Business
AGM Trading Update and Acquisition
AGM Trading Update and Acquisition.
About this update from Gooch & Housego Plc
[{"type":"text","content":"\n \nRNS Number : 4886X Gooch & Housego PLC 22 February 2017 \n\n\n\n\n\nFor immediate release\n\n\n22 February 2017\n\n\n\n\n \n \n\n\n\n\n\n\n\n\n\n\n\n\nGooch & Housego PLC\n(\"G&H\" or the \"Company\")\n \nAGM Trading Update and Acquisition in the A&D Sector\n \n\"Trading continues to be in line with management's expectations, together with a highly complementary acquisition in the A&D sector\" \n \nGooch & Housego PLC (AIM: GHH), the specialist manufacturer of optical components & systems, will hold its Annual General Meeting at 11am this morning at the Company's headquarters in Ilminster, Somerset. G&H's Chairman Gareth Jones will provide an update on trading performance and the acquisition of StingRay Optics LLC.\n \nMarket conditions for the first four months of the current financial year have been good. The current positive trading environment continues to drive orders in the telecommunications and industrial sectors, in particular high reliability undersea fibre couplers and critical components used in microelectronic manufacturing. This is reflected in a robust order book, which, as at 31 January 2017, stood at £60.4 million, an increase of 64.9% compared with the same time last year. Excluding the impact of acquisitions and foreign exchange this represents an increase of 19.4%. \n \nTrading in the first quarter has been significantly better than the same period last year, albeit against a weak comparative and benefitting from a favourable foreign exchange environment. At this stage, the Company expects full year trading to be in line with management's expectations.\n \nStingRay Optics\n \nG&H has acquired the entire unit capital of StingRay Optics LLC (\"StingRay\"), a New Hampshire, USA based specialist designer and manufacturer of high performance optical and opto-mechanical sub-systems for demanding defence and commercial applications.\n \nStingRay was founded in 2004 and has established itself as a market leading designer, manufacturer and supplier of world class custom optical assemblies. The business has a proven capability in providing system level optical products for use in harsh environments to key US defence customers. StingRay's product range covers laboratory, ground based, airborne,...