Gooch & Housego sets sights on strong 2019; CFO to step down
By Abigail Townsend
Date: Tuesday 27 Nov 2018
(Sharecast News) - Gooch & Housego, the optical components specialist, said its record order book left it well-positioned for 2019 "and beyond", despite the growing macroeconomic and political risks.
G&H - which specialises in the industrial, aerospace and defence, and life sciences markets - posted an 12% jump in revenues for the year to 30 September, to £124.9m. Operating profits were ahead 16% at £18.8m, although statutory pre-tax profits were down 20% at £10.1m because of acquisition and disposal costs.
The firm said its year-end order book as at 30 September was a "record" £96.1m, a 33% increase on 2017.
Chief executive Mark Webster said: "We have been able to take advantage of generally positive market conditions and continue to execute on our long-term strategy.
"Our strong performance has enabled us to continue to invest in manufacturing capacity and research and development, as well as bringing complementary new technologies and customers into G&H through acquisitions."
He added a note of caution looking forward, with the company seeing some "recent gradual softening in demand growth for critical components in microelectronic manufacturing", although this had been offset by strong demand for fibre optics.
"We remain aware of potential macroeconomic and political risks," he continued. "Overall, G&H has a robust order book combined with greater diversification. The board remains confident that the group is well positioned to continue to deliver further progress in 2019 and beyond."
Gooch & Housego also announced on Tuesday that finance director Andy Boteler would retire next summer after more than a decade in the role. Webster said Boteler had played an "important" role in the company's success. A recruitment agency has been appointed to find his successor.
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