Gooch & Housego PLC - Full Year Trading Update
For immediate release
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Gooch & Housego PLC
("G&H" or the "Company")
Full Year Trading Update
"Trading slightly ahead of expectations"
Gooch & Housego PLC (AIM: GHH), the specialist manufacturer of photonic components & systems, announces that trading for the year ended
Trading during the financial year ended 30 September reflected previously reported trends.
The Group's manufacturing locations in the
G&H has entered its new financial year with a solid order book. As at
Orders for fibre optics, hi- reliability fibre couplers for undersea cables and our A&D and life science capabilities remain robust. There continues to be improved demand for medical diagnostics, in particular for ventilator systems. Industrial laser demand remains at below 'normalised' levels, though the semiconductor subsector has demonstrated sustained improvement.
Priorities in the COVID-19 emergency
Our primary concern during the emergency is the health and safety of our staff, customers and suppliers. Extensive measures have been put in place at all of our sites to ensure we rigorously meet social distancing and cleanliness requirements and all other relevant guidelines and regulations.
The Company remains in a good financial position with a strong balance sheet and liquidity levels that have improved during the period.
There remains significant global economic uncertainty in the short term due to the COVID-19 emergency, but our order book remains robust. Our telecommunications, A&D and life science businesses have held up well during the period, whilst industrial laser recovery remains difficult to predict.
Improved industrial laser demand will be driven by technical innovation such as 5G and new laser based manufacturing techniques. There remains substantial long term growth potential for our photonic technologies and system capabilities in all of our target sectors.
The streamlining of our manufacturing sites is on schedule and will deliver the profit improvements previously announced.
"We continue to be very proud of the way that our staff and management have responded to the COVID-19 emergency. All of our sites in the
"While there remains considerable short term economic uncertainty our order book remains robust, the Company's balance sheet has strengthened during the period and we have continued to invest in our high priority R&D targets.
"The COVID-19 emergency has validated G&H's long term strategy of diversification and moving up the value chain. We will continue to pursue this policy through internal investment and where appropriate, acquisitions."
For further information contact: -
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Gooch & Housego PLC
020 7466 5000
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Investec Bank plc
020 7597 5970
Notes to editors
1. Gooch & Housego is a photonics technology business headquartered in Ilminster,
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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