14th Feb 2007 07:01
Gooch & Housego PLC14 February 2007 For Immediate Release 14 February 2007 Gooch & Housego PLC (The "Company") Progress Update for the Annual General Meeting Gooch and Housego PLC, the specialist manufacturer of acousto-optic andelectro-optic devices, precision optical components, crystals, instruments formeasuring optical radiation and hyperspectral imaging systems, today announces aprogress up-date. Market conditions have continued to be favourable and trading for the first fourmonths of the year is at expected levels. The reorganisation of our optoelectronic materials and components businesses isprogressing well and is on target to be completed by the end of the financialyear. Internal changes to business processes, IT systems and managementstructure are currently being implemented and will yield improved efficiency.Additionally, by operating as a unified and re-branded business, we areestablishing greater market presence that is allowing us to support ourcustomers more effectively. Overall, the objective is to create a structurecapable of sustaining growth, both organically and by acquisition. ChromoDynamics Inc is on target to launch its first product, a spectral imagingsystem for use in microscopy, in the second quarter of the year. It will findapplications in biomedical research in commercial laboratories, hospitals anduniversities. In parallel, the company is continuing to investigate applicationsof the system in medical diagnostics for the early detection of disease. The first phase of the new factory development in Ilminster, UK, comprisingrenovation work, flood defences and demolition work, has been completed. Work onthe final phase, construction of a new purpose built manufacturing facility, hascommenced and all UK manufacturing and corporate activities will be relocated tothe new facility by the end of 2007. The sale of the existing premises inIlminster has been agreed and contracts exchanged. In summary, Gooch & Housego is where it expected to be at this point in theyear. For further information, please contact: Gareth Jones, Chief Executive Officer 01460 52271 Buchanan Communication LtdTim Thompson/Susanna Gale 020 7466 5000 Oriel Securities LimitedAndrew Edwards 020 7710 7600 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Gooch & Housego