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Highlights
- FY25 revenues and adjusted profit before tax projected broadly in line with expectations.
- The company’s order book stood at GBP 142.3M, with more than 80% scheduled for delivery in FY26.
- Integration of Phoenix Optical and Global Photonics continues according to plan.
Gooch & Housego PLC (LSE:GHH), a manufacturer of photonic components and systems, released its full-year trading update for the financial year ending 30 September 2025.
Industrial revenues, particularly from fibre optic couplers and modules used in subsea data networks, showed growth, offsetting largely flat sales from industrial laser customers. Early signs of recovery were seen in the semiconductor market, although short-term uncertainty persists due to macroeconomic and geopolitical factors. Medium-term demand for industrial products remains positive, with customer engagement increasing towards the end of the year.
Life Sciences benefited from the timing of multiple medical diagnostic device programs manufactured in Ashford, Kent. A 'last time buy' notice for Pockels Cells in medical lasers is scheduled to be fulfilled over the coming year, enabling the Cleveland, Ohio facility to expand crystal production for internal and external optical applications.
Aerospace & Defence sales increased in the second half, driven by demand for precision optics and advanced sighting and imaging systems in military applications. Commercial aerospace components, including ring laser gyro elements, maintained steady demand, supported by operational improvements and additional capacity.
The Board expects full-year revenues and adjusted profit before tax to broadly align with expectations, noting moderate increases in non-underlying costs related to acquisitions and restructuring activities.
Acquisition Integration
Integration of Phoenix Optical and Global Photonics, both acquired during FY25, is proceeding as planned.
Global Photonics adds expertise in cleanroom lithography, photolithographic reticle fabrication, ion beam etching, and advanced thin-film coatings, enhancing G&H’s North American operations. The company is leveraging these capabilities to meet demand from US defence prime contractors for laser protection filters, periscopes, and complex optical systems. Both acquisitions are considered ‘speed to value’ opportunities and have already generated potential new customer orders.
Financial Position
G&H maintains a stable financial position. Net bank debt, excluding IFRS 16, was GBP 30.0M on 30 September 2025, compared with GBP 24.1M on 31 March 2025 and GBP 16.0M on 30 September 2024.
Outlook
The order book on 30 September 2025 stood at GBP 142.3M, up from GBP 121.5M on 31 March 2025 and GBP 104.5M on 30 September 2024, with over 80% earmarked for FY26 delivery. Aerospace & Defence demand remains consistent across the UK, USA, and Europe, while Industrial and Life Sciences markets continue to face short-term uncertainty. Modest growth is anticipated in the semiconductor market over the medium term.
