Gooch & Housego PLC - Interim Results
June 14 2000 - 3:02AM
UK Regulatory
RNS Number:2202M
Gooch & Housego PLC
14 June 2000
GOOCH & HOUSEGO PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2000
Gooch & Housego PLC, the specialist manufacturer of precision
optical components and bespoke glass engineering items,
acousto-optic devices and instruments for measuring optical
radiation, today announces interim results for the six months
ended 31 March 2000.
Highlights
* Record results for the six months to 31 March 2000
* Operating profits increased by 35% to #1.32m (1999
#0.85m)
* Earnings per share increased by 41% to 4.5p (1999 : 3.2p)
* Record order book with increase customer demand for
acousto-optics
* Development of a new range of crystals by CCI
* Interim dividend increased to 0.75p (1999 : 0.6p)
Archie Gooch, Chairman of Gooch & Housego commented, "The
difficulties experienced last year are now resolved. Our
Balance Sheet is strong, we continue to generate cash and are
well placed to finance new opportunities as they arise. The
results for the six months are most encouraging and with the
second half starting well I am confident that the growth shown
to date will be maintained".
For further information :
Archie Gooch/Ian Bayer 01460 52271
Gooch & Housego PLC
Tim Thompson 0207 466 5000
Buchanan Communications
GOOCH & HOUSEGO PLC
CHAIRMAN'S STATEMENT
I am pleased to report record results for the Group for the
six months ended 31 March 2000. The trading results show a
significant increase in profits over the same period last year
with each of the Group Companies contributing to the
improvement. I would like to thank all those employed by the
Gooch & Housego Group, for without their support these results
could not have been achieved.
Results
Overall Group results for the six months show turnover
increasing by 40% to #5.98m (1999 : #4.25m), operating profit
55% higher at #1.32m (1999 : #0.85m) and profit before tax
rising 43% to #1.19m (1999 : #0.83m). Earnings per share
improved by 41% to 4.5p (1999 : 3.2p).
Dividends
As a measure of the Board's confidence in the current and
future prospects of the Group, it is declaring an increased
interim dividend of 0.75p (1999 : 0.6p). The dividend will be
paid on 27th July 2000 to all shareholders on the register on
30 June 2000.
United Kingdom
Gooch & Housego PLC
Turnover for the period was up 16% at #2.65m (1999 : #2.29m)
while operating profits improved to #0.67m. The order book has
shown an appreciable increase from #1.6m at the start of the
financial year to its present value at #2.8m. The majority of
the increase is in annual acousto-optic contracts with
particularly high demand for our Q-switch. We are receiving
many new orders including some from China and the Far East as
well as our core overseas markets. The rest of the UK
business is performing satisfactorily, and we expect that
orders for two large contracts, which are currently on hold,
will be placed during this year.
In my last report I mentioned that the fibre-optic switch
development had made progress and considerable effort has been
expended. Whilst we continue to research this project, I must
re-state that we have not yet reached the stage where the
switch can be developed as a commercial product.
United States
Cleveland Crystals Inc
Cleveland Crystals Inc (CCI) continues to prove to be an
excellent acquisition for the Group. The contracts for the
growth and fabrication of crystals with the US Department of
Energy, under the guidance of the University of California's
National Ignition Facilty (NIF), are continuing to enhance
both sales and profits. The N.I.F. programme at Lawrence
Livermore National Laboratories (LLNL) is financed with a
$1.3 billion investment, and to emphasise the importance of
our work, LLNL have invested $6m in specialised equipment
located with CCI. In addition I have recently visited LLNL and
I believe that the Group is well placed to receive orders for
a range of optical components. Other countries throughout the
world are also working on their own comparable programmes in
co-operation with LLNL and this could lead to considerable
business for CCI in crystal growth and highly technical
finishing.
I continue to discuss with CCI the diversification of their
products. The development of a new range of crystals for
general commercial users has been well received and future
sales prospects for CCI are very encouraging. The manufacture
and sale of pockel cells, (electro-optic Q-switches) continues
to show growth and remains a key contributor to the Company's
profits.
Since the acquisition of CCI a new management structure has
been formed under the Presidency of Jeff Luken, and on behalf
of the Board I thank him, his staff and employees for their
continued support, which augurs well for the future.
Optronic Laboratories Inc
The Company has performed satisfactorily for the six months to
31 March 2000 with sales increasing from #1.32m to #1.41m.
Operating profits of #101,000 were achieved in the period
compared to the full year contribution to 30 September 1999 of
#66,000. The optics facility is now showing signs of gaining
significant customer orders and will soon be making a material
contribution to the profits of OLI. The efforts of the
President Steve Denomme continue to be appreciated.
Prospects
The difficulties experienced last year are now resolved. Our
Balance Sheet is strong, we continue to generate cash and are
well placed to finance new opportunities as they arise.
The results for the six months are most encouraging and with
the second half starting well I am confident that the growth
shown to date will be maintained.
Gooch & Housego PLC
Archie Gooch MBE JP
Executive Chairman
14 June 2000
Unaudited Group Profit and Loss Account
for the six months ended 31 March 2000
6 months 6months 12 months
ended ended ended
31 March 31 March30 September
2000 1999 1999
(Unaudited) (Unaudited) (audited)
# 000 #000 # 000
______________________________________________________________
Turnover 5976 4254 10377
-----------------------------
Operating profit 1318 852 2001
Net interest payable (130) (19) (150)
-----------------------------
Profit on ordinary activities
before taxation 1188 833 1851
Taxation (433) (291) (756)
-----------------------------
Profit on ordinary activities
after taxation 755 542 1095
Dividends (127) (101) (321)
-----------------------------
Retained profit 628 441 774
-----------------------------
Earnings per share 4.5p 3.2p 6.5p
Dividends per share 0.75p 0.6p 1.9p
-----------------------------
Statement Of Total Recognised Gains And Losses
Profit for the financial period 755 542 1095
Currency translation difference
on foreign Currency net
investments 94 112 16
______________________________________________________________
Total gains and losses for
the financial period 849 654 1111
______________________________________________________________
Unaudited Group Balance Sheet
as at 31st March 2000
As at As at As at
31 March 31 March 30 September
2000 1999 1999
(Unaudited) (Unaudited) (audited)
# 000 #000 # 000
______________________________________________________________
Fixed assets
Intangible assets 3250 3412 3336
Tangible assets 3598 3337 3497
----------------------------
6848 6749 6833
----------------------------
Current assets
Stock 1602 1777 1440
Debtors 2688 2302 3238
Cash at Bank and in hand 1000 735 269
----------------------------
5290 4814 4947
----------------------------
Creditors
Amounts falling due within
one year (2781) (2443) (2806)
-----------------------------
Net current assets 2509 2371 2141
-----------------------------
Total assets less current
liabilities 9357 9120 8974
-----------------------------
Creditors
Amounts falling due in more
than one year (2573) (3299) (2916)
-----------------------------
6784 5821 6058
=============================
Capital and reserves
Called up share capital 3381 3381 3381
Share premium 1113 1113 1113
Revaluation reserve 308 308 308
Profit and Loss account 1982 1019 1256
-----------------------------
6784 5821 6058
=============================
Consolidated Cash Flow Statement
For the six months ended 31 March 2000
6 months 6months 12 months
ended ended ended
31 March 31 March 30 September
2000 1999 1999
Note (Unaudited) (Unaudited) (audited)
# 000 #000 # 000
Cash flow from
operating activities (i) 2157 672 1592
Returns on investments
and servicing of finance
Interest received 14 31 41
Interest paid (143) (33) (173)
Interest element of hire
purchase contracts (1) (2) (1)
______________________________________________________________
Net cash outflow from
returns on Investments
and servicing of finance (130) (4) (133)
Taxation (78) (51) (522)
Overseas tax paid (230) (40) (251)
______________________________________________________________
Cash outflow from taxation (308) (91) (773)
Capital expenditure and
financial investment
Acquisition of subsidiary - (4089) (4272)
Cash acquired on acquisition - 55 55
Purchase of tangible fixed
assets (215) (245) (612)
Sale of tangible fixed assets - 3 15
______________________________________________________________
Net cash outflow from capital
expenditure and Financial
investment (215) (4276) (4814)
Equity dividends paid (220) (203) (304)
______________________________________________________________
Net cash inflow(outflow)
before financing 1284 (3902) (4432)
Financing
New bank loans - 3338 3411
Repayment of bank loan (421) (105) (202)
Hire purchase repayment (34) (28) (49)
______________________________________________________________
Net cash (outflow)/inflow
from financing (455) 3205 3160
Increase/(Decrease)
in cash in the period (ii) 829 (697) (1272)
______________________________________________________________
Notes To The Cash Flow Statement
(i) Reconciliation of operating profit to operating cash
flows
6 months 6 months 12 months
ended ended ended
31 March 31 March 30 September
2000 1999 1999
(Unaudited) (Unaudited) (audited)
# 000 #000 # 000
Operating profit 1318 852 2001
Depreciation 209 165 362
Amortisation of goodwill 86 28 115
Loss on sale of fixed assets 22 - -
(Increase)/Decrease in stock (224) (115) 203
Decrease/(increase) in debtors 661 (282) (1290)
Increase/(decrease) in creditors 85 24 201
______________________________________________________________
2157 672 1592
______________________________________________________________
(ii) Reconciliation of net
cash inflow to movement
in net debt
Increase/(Decrease) in cash
in the period 829 (697) (1272)
Cash outflow/(inflow) from
decrease/(increase) in debt
and lease financing 455 133 (3160)
______________________________________________________________
Changes in net debt resulting
from cashflows 1284 (564) (4432)
New bank loans - (3338) -
New hire purchase and finance
lease contracts - - (66)
Translation difference 13 (17) 23
______________________________________________________________
Movement in net debt in the
period 1297 (3919) (4475)
Net debt at 1 October 1999 (3582) 893 893
______________________________________________________________
Net debt at 31 March 2000 (2285) (3026) (3582)
______________________________________________________________
(iii) Analysis of net (debt)/funds
At At
1 October Exchange 31 March
1999 Cash flow movement 2000
# 000 # 000 # 000 # 000
______________________________________________________________
Cash in hand at bank 269 715 16 1000
Overdrafts (114) 114 - -
______________________________________________________________
155 829 16 1000
Debt due after
1 year (2900) 329 (2) (2573)
Debt due within
1 year (763) 92 (1) (672)
Hire Purchase (74) 34 - (40)
______________________________________________________________
(3582) 1284 13 (2285)
______________________________________________________________
Notes to the Financial statements
for the six months ended 31 March 2000
1. The summarised results for the six months ended 31 March
2000 and the comparative figures for the six months ended 31
March 1999 are unaudited. The figures for the year ended 30
September 1999 have been extracted from the group statutory
accounts, which have been filed with the Registrar of
Companies and contain an unqualified audit report.
2. Taxation for the six months ended 31 March 2000 and 31
March 1999 has been estimated at prevailing tax rates.
Taxation for the year ended 30 September 1999 is the actual
provision for that year.
3. Earnings per share have been calculated on the total of
16,904,162 shares, being the number of shares in issue
throughout the periods reported above.
4. All of the amounts above are in respect of continuing
operations.
5. Accounting policies are consistent with those applied in
previous years and are as set out in the Group's audited
accounts at 30 September 1999.
6. The interim dividend will be paid on 27 July 2000 to
shareholders on the register at close of business on 30 June
2000.
7. Copies of the Interim Statement will be despatched to
shareholders during the week commencing 19 June 2000 and are
available from the Company Secretary, Gooch & Housego PLC, The
Old Magistrates Court, Ilminster, Somerset. TA19 0AB.
END
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