Gooch & Housego Plc · LSE:GHH
Gooch & Housego — FY2025 Earnings Presentation
26 slides from Gooch & Housego's earnings presentation, Dec 2, 2025
Slide 1: Full Year Results
FULL YEAR RESULTS Year ended 30 September 2025 3rd December 2024 2nd December 2025
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT ▪ For the purposes of the following disclaimers, references to this ‘document’ shall be deemed to include references to the presenters’ speeches, the question and answer session and any other related verbal or written communications. ▪ This document contains forward-looking stat
Slide 3: Agenda
AGENDA • Highlights • Financial Results • Business Update • Strategy Update • Outlook & Summary Charlie Peppiatt - CEO Martin Hopcroft - Interim CFO PRELIMINARY RESULTS PRESENTATION – FY 2025 PAGE 3
Slide 4: Highlights
HIGHLIGHTS • Strong progress delivering strategic changes to support the Group’s margin growth plans • Full year revenue up 10.7% to £150.5m (FY2024: £136.0m) • A&D revenues up 52.1%, Industrial down 5.3% and Life Sciences broadly flat • Adjusted profit before tax increased by 46.8% to £11.9m (FY202
Slide 5: Summary Income Statement
SUMMARY INCOME STATEMENT Year Ended 30 September 2025 2024 % Change • Revenue grew by 10.7%, with organic, constant (Continuing Operations) £m £m currency up 5.6% Revenue 150.5 136.0 10.7% • Gross profit improved to 31.0%; operational progress Gross profit 46.7 41.6 12.0% Gross profit % 31.0% 30.6%
Slide 6: Cash Flow
CASH FLOW Year Ended 30 September 2025 2024 £m £m • Total investment in tangible and intangible assets of £6.0m (2024: £5.2m) Reported operating profit from continuing ops 5.3 4.2 Loss from discontinued operations - (9.9) • Increase in working capital of £8.5m (2024: £3.6m) Loss on disposal of subsi
Slide 7: Margin Progression
MARGIN PROGRESSION • Revenue increased by 11.4% to £70.9m in the first half, and by 10.0% to £79.6m in the second half, with a split of 47%/53% between the first and second half • Gross profit to sales increased by 40bps, reflecting higher revenues, changes in mix, and other benefits • Restrained co
Slide 8: Industrial (42.8% of Revenues)
INDUSTRIAL (42.8% of Revenues) INDUSTRIAL FY2022 FY2023 FY2024 FY2025 Group Revenue (%) 51.7% 55.3% 49.9% 42.8% Revenue (£m) 64.6 74.7 67.9 64.3 Operating Profit (£m) 8.4 10.6 7.8 9.2 OP Margin (%) 13.0% 14.2% 11.5% 14.3% Order Book (£m) 57.5 46.9 39.0 41.7 • Revenue declined 5.3% on prior year, 3.3
Slide 9: Aerospace & Defence (34.8% of Revenues)
AEROSPACE & DEFENCE (34.8% of Revenues) AEROSPACE & DEFENCE FY2022 FY2023 FY2024 FY2025 Group Revenue (%) 24.5% 20.2% 25.4% 34.8% Revenue (£m) 30.6 27.3 34.5 52.4 Operating Profit (£m) -2.7 -1.8 -1.2 1.2 OP Margin (%) -8.8% -6.6% -3.5% 2.3% Order Book (£m) 37.0 37.9 42.8 70.2 • Revenue up 52.1% acro
Slide 10: Life Sciences (22.4% of Revenues)
LIFE SCIENCES (22.4% of Revenues) LIFE SCIENCES FY2022 FY2023 FY2024 FY2025 Group Revenue (%) 23.8% 24.4% 24.7% 22.4% Revenue (£m) 29.7 33.0 33.6 33.7 Operating Profit (£m) 4.0 4.3 4.6 4.0 OP Margin (%) 13.5% 13.0% 13.7% 11.9% Order Book (£m) 36.6 30.9 22.7 30.5 • Full year revenues were flat compar
Slide 11: Strategy – Sustainable Growth
STRATEGY – SUSTAINABLE GROWTH Our strategy is focused upon us becoming an ‘innovative customer focused technology company’ making a ‘better world with photonics’ and the ‘first choice’ for all our stakeholders Offering differentiated performance through 4 key strategic priorities: 1 2 3 4 Establish
Slide 12: Strategic Progress
STRATEGIC PROGRESS PEOPLE FY2022 FY2023 FY2024 FY2025 RAG TECHNOLOGY FY2022 FY2023 FY2024 FY2025 RAG Open Positions 78 52 27 38 ● R&D Investment (£m) (excluding EM4) 7.2 7.4 7.8 7.3 ● ISO14001 Accreditions 1 3 5 7 ● R&D Investment (% Sales) 6.2% 5.5% 5.8% 4.8% ● HRIS Implementation - - US Sites All
Slide 13: Outsourcing
OUTSOURCING Proactive outsourcing of products earlier in their life cycle where technological sovereignty is not a differentiator • 8.4% of Group revenues from contract manufacturing partners in FY25. On LFL basis excluding acquisitions this was 9.1% • Supply of acousto-optic products expanding • Hi
Slide 14: Value Creation from Technology Focus
VALUE CREATION FROM TECHNOLOGY FOCUS • FY25 R&D spend £7.3m (FY24: £7.8m) • 25% increase in revenues from new products up to £31.7m (FY24: £25.3m) • Last time buy for Pockels cells into medical lasers underway due to lower cost Asian competition • Technology roadmap focus reduced to 6 ‘vital few’ ar
Slide 15: Speed-to-Value Acquisitions
SPEED-TO-VALUE ACQUISITIONS Phoenix Optical (October 2024) • Revenue synergies through combined commercial pipeline • Scalable sovereign Germanium fabrication capability • Order book growth >100% under G&H ownership • Capability and know-how enhancement through combination Global Photonics (June 202
Slide 16: FY26 – Outlook
FY26 – OUTLOOK • FY2025 Order intake £178.6m, book to bill >1.2 • Strong A&D business growth. Semiconductor market recovery subdued • Germanium supply variable with H2 weighting • Current order book continues to grow, up to £150m • 80% cover for full year revenues • FY26 remains in line with Board e
Slide 17: Summary
SUMMARY • Record order intake across the Group in FY25, with Defence underpinning strong growth for FY2026 • ‘Value creation’ synergies from Phoenix Optical underway and Global Photonics enhances US offering • Operational improvements position G&H well to benefit from upturn in semiconductor and oth
Slide 18: Appendices
Appendices APPENDIX PRELIMINARY RESULTS PRESENTATION – FY 2025 PAGE 18
Slide 19: Non-Underlying Items
NON-UNDERLYING ITEMS Total non-underlying charge of £6.6m (of which cash £2.9m) • Amortisation of acquired intangibles: £2.5m (of which cash £nil) • Acquisitions (including interest on deferred consideration): £0.6m (of which cash £1.0m) • Site closures: £0.1m - closure of our Shanghai facility, whi
Slide 20: Other Financial Items
OTHER FINANCIAL ITEMS R&D Spend • The Group’s R&D investment in the year totalled £7.3m (FY2024: £7.8m) representing 4.8% of revenue (FY2024: 5.8%) • The Group capitalises a portion of its R&D spend in accordance with IFRS. The amount held on the balance sheet is £2.9m (FY2024: £2.4m) Tax • The tax
Slide 21: Responsible Business
RESPONSIBLE BUSINESS Environment • Reduction in our carbon intensity measure by 31.1% • Total GHG emissions down by 26.1% • On track to achieve target of being net zero scope 1 & 2 by 2035 • Scope 1 & 2 GHG Emissions independently verified with Carbonology • Scope 3 GHG Emissions reported in FY2025
Slide 22: Targeted R&D
TARGETED R&D New Products Precision Acousto/ Fibre FY25 Optics & Electro-Optics Optics Systems Aerospace & 44 - 1 Defence Industrial 5 22 3 Life Sciences 1 1 2 • New products generated £31.7m of revenue in FY2025 (FY2024: £25.3m) “Our more focused technology development programmes are supporting the
Slide 23: Introduction to Gooch & Housego ("G&H")
INTRODUCTION TO GOOCH & HOUSEGO (“G&H”) • G&H has spent over seven decades building a reputation for supplying products that are hard to make, high quality, and have a long in-service lifetime • G&H’s focus is on 3 centres of excellence: Precision optics and systems Precision Vision Lens systems opt
Slide 24: G&H: A Photonics Specialist
G&H: A PHOTONICS SPECIALIST Key divisions & products Industrial Aerospace Life & Telecom & Defence Sciences £64.3m FY25A £52.4m FY25A £33.7m FY25A £67.9m FY24A £34.5m FY24A £33.6m FY24A 43% 35% 22% • Laser manufacturing • Navigation • Medical imaging • Photolithography • Targeting • Flow cytometry •
Slide 25: PRELIMINARY RESULTS PRESENTATION – FY 2025 PAGE 25
PRELIMINARY RESULTS PRESENTATION – FY 2025 PAGE 25
Slide 26: PRELIMINARY RESULTS PRESENTATION – FY 2025 PAGE 26
PRELIMINARY RESULTS PRESENTATION – FY 2025 PAGE 26