Business
Trading Update
Trading Update.
About this update from Gooch & Housego Plc
[{"type":"text","content":"\n\n \n\n\n\n\nFor immediate release\n\n\n15 August 2024\n\n\n\n\n \nGooch & Housego PLC\n(\"G&H\" or the \"Company\" or the \"Group\")\n \nTrading Update\n \n\"Some delay of revenue from the second half but continued progress\nwith the execution of our strategic plan\"\n \nGooch & Housego PLC (AIM: GHH), the specialist manufacturer of photonic components and systems, provides an update on trading.\n \nTrading\n \nAs reported with the Group's first half results, due to a period of prolonged destocking by our industrial and medical laser customers, the pattern of trading in FY2024 is more heavily weighted than normal towards the second half of the year.\n \nWhilst the Group still expects to deliver an increase in output in the second half of the financial year, we now expect some revenues to be delayed out of the current reporting period, principally as a result of both supplier and customer delivery delays. As a result, the Group's full year adjusted PBT may be c.£1.5m lower than previously expected. The Group's expects to issue a full year trading update on 8 October and its preliminary announcement of its full year results on 3 December 2024.\n \nThe Group's order book has continued to grow in the second half of the financial year and at the end of July 2024 stood at £116.8m (31 March 2024: £115.8m).\n \nOur balance sheet remains strong and the Group's bank borrowings have reduced to £18.0m at the end of July (31 March 2024: £22.2m). The Group's total net debt at the end of July stands at £25.5m (31 March 2024: £30.4m).\n \nStrategic progress\n \nThe Group continues to deliver on its strategic growth plan that sets a path to mid-teens profitability. The integration of the Artemis and GS Optics businesses into G&H has progressed well. The laser protection filtering and polymer optics capabilities that these two businesses respectively brought to the Group are enabling us to offer our customers enhanced systems solutions and address more complex photonics applications addressing a greater share of their overall needs. We expect this to open new programme revenue streams for the Group in the coming months.\n \nWe continue to monitor the market for further value creation acquisitions that offer the possibility to accelerate the Group's strategy. Our n...