Gooch & Housego trades ahead of FY expectations

Photonics manufacturer Gooch & Housego said on Tuesday that trading was ahead of expectations in the year ended 30 September, while the integration of its two recent acquisitions was "progressing well".

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Gooch & Housego said that following the "positive performance" delivered in the first half, trading momentum was sustained during the second half of the year.

As a result, GHH expects its "strong revenue performance" to translate into full-year adjusted pre-tax profits in excess of current market expectations.

The AIM-listed firm added that the integration of the recently-acquired GS Optics and Artemis into the wider group was "proceeding to plan".

GHH said its order book stood at £124.9m as of 30 September and noted that whilst destocking in some parts of its industrial market was expected to impact in 2024, A&D and life sciences revenues were both projected to grow.

Chief executive Charlie Peppiatt said: "I am delighted with the positive progress the Group has made in FY2023. Our operational performance has shown sustained improvement with on-time delivery and lead times both improving significantly.

"The detailed activities supporting the delivery of our recently announced strategic plan are now in place and support our budgeted plans for FY2024."

As of 1000 BST, GHH shares were up 4.84% at 524.20p.

Reporting by Iain Gilbert at Sharecast.com