LONDON (Alliance News) - Gooch & Housego PLC Tuesday said it is well positioned for "further progress" in its year ahead, as it reported a rise in pretax profit for its most recently ended financial year.
Gooch & Housego manufactures optical components and systems.
For the year to end-September the company reported a pretax profit of GBP10.1 million, up from GBP7.9 million a year before, as revenue rose to GBP78.7 million from GBP70.1 million, although this was partly offset by one-off costs related to the closure of its Melbourne facility and move of its Palo Alto facility.
Revenue growth was bolstered by a strong performance from its Industrial segment and its Aerospace & Defence segment, as well as 22% revenue growth in its Life Sciences segment.
Gooch & Housego opted to close its Melbourne, Florida site in 2014 and transfer its business to its Ilminster, UK, and Palo Alto, California, facilities. It is in the process of moving its Palo Alto site to Fremont, however, this transfer was delayed and is now expected to be completed by the end of the year. The move has resulted in an exceptional cost of GBP800,000 in the year, and the company expects a further GBP200,000 in exceptional costs in its new financial year.
The company proposed a final dividend of 5.2 pence, taking its total dividend for the year to 8.2 pence, up from 7.2 pence a year before.
"During 2015 Gooch & Housego has made good progress in executing on its strategic objectives, met management's expectations for revenue and profit growth and made a number of significant investments in line with our strategic vision for the business," said Chief Executive Officer Mark Webster in a statement.
"The near and long term benefits of these strategic initiatives, combined with a solid year end order book, mean the board believes Gooch & Housego remains well positioned to deliver further progress in 2016 and beyond," Webster added.
Shares in Gooch & Housego were untraded Tuesday morning. It last traded at 880.50 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Gooch & Housego (GHH)