Optical components and systems manufacturer Gooch and Housego said profit for the year ended September 30th is on target as it continues its transition from a predominatly industrial components supplier to a photonic solutions maker for the aerospace & defence and life sciences markets.
Following a weak start to the year, the second half enjoyed generally favourable market conditions.
"In the industrial sector, the recovery experienced during the second quarter was followed by steady demand throughout the final six months. Although there was probably an element of re-stocking, the market has been reasonably measured without the fluctuations experienced in the past," the laser systems company said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely 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
As reported in July a number of previously delayed orders were received in the aerospace & defence sector. Elsewhere the life and health sciences sector continued to be an important source of revenues, it added.
Chief Executive Gareth Jones commented: "After a difficult start to the year, improving market conditions combined with solid progress in creating a more broadly-based business have enabled us to deliver a good second half."
"While the economic outlook remains unpredictable, Gooch & Housego is now well-positioned in its targets markets with world-leading products and strong customer relationships."
CJ
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
