Gooch & Housego PLC Half Year Trading Update (0313K)
April 06 2018 - 2:00AM
UK Regulatory
TIDMGHH
RNS Number : 0313K
Gooch & Housego PLC
06 April 2018
FOR IMMEDIATE RELEASE 6 April 2018
Gooch & Housego PLC
("G&H" or the "Company")
Half Year Trading Update
"Full year trading remains in line with management's
expectations"
Gooch & Housego PLC (AIM: GHH), the specialist manufacturer
of photonic components & systems, announces that trading in the
six months to 31 March 2018 was in line with management's
expectations.
Management expects full year trading to be in line with its
expectations, with a typical higher second half weighting.
In our 21 February 2018 AGM trading update we reported that the
Company has benefited from positive overall market conditions. This
remains the case and there continue to be exceptional levels of
demand for critical components used in microelectronic
manufacturing. As previously reported, the demand for high
reliability fibre couplers has been at a lower level since the
start of the year, but we continue to expect demand to come back in
the second half of the year.
Our order book is at a record level for the half year. As at 31
March 2018, it stood at GBP84.7million, an increase of 27.1%
compared with the same time last year. Excluding the impact of
foreign exchange this represents an increase of 36.4%.
As previously reported, G&H's manufacturing sites have been
reorganised into three technical groups, namely Acousto Optic/
Electro Optic, Precision Optic and Fibre Optic. This is part of
becoming a more scalable organisation able to accommodate the
anticipated growth rates. There have already been benefits, as we
upgrade capacity and performance at those sites manufacturing
critical parts for the microelectronic sector.
The Company's Interim Results, for the six months ended 31 March
2018, are expected to be announced on Tuesday 5 June 2018.
Mark Webster, Chief Executive Officer of Gooch & Housego,
commented:
"Overall market conditions remain good. We have a record half
year order book and full year trading is expected to be in line
with management's expectations.
"The introduction of a new manufacturing organisation has
enabled us to more readily upgrade capacity and performance, in
particular at our Ilminster and Fremont, CA sites, in order to meet
the unprecedented levels of demand in the microelectronic
sector.
"G&H remains committed to our strategy of diversification
and moving up the value chain. We have an active policy of building
a diverse and balanced business by establishing a 'critical mass'
in A&D and life sciences, through investing in a mix of R&D
and acquisitions. A&D now represents about a third of our
business."
For further information
contact:
Mark Webster / Andrew Gooch & Housego
Boteler PLC 01460 256440
Mark Court / Sophie
Wills 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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