LONDON (ShareCast) - Optical components maker Gooch & Housego has secured a grant from the UK government's Regional Growth Fund to further develop its Systems Technology Group (STG).

The AIM-listed company, which was one of 37 businesses to be selected through a competitive process from 133 applications, has been granted £0.8m to enable further investment into the STG.

The UK government RGF stimulus package of £3.2 billion is intended to stimulate private sector economic growth and sustainable employment.

Chief Executive Gareth Jones said: "The RGF funding will mean G&H is able to further strengthen its expertise in a number of areas which are key to the strategic growth of both the company and also the Torquay area. The resulting expansion of the R&D and production facilities at G&H will accelerate the Company's growth and bring us one step closer to our strategic goals."

Shares in the company were down 1.6% to 651.5p at 13:54 on Wednesday.

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