Gooch & Housego PLC Full Year Trading Update (6963L)
05 October 2016 - 5:00PM
UK Regulatory
TIDMGHH
RNS Number : 6963L
Gooch & Housego PLC
05 October 2016
For immediate release 5 October 2016
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 2016 is expected to be in line with
its previous guidance. The Company expects to announce its audited
results for the year ended 30 September on 29 November 2016.
In our 5 April 2016 trading update and 7 June 2016 half year
results we reported an improving market for Industrial lasers and
said we expected a strong second half, leading to a higher second
half weighting than last year. Since June we have seen that demand
strengthening further, in parallel with record orders for our fibre
based products. Recent investment in infrastructure and capital
equipment, as well as benefits derived from our performance
improvement initiative, have enabled us to respond effectively to
these increased levels of demand.
The current positive trading environment is driven by orders for
our fibre based business, in particular high reliability undersea
fibre couplers, fibre based satellite communications, fibre sensing
and critical components used in microelectronic manufacturing. This
is reflected in a robust order book, which, as at 30 September
2016, stood at GBP52.8 million, an increase of 45.5% compared with
the same time last year. Excluding the impact of acquisitions this
represents an increase of 10.5%.
In July 2016 the Company acquired two businesses.
G&H acquired the entire share capital of Kent Periscopes Ltd
("Kent"), a UK based specialist supplier of periscopes, vehicle
sights and related equipment for land based armoured fighting
vehicles. Kent has a proven capability in providing system level
optical products for use in harsh environments to an impressive
international customer list. It has a strong market position and a
committed, long-term order book, which helps to underpin future
revenues. Kent will benefit from G&H's greater global reach and
complementary technologies.
G&H also acquired the trade and assets of Alfalight Inc
("Alfalight"), a designer and manufacturer of high reliability,
laser based, electro-optic systems for defence and security
applications, based in Madison, Wisconsin. It is highly
complementary to G&H's existing Boston, Massachusetts, business
and will be incorporated into this business unit. G&H will
benefit from Alfalight's deep ties with key defence customers.
The acquisitions of Kent and Alfalight are aligned with our
strategic objectives of moving up the value chain and further
diversification into the Aerospace & Defence sector.
G&H remains strong financially and is well positioned to
make further investment in the business.
Mark Webster, Chief Executive Officer of Gooch & Housego
commented:
"The Company has performed in line with our expectations in the
year to 30 September 2016. Whilst the business remains vigilant to
global macro-economic trends, in our key markets we continue to be
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, whilst underpinning our operational
performance through continued investment in our ongoing performance
improvement plan."
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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