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Operating & Strategic Highlights · Satisfactory result for the year following a stronger second half performance · Net debt reduced, with continued focus on cash generation · Investment in key management to deliver growth and strategic objectives · Acquisitions now fully assimilated into the business · Strategy of diversification adds resilience
Gareth Jones, Chief Executive of Gooch & Housego 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."
In the aerospace & defence sector, as reported in July, a number of previously delayed orders were received. A number of these were notable as they relate to the supply of higher value sub-system products against what are forecast to be longer term programs. To support its changing role, Gooch & Housego has made substantial progress in the past year in further strengthening such disciplines as quality systems and project management. This has been instrumental in enabling a number of key project milestones and deliverables to be met, and is reflected in the positive feedback that has been received from a number of customers. The life and health sciences sector has continued to be an important source of revenues and a focus for investment in research and new product development. Gooch & Housego is a leading supplier of complex sub-systems to the optical coherence tomography and microscopy markets, which have performed well during the past year. Research and development efforts have been primarily directed towards biomedical imaging systems and in performing pre-commercialisation work for applications in diagnostics.
Full-Year Trading Update "Profit in line with market expectations" Gooch & Housego PLC, the specialist manufacturer of optical components & systems, today announces that profit for the year ended 30 September 2012 is expected to be in line with market expectations. Preliminary results will be announced on 27 November 2012. During the year Gooch & Housego made good progress towards delivering its strategic objective of transitioning the business from a predominantly components supplier focussed on the industrial sector to that of a provider of advanced photonic solutions at the sub-systems level to a broader customer base encompassing the aerospace & defence and life sciences markets. To facilitate these objectives the senior management team has been strengthened and reorganised, most notably through the appointment of a Chief Technology Officer, to drive organic new product development, and through the creation of a dedicated aerospace & defence business development team with the sector specialisation necessary to further exploit the potential for Gooch & Housego in this complex market. Following a weak start to the year, the second half was characterised by 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.
http://www.investegate.co.uk/Article.aspx?id=201210040700078814N
Gareth Jones, Chief Executive of Gooch & Housego commented: - "These orders represent validation of our diversification strategy that has seen the transformation of Gooch & Housego from an industrial components supplier into a credible partner for tier-one Aerospace & Defence companies at the sub-system level."
Progress Update Gooch & Housego PLC, the specialist manufacturer of optical components and systems, today announces that in the six weeks since the Interim Announcement on 12 June the Company has received orders worth in excess of $6 million from customers operating in the Aerospace & Defence sector. At the time of the Interim Announcement the Company advised that while a number of significant Aerospace & Defence contracts had been subject to delays, it had a strong pipeline of near term opportunities in this sector. Gooch & Housego is now able to advise that orders have been received for all of the contracts that were delayed. In each case, these orders represent the initial releases of customer requirements for the next six to twelve months. Some of these programmes are expected to run for four years or longer. Customer forecasts indicate that requirements will increase during the life of the programmes. In parallel, Gooch & Housego is engaged in the early stages of a number of other potentially significant programmes in this sector.
http://www.investegate.co.uk/Article.aspx?id=201207230700062115I
http://www.edisoninvestmentresearch.co.uk/researchreports/Gooch210612qv.pdf
"We have continued to make significant progress behind the scenes in developing our business in the Aerospace & Defence sector. Overall, we retain a positive outlook despite the wider uncertainties affecting the global economy."
On a brighter note, the group said it saw improving order activity through the second quarter, which continued into second half. "After a very challenging first quarter, trading conditions have shown a steady and sustained improvement. We have used the period to make changes to our management team and put in place the structure to facilitate future growth as we execute our strategy."
Chief executive Gareth Jones commented, "Despite the challenges experienced during the period we have remained focussed on positioning G&H to deliver sustainable long-term growth in our target markets. With a strong pipeline of opportunities and more favourable trading conditions we retain a cautiously optimistic outlook." An interim dividend of 2p per share declared. Net debt at end of period £5.6m compared to £5.5m previously.
Gooch, which slashed its full-year profit forecast by nearly a quarter in February following slowing orders from China, said it had experienced challenging trading conditions in the first quarter. It explained aerospace and defense were affected by delays but strong pipeline of near term opportunities. The industrial laser market was recovering and customer inventories were normalising.
Gooch & Housego, the aim listed industrial laser specialist, posted a hefty slide in first half pre-tax profit as it battles against challenging trading conditions. The group, which specialises in laser technology used to make smartphones and other electronic devices, said pre-tax profit for the six months to 31 March 2012 fell to £2.5m, down from £3.9m the same time last year. Revenue for the period edged higher to £27.8m from £27.2m. Earnings per share fell to 8.7p from 13p.
Gooch & Housego, the specialist manufacturer of optical components and systems which issued a profit warning in February, expects to meet reduced expectations with its interim results. Since the February 21st trading update the group has seen further signs that confidence is returning to the Industrial Laser market, a view backed up by the receipt of two significant orders for Q-switches from customers in the Far East. Despite this improvement, overall demand levels remain below the record levels of the last two years. Demand from other market sectors, including telecommunications, aerospace & defence and life sciences, has been steady during the first half of the company's financial year and sales in these sectors remained broadly in line with the firm's original forecasts.
Optical components manufacturer Gooch and Housego (GHH) reported profits for the year ended September 2012 are likely to be significantly below the board's expectations following challenging market conditions. The microelectronic sector, which has enjoyed two years of strong growth, is now experiencing a downturn following soft demand from China. As a result group sales in the first half will be below the record level achieved in 2011. Management is now reducing the cost base to a more appropriate level and seeking further efficiencies via the integration of acquisitions made last year. The shares nose-dived by 79.75p to 383.75p
Gooch & Housego more than doubles profit Date: Wednesday 08 Jun 2011 LONDON (ShareCast) - Half year profit more than doubled at optical components maker Gooch & Housego after robust demand for lasers used in manufacturing. Adjusted profit before tax rose to £5m for the six months ended 31 March 2011 from £2.2m before. Revenue increased to £27.2m from £20.4m previously after strong growth in devices such as smartphones. "The six month period was characterised by favourable market conditions and strong demand for Gooch & Housego's products from the Industrial, Aerospace & Defence and Life Sciences market sectors. The period was also notable for the completion of two strategically important acquisitions," the group said in a company statement. Gooch & Housego, which bought Crystal Technology and EM4, said it had a record order book going into the second half of 2011. The directors have declared an interim dividend of 2p per share.
Gareth Jones, Chief Executive of Gooch & Housego PLC, commented on the results: "The work we put in during 2010 has enabled us to meet the continuing strong demand for our products in 2011 and deliver an encouraging set of results for the first half of the year. The acquisitions open up many exciting opportunities for the future while accelerating the diversification of the business and consolidating Gooch & Housego's leading position in high-end photonics solutions."
Operational highlights · Strong demand lifts revenues and profits · Industrial sector driven by growing use of lasers in manufacturing · Further diversification into Aerospace & Defence and Life Sciences, enhanced by acquisitions · Acquisition of EM4, Inc. a specialist manufacturer of active fibre optics · Acquisition of Crystal Technology, LLC, a manufacturer of acousto-optics and crystals · Record order book going into the second half of FY2011. · Interim dividend of 2.0p per share declared.
http://www.investegate.co.uk/Article.aspx?id=201106080700090402I
Optical components manufacturer Gooch & Housego (CHH) has acquired Crystal Technology for 13.75 million dollars (8.6 million pounds) in a move to enhance its presence in the acousto-optics, electro-optics and fibre optics sectors. Separately, in a trading update, the company added that it continued to trade ahead of its expectations supported by a strong order book. Shares in G&H lost 7.5p to 307.5p.
Gareth Jones, Chief Executive of Gooch & Housego commented: - "The acquisition of Crystal Technology consolidates Gooch & Housego's global leadership in the field of acousto-optics and provides self-sufficiency in the strategically important crystals that are central to several of our most exciting new products. In addition to excellent people and top quality products Crystal Technology also brings new capabilities in electro-optics and fibre optics to G&H that support our ongoing diversification into markets such as Defence, Life Sciences and Telecommunications."
http://www.investegate.co.uk/Article.aspx?id=201104010700090842E
Gooch & Housego buys Crystal Technology Date: Friday 01 Apr 2011 LONDON (ShareCast) - Optical components maker Gooch & Housego announced its has bought California based acousto-optic manufacturer Crystal Technology for $13.75m. The deal comprises of $9.625m for the business and $4.125m in respect of near cash equivalents being left in the business upon sale, Gooch & Housego confirmed in a company statement. Commenting on the acquisition, chief executive Gareth Jones said, "The acquisition of Crystal Technology consolidates Gooch & Housego's global leadership in the field of acousto-optics and provides self-sufficiency in the strategically important crystals that are central to several of our most exciting new products." In the same statement Gooch & Housego said market conditions remain favourable and trading, supported by a strong order book, has continued ahead of management expectations. It added that the integration of EM4 is progressing to plan as a number of opportunities to supply customers with complex solutions incorporating both active and passive fibre optic components are developed. CJ