Gooch & Housego profit soars 78%

Optical components maker Gooch & Housego reported a 78% surge in full year adjusted pre-tax profit and said it is well positioned to weather the current economic climate.

Adjusted pre-tax profit rose to £10.8m in the year ended 30 September from £6m the year before. Revenue for the year increased to £61m from £44.7m as robust demand continues for lasers used in manufacturing.

Gooch said its results were boosted by strong organic and acquisitive growth and unprecedented demand in its core industrial markets.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

The group, which bought California based acousto-optic manufacturer Crystal Technology and EM4 earlier this year, said it is further diversifying into aerospace & defence and life sciences sectors.

CEO Gareth Jones said, "While we expect to face more challenging market conditions in 2012 the company is well positioned with world leading products and capabilities to weather the current economic climate and deliver on the exciting opportunities we have created."

Gooch & Housego said towards the final months of the year, with the euro zone difficulties affecting confidence worldwide, some slowdown in markets became apparent.

Net debt was reduced to £1.8m from £5.2m a year earlier.

A dividend of 5p has been offered for the year ended 30 September, up from 2p a year earlier.

--

cj