Gooch & Housego PLC US Facilities Update (2917H)
March 24 2020 - 3:00AM
UK Regulatory
TIDMGHH
RNS Number : 2917H
Gooch & Housego PLC
24 March 2020
For immediate release 24 March 2020
Gooch & Housego PLC
("G&H" or the "Group")
US Facilities Update
Gooch & Housego PLC (AIM:GHH), the specialist manufacturer
of optical components and systems, announces that as a result of
COVID-19 related legal orders issued in the States of Ohio and
California the Company's facility in Cleveland, Ohio is now closed
for a temporary period; this is in addition to its Fremont,
California facility, whose temporary closure was announced on 17
March 2020.
During this period staff from Cleveland and Fremont facilities
who are able to homework will continue to do so. Work will continue
on essential maintenance, inventory management and supplying the
small number of customers that are within the exempt sectors.
The legal order issued by the State of Ohio is effective through
6 April 2020, the order issued by the State of California is
effective until further notice and we are awaiting further details
on similar stay at home orders in Maryland and Massachusetts.
The Group's Moorpark, California; Baltimore, Maryland and
Boston, Massachusetts facilties are not affected by the State of
California, Maryland or Massachusetts orders in the same way as
they operate substantially within an exempt sector.
The Group believes that it is likely that a similar order maybe
issued in the coming days in the State of New Hampshire where our
other US facility is located. G&H anticipates that the impact
of such an order on the Group's operations in Keene, New Hampshire
would be limited given a significant proportion of the products and
services provided by the facility are expected to be exempt from
the scope of the order.
It is difficult to provide financial guidance at the current
time. Nevertheless the effect of these orders will be to shift the
balance of revenue generated by the Company to an increased H2
weighting or, depending upon the duration of the situation,
potentially in to the Group's next financial year, which would lead
to a reduction in our previous estimates for the current year's
performance.
G&H remains financially secure and well placed to
re-establish profitable growth when normal conditions return.
Further updates will be provided as and when appropriate.
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.
END
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