors.
Acousto-optics is our largest product sector, served by NEOS, G&HUK and LE.
Demand was initially slow at the start of the year but strengthened
progressively as reported above. The greater coordination that now exists
between NEOS, G&HUK and LE as we take a more global approach to the
acousto-optics business has enabled us to be more responsive, to provide optimum
solutions to our customers and to maintain the Group's leading position in this
market.
Precision optics and crystal optics (G&HUK), the original business on which
Gooch & Housego was founded nearly sixty years ago, will become an increasingly
important part of the Group's product offering as applications such as
industrial, medical and research laser systems and semiconductor lithography
demand more sophisticated optical solutions that play to our strengths.
Historically focussed on the UK market, we have been successful in winning
optics business in the USA and Europe in the past year.
Electro-optic Q-switches, or Pockels cells, (CCI) is another product sector in
which we have a leading market position that has been reinforced over the last
year.
Optical instrumentation (OLI and CDI) has been a more difficult market for us
with OLI serving a relatively small and highly specialised market, and with CDI
yet to begin trading. New developments at OLI and some exciting prospects for
CDI point to this sector growing in importance in the coming years.
Prospects
With market conditions improving during 2006 and demand continuing to be strong
at the start of our new financial year, prospects for continued revenue growth
are favourable. We will continue to invest in research and development, sales
and marketing and infrastructure for sustained long-term growth. These
initiatives will begin to make a positive contribution in 2007, but the full
benefits are unlikely to be felt until 2008. In the short term, Project ORION,
CDI and the new UK factory will contribute to increased costs in 2007.
A key element of project ORION is the creation of a new global sales team for
the optoelectronics business. In place of four separate teams, each supporting
a narrow range of products on a worldwide basis, we will have a single team
capable of supporting all of our products in each of our principal markets. We
have already demonstrated that sales can be increased by taking our current
products to a wider audience but the benefits have been limited to date by lack
of sales resource and coordination. In parallel with our investment in sales,
the creation of a strategic marketing capability will enable us to form a
clearer picture of our markets and their dynamics and help us develop a better
understanding of our customers' current and future requirements.
We have been active in research and development in the past year, with four
patent applications filed and several more in the pipeline. Some of our
development activities will reach the market in the coming year, including a new
product family at OLI and the first CDI hyperspectral imaging system. We are not
expecting these products to make a significant contribution to revenues until
2008.
Continuing to develop the core components and materials activities is central to
our strategy, while we also recognise the potential of the instrumentation
business to deliver significant growth in new markets. In addition to the
organic growth that will follow from the development of new products and
capabilities, we will look for acquisitions that will enable us to deliver our
strategy more quickly.
In summary, the Gooch & Housego group is well placed for continued growth by
virtue of its unique combination of products and capabilities and its skilled
and dedicated workforce.
G C W Jones
Chief Executive Officer
Gooch & Housego PLC
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2006
2006 2005
(unaudited) (Restated)
£'000 £'000
Turnover 25,364 22,315
Trading expenditure excluding goodwill amortisation (19,239) (17,213)
Operating profit before goodwill amortisation 6,125 5,102
Goodwill amortisation (381) (339)
Operating profit 5,744 4,763
Other interest receivable and similar income 123 41
Interest payable and similar charges (96) (126)
Profit on ordinary activities before taxation 5,771 4,678
Tax on profit on ordinary activities (2,145) (1,779)
Profit on ordinary activities after taxation 3,626 2,899
Dividends on equity shares (720) (666)
Retained profit for the financial year 2,906 2,233
Basic earnings per share 20.1p 16.1p
Diluted earnings per share 19.7p 15.9p
All operations undertaken by the Group during the current year are continuing. The results of the
acquisition made during the year have not been separately disclosed on the face of the profit and loss
account as they are not considered material to the Group result. The results of the acquired entity have,
however, been disclosed in segmental disclosures included in note 2.
Gooch & Housego PLC
GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 30 SEPTEMBER 2006
2006 2005
(unaudited) (Restated)
£'000 £'000
Profit for the financial year 3,626 2,899
Currency translation differences on foreign currency net investments (496) 234
Total recognised gains and losses for the financial year 3,130 3,133
No note of historical cost profit for the Group or the Company has been
presented as the difference between the reported profit and the historical cost
profit is immaterial.
Gooch & Housego PLC
GROUP BALANCE SHEET
AS AT 30 SEPTEMBER 2006
2006 2005
(unaudited) (Restated)
£'000 £'000 £'000 £'000
FIXED ASSETS
Intangible assets 5,200 4,893
Tangible assets 6,541 5,499
11,741 10,392
CURRENT ASSETS
Stocks 3,875 3,872
Debtors 4,473 3,490
Cash at bank and in hand 3,791 3,532
12,139 10,894
CREDITORS : amounts falling due within one year (4,127) (3,907)
NET CURRENT ASSETS 8,012 6,987
TOTAL ASSETS LESS CURRENT LIABILITIES 19,753 17,379
CREDITORS : amounts falling due after more than
one year (679) (740)
PROVISIONS FOR LIABILITIES AND CHARGES (202) (177)
NET ASSETS 18,872 16,462
CAPITAL AND RESERVES
Called up share capital 3,600 3,600
Share premium account 3,404 3,404
Revaluation reserve 308 308
Profit and loss account 11,560 9,150
EQUITY SHAREHOLDERS' FUNDS 18,872 16,462
Gooch & Housego PLC
GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2006
2006 2005
Note (unaudited)
£'000 £'000 £'000 £'000
Cash inflow from operating activities (i) 5,734 5,467
Returns on investments and servicing of
finance
Interest received 123 44
Interest paid (63) (109)
Interest element of hire purchase contracts (33) (19)
Net cash outflow from returns on investments
and servicing of finance 27 (84)
Taxation
UK tax paid (321) (337)
Overseas tax paid (1,613) (1,376)
Cash outflow from taxation (1,934) (1,713)
Capital expenditure and financial investment
Purchase of tangible fixed assets (1,753) (1,677)
Sale of tangible fixed assets 6 621
Net cash outflow from capital expenditure and
financial investment (1,747) (1,056)
Acquisitions
Acquisition of subsidiary (690) (20)
Cash acquired on acquisition 25 -
Net cash outflow from acquisition (665) (20)
Equity dividends paid (720) (666)
Cash inflow before financing 695 1,928
Financing
Increase in borrowings 169 204
Repayment of bank loan (274) (1,163)
Capital element of hire purchase contracts (128) (120)
Net cash outflow from financing (233) (1,079)
Increase in cash in the year (ii) (iii) 462 849
Gooch & Housego PLC
NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2006
(i) Reconciliation of operating profit to net cash inflow from
operating activities
2006 2005
(unaudited)
£'000 £'000
Operating profit 5,744 4,763
Amortisation of goodwill 381 339
Amortisation of debt issue costs - 16
Depreciation 608 436
Increase in stocks (154) (185)
Increase in debtors (1,139) (76)
Increase in creditors 294 174
5,734 5,467
(ii) Reconciliation of net cash outflow to movement in net funds
2006 2005
(unaudited)
£'000 £'000
Increase in cash in the year 462 849
Cash outflow from decrease in
debt and lease financing 402 1,079
Changes in net funds resulting from cash flows 864 1,928
New hire purchase contracts (169) (101)
Movement in debt issue costs - (16)
Translation difference (165) 233
Movement in net funds in the year 530 2,044
Net funds at 1 October 2005 2,371 327
Net funds at 30 September 2006 2,901 2,371
Gooch & Housego PLC
NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2006 (continued)
(iii) Analysis of net funds
At At
1 Oct Cashflow Exchange Non-cash 30 Sep
2005 Movement Movement 2006
(unaudited)
£'000 £'000 £'000 £'000 £'000
Cash in hand and at bank 3,532 731 (203) - 4,060
Bank overdraft - (269) - - (269)
3,532 462 (203) - 3,791
Debt due after 1 year (578) - 37 29 (512)
Debt due within 1 year (273) 274 (1) (29) (29)
Hire Purchase (310) 128 2 (169) (349)
2,371 864 (165) (169) 2,901
Gooch & Housego PLC
NOTES TO THE PRELIMINARY ANNOUNCEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2006
1. Basis of preparation
The unaudited financial information contained in this preliminary
announcement does not comprise statutory accounts within the meaning of Section
240 of the Companies Act 1985.
The figures in this preliminary announcement have been prepared under
generally accepted accounting policies in the United Kingdom. The accounting
policies adopted are those set out in the Annual Report and Accounts for the
year ended 30 September 2005 which includes the unqualified report of the
independent auditors and which have been filed with the Registrar of Companies,
with the exception of the adoption of Financial Reporting Standard 21 ('FRS 21')
as described below.
The Group has adopted FRS 21, 'Events after the balance sheet date' in preparing
this unaudited financial information. The adoption of this standard represents
a change in accounting policy and the comparative figures have been restated
accordingly. FRS 21 requires that the Group only recognise a liability for a
dividend at a balance sheet date if it has either been paid during the period or
proposed and approved by Shareholders at the balance sheet date.
The effect of this change in accounting policy was to recognise the final
proposed dividend of £467,978 for the year ended 30 September 2005 in the
current financial year. The proposed final dividend for the current year of
£503,977 will be recognised in the financial year to 30 September 2007 as it has
yet to be approved.
2. Segmental reporting
During the current year the Group has embarked upon a major reorganisation of
its optoelectronic components activities under the project name Orion. The new
Orion sub-Group comprises G&H UK, NEOS, CCI and LE and is aimed at creating a
more efficient and effective integrated global business with greater market
presence and extended reach. As a result of this development, the segmental
disclosures below have been realigned to be more consistent with the revised
structure of the Group.
As at 1 October 2006 we have also reorganised the corporate structure of the
group, detaching the UK trading company from Gooch & Housego PLC and
establishing a new company, Gooch & Housego UK Ltd, to carry out UK trading
activities.
Total turnover Inter-segment Sales to third Operating profit
sales parties
2006 2005 2006 2005 2006 2005 2006 2005
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Optoelectronic Components and
Materials
Gooch & Housego trading 9,124 8,532 (1,603) (924) 7,521 7,608 2,402 2,408
NEOS Technologies Inc. 6,950 5,484 (572) (304) 6,378 5,180 2,305 1,621
Cleveland Crystals Inc. 5,630 4,489 (24) (30) 5,606 4,459 1,355 780
Landwehr Electronic GmbH 2,830 2,159 (286) (172) 2,544 1,987 19 85
24,534 20,664 (2,485) (1,430) 22,049 19,234 6,081 4,894
Instrumentation
Optronic Laboratories Inc. 3,496 3,204 (181) (123) 3,315 3,081 428 377
ChromoDynamics Inc. - - - - - - (157) -
3,496 3,204 (181) (123) 3,315 3,081 271 377
Gooch & Housego head office - - - - - - (608) (508)
Group total 28,030 23,868 (2,666) (1,553) 25,364 22,315 5,744 4,763
Net interest receivable/(payable) 27 (85)
Group profit before taxation 5,771 4,678
The analysis of turnover by destination is as follows:
2006 2005
(unaudited)
£'000 £'000
United Kingdom 2,886 2,921
North America 12,463 10,539
Continental Europe 5,480 4,669
Other 4,535 4,186
25,364 22,315
2. Segmental reporting (continued)
The Group acquired a 100% interest in ChromoDynamics Inc., a developer of
hyperspectral imaging systems based in the United States, on 6 February 2006 for
a cash consideration of US$1,180,000 plus expenses. The Group has recognised a
goodwill balance of £661,000 in respect of this acquisition.
3. Taxation
The charge for taxation on the profit for the year is made up as
follows:
2006 2005
(unaudited)
£'000 £'000
UK Corporation tax 381 571
Overseas taxation 1,715 1,180
Deferred taxation 49 28
2,145 1,779
4. Earnings per share
The calculation of 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. For 2006 and 2005
the actual number of Ordinary Shares in issue throughout the year was
17,999,162. All share options in respect of which the related performance
criteria have been met as at 30 September 2006 and 2005 and which have an
exercise price lower than the average market price of the Group's share price in
each year have been included in the calculation of diluted earnings per share.
The weighted average number of shares in issue during the year, taking into
account of the dilutive effect of the share options was 18,435,688 (2005:
18,201,870). A reconciliation of the earnings used in the earnings per share
calculation is set out below:
2006 2005
(unaudited)
£'000 p per share £'000 p per share
Basic earnings per share 3,626 20.1 2,899 16.1
Goodwill amortisation 381 2.1 339 1.9
Basic earnings per share before goodwill 4,007 22.2 3,238 18.0
amortisation
Diluted earnings per share 3,626 19.7 2,899 16.0
Goodwill amortisation 381 2.0 339 1.9
Diluted earnings per share before goodwill
amortisation 4,007 21.7 3,238 17.9
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. The proposed final dividend of 2.8 pence per share will be paid on 16
February 2007 to shareholders on the register at close of business on 8 December
2006.
6. Copies of the Report and Accounts will be despatched to shareholders
during the week commencing 2 January 2007 and will also be available from the
Company Secretary, Gooch & Housego PLC, The Old Magistrates Court, Ilminster,
Somerset TA19 0AB.
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