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Highlights
- Financial Performance: Revenue grew modestly by 0.7% to £136.0 million, with a 15% organic increase in H2, while adjusted operating profit declined to £10.5 million.
- Strategic Moves: Achieved milestones with the divestment of EM4 and the acquisition of Phoenix Optical, positioning the Group for sustainable growth.
- Future Outlook: Order book remains robust at £104.5 million, with aerospace and defense driving demand; net debt reduced to £25.8 million.
Gooch & Housego PLC (LSE:GHH), a specialist in photonic components and systems, has announced its audited financial results for the year ending 30 September 2024, reflecting strategic progress and a strong outlook for the future. The company continues its transformation journey with a focus on long-term profitability and sustainable growth.
Key Financial Performance
For the year, Gooch & Housego reported a modest 0.7% increase in revenue, reaching £136.0 million compared to £135.0 million in FY2023. The Group's revenue growth was driven by a 15% organic, constant currency increase in the second half of the year compared to the first. However, adjusted operating profit fell to £10.5 million, down from £12.1 million the previous year, and reported profit before tax stood at £4.2 million, compared to £6.0 million in FY2023.
Strategic Developments
The company made notable strides in its strategic transformation. This included the divestment of the EM4 business in March 2024 and the acquisition of Phoenix Optical in October 2024, both of which are expected to support the Group’s long-term goals. Despite these strategic changes, the Group reported a loss of £9.7 million from discontinued operations.
Order Book and Debt Reduction
Gooch & Housego’s order book closed at £104.5 million, compared to £115.3 million at the same time last year. Despite the slight decline, the Group sees strong prospects, particularly in its aerospace and defence (A&D) business, which continues to drive a healthy order pipeline. The company also made progress in reducing its net debt, which decreased to £25.8 million from £31.7 million in FY2023. The leverage ratio remains comfortably low at 0.9x.
Dividend and Future Outlook
Reflecting confidence in the Group’s future, the Board declared a final dividend of 8.3p per share, slightly up from 8.2p in FY2023, bringing the full-year dividend to 13.2p, up from 13.0p.
Looking forward, Gooch & Housego remains optimistic about its strategy. The Group is confident that its ongoing transformation, including strategic acquisitions and divestments, will lead to profitable growth in the coming financial year.
