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LONDON (Alliance News) - Gooch & Housego PLC on Tuesday reported a drop in annual profit, despite a rise in revenue, but it upped its payout.
The photonics technology company also announced that Chief Financial Officer Andy Boteler will step down in the summer of 2019.
For the financial year to September 30, Gooch & Housego reported a 20% decrease in pretax profit of GBP10.1 million from GBP12.6 million.
The firm's drop in profit was attributed to a rise in impairment of goodwill to GBP2.7 million from GBP615,000 the year before.
The impairment came from the company's Moorpark site, operating within its Aerospace & Defence division. The site struggled in the year due to "price pressure" from a customer. Gooch & Housego invested in the site and adopted new "manufacturing principles".
Gooch & Housego's revenue increased 12% to GBP124.9 million from GBP112.0 million. All three of the company's main operating divisions - Industrial, Aerospace & Defence and Life Sciences - reported revenue growth.
The company also declared an increase in its total dividend, up 11% to 11.3 pence per share from 10.2p.
"G&H has had another good financial year. We have been able to take advantage of generally positive market conditions and continue to execute on our long term strategy. Our strong performance has enabled us to continue to invest in manufacturing capacity and R&D, as well as bringing complementary new technologies and customers into G&H through acquisitions," said Chief Executive Officer Mark Webster.
The company enters the new financial year with a "record" order book, which at September 30, stood at GBP96.1 million, a 33% increase on the year before.
Webster added: "We remain aware of potential macroeconomic and political risks. Overall G&H has a robust order book combined with greater diversification. The board remains confident that the group is well positioned to continue to deliver further progress in financial year 2019 and beyond."
Separately, the firm announced its CFO will be leaving next summer as "part of a managed succession process".
Gooch & Housego has hired a recruitment agency, Warren Partners, to appoint a new CFO. Boteler will remain at the company until his successor is appointed.
Shares in Gooch & Housego were down 0.7% Tuesday at 1,390.00 pence each.
