Gooch & Housego PLC Half Year Trading Update (7430B)
April 08 2013 - 2:00AM
UK Regulatory
TIDMGHH
RNS Number : 7430B
Gooch & Housego PLC
08 April 2013
For immediate release 8 April 2013
Gooch & Housego PLC
("G&H" or the "Company")
Half Year Trading Update
"Trading in line with expectations"
Gooch & Housego PLC, the specialist manufacturer of optical
components & systems, today announces that trading for the six
months ended 31 March 2013 was in line with management
expectations.
The encouraging trend in orders, as reported in the trading
update released on 27 February, has continued, with the order book
at the end of the period standing at GBP29.6m, which is 19% higher
than at the start of the year. Overall, trading conditions have
been mixed, reflecting current economic uncertainties, with some
sectors performing well and others less so. As expected, the US
Aerospace & Defence sector has continued to be challenging,
with budget cuts and threats of sequestration adversely affecting
decision making. In contrast, G&H has been successful in
winning significant orders from European Aerospace & Defence
customers during the same period. In the Industrial and Life
Sciences sectors market conditions have been similarly mixed but,
as in Aerospace & Defence, we have focussed on innovative
product development to differentiate us from competitors and
address an increasingly diverse range of applications.
During the past six months, space photonics has emerged as a
significant new application area in which G&H has the
opportunity to develop a market leading position by leveraging its
unique expertise in fibre optics, semiconductor lasers and
precision optics. These skills are particularly sought in the
rapidly evolving field of satellite laser communications, guidance
and control systems. With support and encouragement from UK,
European and US space agencies, G&H has successfully bid on
several development programmes, and has more in the pipeline. Our
recently established Systems Technology Group has been instrumental
in realising these opportunities, which are focussed on the
application of our core photonic component technologies in complex
sub-systems as we seek to move up the value chain. This is
consistent with our strategy of delivering growth by migrating from
component supplier to solutions provider at the systems level.
In recognition of the increasing importance of Far Eastern
markets, G&H has recently established a Japanese subsidiary,
Gooch & Housego Japan KK, opened a sales office in Singapore
and strengthened our team in China. The establishment of a
subsidiary in Japan will allow G&H to provide enhanced support
to its customers and local distribution partners, and demonstrates
further commitment to this important market.
Gareth Jones, Chief Executive of Gooch & Housego commented:
-
"Against a backdrop of continuing economic uncertainty, Gooch
& Housego is focussing on delivering growth through the
provision of innovative photonic technology solutions in
specialised applications where we can take a leading or dominant
position in a global market."
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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