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GHH Gooch & Housego Plc

522.00
2.00 (0.38%)
Last Updated: 11:25:13
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Gooch & Housego Plc LSE:GHH London Ordinary Share GB0002259116 ORD 20P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  2.00 0.38% 522.00 504.00 534.00 534.00 522.00 522.00 13,407 11:25:13
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Optical Instruments & Lenses 148.48M 4.05M 0.1570 33.25 134.6M

Gooch & Housego PLC Full Year Trading Update (1557B)

06/10/2020 7:00am

UK Regulatory


Gooch & Housego (LSE:GHH)
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RNS Number : 1557B

Gooch & Housego PLC

06 October 2020

 
 For immediate release   6 October 2020 
 
 
 
 

Gooch & Housego PLC

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

Full Year Trading Update

"Trading slightly ahead of expectations"

Gooch & Housego PLC (AIM: GHH), the specialist manufacturer of photonic components & systems, announces that trading for the year ended 30 September 2020 is expected to have ended slightly ahead of management's previous expectations. The Company will announce its results for the year ended 30 September 2020 on 1 December 2020.

Trading

Trading during the financial year ended 30 September reflected previously reported trends.

The Group's manufacturing locations in the UK, USA and China are now all fully open and trading levels in the latter part of the financial year reflected the recovery in the Company's manufacturing capacity and some of our larger customers' manufacturing sites reopening.

G&H has entered its new financial year with a solid order book. As at 30 September 2020 it stood at GBP92.4 million (30 September 2019: GBP94.4 million), 2.2% lower than same period previous year, or an increase of 0.8%, excluding the impact of foreign exchange.

Orders for fibre optics, hi- reliability fibre couplers for undersea cables and our A&D and life science capabilities remain robust. There continues to be improved demand for medical diagnostics, in particular for ventilator systems. Industrial laser demand remains at below 'normalised' levels, though the semiconductor subsector has demonstrated sustained improvement.

Priorities in the COVID-19 emergency

Our primary concern during the emergency is the health and safety of our staff, customers and suppliers. Extensive measures have been put in place at all of our sites to ensure we rigorously meet social distancing and cleanliness requirements and all other relevant guidelines and regulations.

Financial strength

The Company remains in a good financial position with a strong balance sheet and liquidity levels that have improved during the period.

Outlook

There remains significant global economic uncertainty in the short term due to the COVID-19 emergency, but our order book remains robust. Our telecommunications, A&D and life science businesses have held up well during the period, whilst industrial laser recovery remains difficult to predict.

Improved industrial laser demand will be driven by technical innovation such as 5G and new laser based manufacturing techniques. There remains substantial long term growth potential for our photonic technologies and system capabilities in all of our target sectors.

The streamlining of our manufacturing sites is on schedule and will deliver the profit improvements previously announced.

Mark Webster, Chief Executive Officer of Gooch and Housego, commented:

"We continue to be very proud of the way that our staff and management have responded to the COVID-19 emergency. All of our sites in the UK, USA and China are open and fully compliant with all relevant health and safety requirements.

"While there remains considerable short term economic uncertainty our order book remains robust, the Company's balance sheet has strengthened during the period and we have continued to invest in our high priority R&D targets.

"The COVID-19 emergency has validated G&H's long term strategy of diversification and moving up the value chain. We will continue to pursue this policy through internal investment and where appropriate, acquisitions."

 
 
 
 
   For further information 
   contact: - 
                                 Gooch & Housego 
 Mark Webster/Chris Jewell        PLC                  01460 256440 
 Mark Court/ Charlotte Slater    Buchanan             020 7466 5000 
 Chris Baird/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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

TSTFSLFMIESSELS

(END) Dow Jones Newswires

October 06, 2020 02:00 ET (06:00 GMT)

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