Business
AGM Statement
AGM Statement.
About this update from Gooch & Housego Plc
[{"type":"text","content":"\n Gooch & Housego PLC\n13 February 2008\n\n\n\nFor Immediate Release 13 February 2008\n\n\n\n\n Gooch & Housego PLC\n\n (The 'Company')\n\n\n Progress Update for Today's Annual General Meeting\n \n \nGooch and Housego PLC, the specialist manufacturer of optical components and\nsystems, today announces a progress up-date.\n\n\nAfter a slower start to the year, demand is strengthening and order intake\nduring the first few weeks of 2008 has been encouraging. Several of our key\nQ-switch customers have placed long term (12 to 24 month) orders and we have\nalso secured a number of important design wins, most notably for fibre optic\ncomponents and modules from markets as diverse as biomedical,\ntelecommunications, aerospace and defence. As a result, our order backlog is 14%\nhigher today than it was at this time last year, and more than 15% higher than\nat 1st October 2007.\n\n\nWhile the outlook remains favourable, sales of our acousto-optic products during\nthe first quarter were lower than for the same period last year. The indications\nare that this was a temporary slowing of demand brought about by higher than\nnormal inventory levels at some of our customers, the cyclical nature of certain\nkey markets (semiconductors and microelectronics) and the uncertain economic\nclimate. We are now working to make up the ground lost in the first quarter and\nwe are expecting improved revenues in the second half of the year.\n\n\nLast month we launched our new, integrated components and materials business\ncombining the activities of Gooch & Housego UK, Cleveland Crystals, NEOS\nTechnologies, Landwehr Electronics and SIFAM Fibre Optics. As a $60 million\nannual revenue global optoelectronics business, we have enhanced our market\npresence, extended our global reach and reinforced our position as a leader in\nour field. The integration was well received by customers, who are supported by\na new 18 strong sales and product management team, including newly opened sales\noffices on the West Coast of the USA and in Hong Kong.\n\n\nAs a fully integrated business we have also been able to embark on important new\nproduct development programmes that draw upon skills from several of our\noperating locations. The first products will be available towards the end of\nthis calendar year and are expected to make an immediate contribution to...