7th Oct 2014 08:14
LONDON (Alliance News) - Gooch & Housego PLC Tuesday said it expects its full-year results to be in line with expectations, boosted by a strong order intake in the second half and an improvement across the year despite suffering from the strength of sterling.
The optical components and systems maker said order intake in the second half to September 30 drove a closing order book for the year 18% ahead of the start of the financial year.
The company said trading conditions had shown a "modestly improving trend" over the year, despite the currency headwinds.
It said the initiatives put in place to improve operational efficiency in the business were delivering lower costs and improved margins. Those moves have resulted in the group consolidating its manufacturing facilities, with the closure of its Melbourne, Florida plant set to complete by the end of the calendar year.
"This has been another period of development and progress for the company. Our initiatives to streamline the business and in so doing reduce costs are beginning to bear fruit," said Gareth Jones, Chief Executive of Gooch & Housego.
"With a solid order book and an encouraging pipeline of new products and opportunities, Gooch & Housego is well positioned to deliver further growth in 2015 and beyond," Jones added.
Gooch & Housego shares were untraded on Tuesday, quoted at 670.50 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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