Gooch & Housego PLC Trading Update (7292Y)
February 27 2013 - 2:00AM
UK Regulatory
TIDMGHH
RNS Number : 7292Y
Gooch & Housego PLC
27 February 2013
For immediate release 27 February 2013
Gooch & Housego PLC
("G&H" or the "Company")
Trading Update
"Trading in line with expectations"
Gooch & Housego PLC, the specialist manufacturer of optical
components & systems, is pleased to provide an update on
trading performance since 30 September 2012, which has been in line
with management expectations.
Following a strong second half performance in the last financial
year, demand during the first quarter of this year was more
subdued, although substantially better than the same period last
year. Despite uncertainty in world markets causing increased
caution and delayed decision making, most notably in the US
Aerospace & Defence sector, orders picked up strongly in
December and January. This was mostly as a result of solid
groundwork done over the preceding months, and in some cases years,
in establishing Gooch & Housego as a preferred supplier. An
example of this work is the recent accreditation of the Ilminster,
UK, site to the demanding BS EN9100 aerospace industry quality
standard. Approximately 50% of the orders received during these two
months were for Aerospace & Defence applications. Overall, the
order book at the end of January stood at GBP29.8 million, which is
20% higher than at the start of the financial year. The strong
balance sheet reported at the end of the last financial year has
been maintained.
With modules and sub-systems accounting for a growing proportion
of orders, Gooch & Housego is progressively making the
transition from components supplier to solutions provider. In the
past few weeks a new initiative to accelerate this process
organically has been undertaken with the formation of the Systems
Technology Group (STG), which will function as a discrete business
unit separate from existing manufacturing operations. The STG will
provide design and engineering services and will lead Gooch &
Housego's participation in a number of funded research programmes.
It will focus initially on opportunities to take Gooch &
Housego up the value-chain in the fields of space photonics and
optical coherence tomography for biomedical imaging
applications.
Gareth Jones, Chief Executive of Gooch & Housego commented:
-
"While the trading environment continues to be challenging, we
are increasingly able to see the benefits of our concerted efforts
in recent years to diversify and develop the business. We remain
confident that this strategy constitutes a firm foundation for
continued growth."
For further information
contact: -
Gareth Jones / Andrew Boteler Gooch & Housego PLC 01460 256440
Tim Thompson / Gabriella
Clinkard Buchanan 020 7466 5000
Patrick Robb / James Grace Investec Bank plc 020 7597 5970
This information is provided by RNS
The company news service from the London Stock Exchange
END
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