Gooch & Housego PLC AGM Trading Update (4740C)
February 23 2022 - 2:00AM
UK Regulatory
TIDMGHH
RNS Number : 4740C
Gooch & Housego PLC
23 February 2022
For immediate release 23 February 2022
Gooch & Housego PLC
("G&H" or the "Company")
AGM Trading Update
"Strong and improving overall demand"
Gooch & Housego PLC (AIM: GHH), the specialist manufacturer
of photonic components & systems, will hold its Annual General
Meeting at 11.00am today at the Company's headquarters in
Ilminster, Somerset.
During the first four months of the financial year, we have seen
strong and improving levels of overall demand and the Group has a
record order book across its principal areas of business,
industrial lasers, telecoms, A&D and life sciences. There
continues to be high demand for industrial lasers, in particular
for those used in semiconductor manufacturing, where a combination
of high market growth and our new products winning market share has
led to substantial growth. Hi-reliability fibre coupler demand
remains robust for undersea cables and increasingly for
constellation space satellites. Medical lasers continue to benefit
from the return of elective surgery and demand for our medical
diagnostics products remains high.
As at 31 January 2022, our order book stood at a record GBP110.5
million (31 January 2021: GBP95.0 million), an increase of 16.3%
compared with the same time last year.
Pandemic- related factors have restrained trade during the
period, these include recruitment, self isolation and supply chain
challenges. Mitigating actions are in place. As a result, we expect
trading to have a slightly higher second half weighting than
anticipated, but the full year outcome to remain unchanged.
G&H has continued to invest in our increasingly productive
R&D group during the period. We have focused on delivering
further innovation through collaborations with the leading
companies in their sector.
The Company remains in a strong financial position with a robust
balance sheet and low levels of net debt.
G&H remains committed to the long term goals of further
diversification into A&D and life sciences and moving up the
value chain. We intend to vigorously pursue these policies through
internal investment and where appropriate, acquisitions.
Mark Webster, Chief Executive Officer of Gooch & Housego,
commented:
"During the first four months of the financial year we have seen
strong and improving levels of overall demand and a record order
book across all our principal areas of business. Trading during
this period has been constrained by pandemic related factors in
some parts of our business, but our outlook for the full year is
unchanged.
"Fundamental demand for our photonic technologies and system
capabilities is strong and improving and we remain confident in the
short and long term growth potential for G&H in our target
sectors."
A slide deck to accompany the AGM can be viewed at the investor
section of the Company's website, https://gandh.com/investors/
For further information
contact: -
Gooch & Housego
Mark Webster/Chris Jewell PLC 01460 256440
Mark Court/Sophie Wills Buchanan 020 7466 5000
Chris Baird/ 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, Europe and China. 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.
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