Gooch & Housego Regulatory News (GHH)

5 Jun 2007 07:02

Gooch & Housego PLC05 June 2007 For Immediate Release 5 June 2007 Gooch & Housego PLC Interim results for the six months ended 31 March 2007 Gooch and Housego PLC, the specialist manufacturer of optical components and systems, today announces interim results for the six months ended 31 March 2007. Financial Highlights • Group turnover up for the half year by 8% to £13.63m (2006: £12.65m) • Profit before tax up by 28% to £3.12m (2006: £2.43m) • Basic earnings per share up by 41% to 10.7p (2006: 7.6p) • Interim dividend increased by 7% to 1.5p (2006: 1.4p) Operational Highlights • Steady growth in optics and acousto-optics • New UK factory on schedule and sale of existing factory agreed • Key appointment to ORION team and reorganisation on track • ChromoDynamics Inc beta product launched and "Proof of Concept" study for automated bladder cancer testing successfully completed • Acquisition of SIFAM Fibre Optics Ltd in May 2007 Gareth Jones, Chief Executive of Gooch & Housego, commented: "We have made a solid start to the year with particularly good progress in thedevelopment of our new facilities, infrastructure and products. We havebroadened the scope of the Group with the acquisition of SIFAM in May and theencouraging developments at ChromoDynamics. The factory development is movingforward rapidly and the reorganisation of the Group is also beginning to deliverbenefits." For further information please contact: Gooch & Housego PLC 01460 52271 Gareth Jones / Ian Bayer Buchanan Communications 020 7466 5000 Tim Thompson / Susanna Gale Chairman's Statement I am pleased to be able to report that Gooch & Housego PLC has made a solidstart to the year, with NEOS Technologies, Inc. and Gooch & Housego UK Ltdreturning particularly good performances. While demand for our current products continues to be strong, we have beenlooking towards the future, and good progress has been made in the developmentof new facilities, infrastructure and products. The new factory development inIlminster is now moving forward rapidly and will provide the space andenvironment needed for future growth. The reorganisation of the Group is alsobeginning to deliver benefits, as evidenced by the increase in inter-companytrading, and will be further enhanced as the new IT and communicationsinfrastructure becomes fully operational in the coming months. We are adding new products, technologies and markets through a combination ofacquisition and in-house development, in line with our strategy for thedevelopment of the Group. The acquisition of SIFAM brings a mix of componentlevel and integrated optoelectronic products with significant growth potential.In addition, SIFAM supports our initiatives in biomedical imaging and fibrelasers and provides opportunities for the joint development of instrument andsystem level products. ChromoDynamics, Inc. has completed the development of its first product, and hasdemonstrated the potential of its biomedical imaging system to automate testsimportant in the testing of bladder cancer. There is a long way to go before thebenefits and commercial potential of this technology can be quantified, but itis an encouraging start. Overall, the prospects for the Group continue to be healthy. Directors and staff I would like to welcome the management and employees of SIFAM to the Group andto express my thanks to the Directors and all employees of the Group for theircontribution to a successful first half year. Dr Julian BloghChairman Chief Executive's Review Overview The group achieved a steady growth in sales and a healthy increase in profitswhen compared with last year. In addition, the major factory constructionproject and the ongoing group reorganisation made good progress and remain onschedule. Overall market conditions have been favourable, with strong demand foracousto-optics and precision optics leading to excellent performances by NEOSTechnologies, Inc (NEOS) and Gooch & Housego UK Ltd (G&H UK). With the acquisition of SIFAM Fibre Optics Ltd (SIFAM), in May 2007, and theencouraging developments at ChromoDynamics, Inc (CDI) we have significantlybroadened the scope of the Group and paved the way for expansion into newmarkets in the coming years. We have enhanced our ability to exploit theseopportunities by strengthening the management team and putting in placestructures that will enable us to operate as an integrated business on a globalscale. Financial Results For the half year to 31 March 2007, Group turnover increased by 8% to £13.63m(2006: £12.65m). Operating profit, after charging goodwill amortisation,increased by 28% to £3.12m (2006: £2.43m), basic earnings per share increased by41% to 10.7p (2006: 7.6p) and basic earnings per share before goodwillamortisation rose to 11.8p from last years 8.6p. As stated in the 2006 Annual Report the Group is reorganising its optoelectroniccomponents and materials activities under the project name ORION. The ORIONsub-group, comprising Gooch & Housego UK Limited (G&H UK), NEOS Technologies Inc(NEOS), Cleveland Crystal Inc, (CCI) and Landwehr Electronic GmbH (LE), achievedtotal sales of £12.08m (2006: £10.91m) an increase of 11%. Operating profit,after charging goodwill amortisation, for the ORION sub-group for the six monthsended 31 March 2007 was £3.64m, an increase of £0.86m over last year. Individual sales performances within ORION saw G&H UK with sales up by 20% to£4.24m (2006: £3.54m), NEOS also improved by 20% to £3.57m (2006: £2.97m), LEimproved with sales of £1.49m (2006:£1.29m) while CCI returned sales lower thanlast year at £2.79m (2006:£3.11m). Outside the ORION sub-group, sales at Optronic Laboratories Inc (OLI) were lowerat £1.55m compared to £1.74m for the period ended 31 March 2006. Within ORION, operating profits for the six months ended 31 March 2007 for G&HUK were up from £1.02m to £1.40m an increase of 37% whilst NEOS saw operatingprofits up from £0.86m to £1.46m an increase of 70%. CCI reported operatingprofits of £0.74m (2006: £0.80m) and LE returned £0.04m (2006: £0.10m). Operating profits at OLI were £0.14m (2006: £0.22m) while the costs at CDI wereless than anticipated at £0.18m (2006 : costs of £0.03m for a two month period). Following the reorganisation of the UK operations G&H PLC benefited from highermanagement charges and so the costs for 2006 of £0.55m were reduced to £0.48m in2007. During the period under review the Group has suffered from the weakness of theUS Dollar. The average rate applied to these accounts for the six months ended31 March 2006 was £1 = $1.75, while the comparable rate in 2007 was £1 = $1.94,representing a fall of 11%. The Group's financial trading position remains strong. Overall there has been anet cash outflow of £0.92m (2006: £0.34m), which can be mainly attributed to thecosts of the new building at Dowlish Ford which continues to be funded from theGroup's own resources. The Group had net funds of £1.92m as at 31March 2007(2006: £2.08m) There has been an overall reduction in the Group's tax charge for the six monthsended 31 March 2007 to 38% (2006: 44%). This reduction is due to the higherproportion of profits being generated in the UK and subject to a lower tax ratethan those applicable in the US and Germany. Dividends The Directors have declared an interim dividend of 1.5p to be paid on 27 July2007 to all shareholders on the register as at 15 June 2007. This represents anincrease of 7% when compared with the 1.4p paid last year. The shares areexpected to go ex-dividend on 13 June 2007. Gooch & Housego UK Ltd G&H UK performed well in the first half of the year, with increased sales andprofits reflecting continued strong demand for acousto-optics and precisionoptics. The encouraging growth in the precision optics business has beenachieved by focussing on those products where we have a world leading capabilityand taking them to a wider, international customer base. This success, combinedwith our plans to develop a new global sales organisation, gives us confidencethat there is scope for further growth in this market. Despite space limitations we have increased the size of our acousto-opticsassembly and test facility by turning storage areas over to production. Theresulting increase in capacity achieved through investment in additional peopleand equipment has enabled us to keep pace with growing customer requirements. Wehave been working closely with several key customers on new projects, which ifsuccessful will help to maintain demand in the second half of the year. The new factory development has progressed well in recent months. The firstphase is complete and several of our larger machines have been installed and arenow operational. Construction of the new factory building and the renovation ofwhat will become the offices are well underway, and the entire development isstill on target for completion by the end of the calendar year. The sale of theexisting premises in Ilminster has been agreed and contracts exchanged. Optronic Laboratories, Inc. OLI is undergoing a gradual transition as its role in the group changes. Whilesales of its traditional measurement instruments have declined slightly, OLI hasbeen actively supporting the development of the CDI hyperspectral imaging systemin parallel with developing its own new products aimed at expanding theapplications and markets it is able to address. As the Group's centre ofexpertise in instrument design, engineering and manufacturing, OLI is becomingincreasingly important as new, higher added-value optoelectronic modules,sub-systems and instruments are developed. The recent acquisition of SIFAM willprovide further opportunities to leverage OLI's instrumentation capability tobring new products to market more rapidly that would otherwise be possible. Cleveland Crystals, Inc. Although sales and profits at CCI are slightly down on last year this reflectsthe uneven nature of the inertial confinement fusion (ICF) crystal business,rather than the underlying trends, which remain positive. CCI continues to be aleader in the Pockels cell (electro-optic Q-switch) business, with steadyactivity and the prospect of design wins in the second half of the year. Theimmediate challenge on the ICF side of the business is to increase production tomeet a demanding delivery schedule extending forwards for the next twelve monthsand beyond. Construction of a new production area has recently been completedand this will provide increased capacity when new specialised equipment isinstalled and commissioned in the coming months. NEOS Technologies, Inc. NEOS has had a tremendous start to the year and continues to break its ownrecords. As a consequence, space in their new factory is becoming limited and weare already having to consider converting the remaining bay (currently used forstorage) into a production area, or even adding an additional bay inanticipation of further increase in demand. NEOS and G&H UK are working evermore closely together to ensure that customers are supported and the demand ismet in the most effective way possible. This has been a significant factor inour ability as a group to increase production while at the same time meet themarket expectations for increased performance and reliability as new industrialand medical applications for laser technology are adopted. Landwehr Electronic GmbH Sales into the German market have shown encouraging growth. The team at LE, withsupport from across the group, have been successful in developing the Europeanmarket for the group's products, which has been a primary objective over recentyears. LE has also made a positive contribution to Group activities byperforming a research and development function that has helped the group toupgrade existing products and to secure new business elsewhere in the world.These support functions, and the ongoing investment in strengthening thebusiness, have had an impact on margins, which have declined slightly despitethe revenue growth. ChromoDynamics, Inc. (CDI) CDI has made good progress since the start of the year. In what has been a groupwide effort, the team at CDI has worked closely with teams located in othergroup facilities to successfully complete the development of a biomedicalimaging "engine". CDI has focussed on applications, hardware and softwaredevelopment, G&H UK has provided the acousto-optics, NEOS the electronics andOLI has provided system design, engineering and manufacturing. The first "beta"units are scheduled for delivery in the coming weeks to carefully selectedinitial customers who are active in biomedical research and who have enteredinto a beta test site agreement. In addition, CDI is in discussion withpotential OEM users of the system, and demonstrations are planned. In parallel, CDI is investigating applications of the "engine" in moleculardiagnostics, and has been working closely with a senior pathologist andbiomedical statistician to determine the potential of the system. When used inconjunction with a high quality microscope, the CDI system potentially enablesthe latest generation of diagnostic assays to be performed with high speed andaccuracy in a fully automated manner. An initial "Proof of Concept" study, to besubmitted to the FDA, has demonstrated that the system has the potential toautomate a test important in the diagnosis of bladder cancer. SIFAM Fibre Optics Ltd The acquisition of SIFAM was completed in May 2007. The business will thereforecontribute to the Group performance from the second half of the year. Fibreoptics is a hugely important technology that increasingly complements the bulkand free-space optical technologies that the Group has specialised in to date.The acquisition adds a new dimension to the Group's business and will allow usto address new markets and applications in the photonics marketplace. SIFAM excelled in the high specification telecoms market in the 1990's andcontinues to be dominant in the specialised undersea telecoms sector. Asubstantial investment in R&D in recent years has enabled the company to broadenits addressable market such that today the majority of revenues are derived fromthe design, development and supply of fibre optics solutions for biomedical,industrial and aerospace and defence applications. SIFAM is a leader in the development of emerging technologies such as fibrelasers and biomedical imaging, and shares many customers with the Group. We lookforward to working with the SIFAM team on the many opportunities for jointdevelopment that now present themselves. Project ORION Project ORION is gathering pace and remains on course for launch in January2008. The rollout of the IT, communications and management information softwareinfrastructure is now at an advanced stage, and, with the exception of SIFAM andCDI, is scheduled to go live during the summer. Consistent with the aim ofcreating a strong management team with a global outlook, we have recentlyrecruited an experienced sales professional to establish and lead an ORION-widesales organisation. In parallel, the creation of a new strategic marketingfunction and a re-focussed research and development organisation will enable usto engage with and support our customers more closely than has been possible inthe past. This will also inform our product and technology roadmap and guide newproduct development and acquisitions. The need to have a group-wide understanding of our customers and markets, andthe benefits to be derived by working together are already clear. CDI would nothave been able to make the progress it has without the higher level ofcommunication and collaboration that exists as a result of this initiative.Similarly, the ability of NEOS to respond to the increase in demand foracousto-optics was enhanced by support it received from G&H UK in terms ofessential components. In the first half of the year, inter-company sales ofoptics and crystals by G&H UK has grown to over £1million, an increase of 44%when compared with the same period last year. Prospects I continue to be optimistic about the prospects for the Gooch & Housego Group ofcompanies. There appears to be a solid, and growing, demand for many of ourproducts, and there are markets that remain untapped. The pace of change isincreasing and like all businesses we face a number of challenges, some of whichare a consequence of the high technology sector in which we operate, others areself-imposed such as the reorganisation and new factory development, which arenecessary if we are to maintain our recent growth record. We are investing inbusinesses and technologies that broaden the scope of the Group and open up newopportunities. We are also investing in people and infrastructure that willenable us to make the most of those opportunities. We will continue to develophigher added-value products that leverage our frequently unique componentcapabilities, and wherever possible, target these at new markets with highgrowth potential. By listening to customers, anticipating trends and strivingfor excellence I am confident that our products will continue to be in demand. Gareth CW Jones,Chief Executive Officer GOOCH & HOUSEGO PLCUNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNTFor the six months ended 31 March 2007 6 months 6 months 12 months ended ended ended 31 March 31 March 2006 30 September 2007 2006 (unaudited) (unaudited) (audited) (restated) (restated) £'000 £'000 £'000 Turnover 13,629 12,646 25,364 Trading expenditure excluding goodwillamortisation (10,310) (10,041) (19,559) Goodwill amortisation (201) (174) (381) Operating profit 3,118 2,431 5,424 Other interest receivable and similar income 84 48 123 Interest payable and similar charges (79) (44) (96) Profit on ordinary activities before 3,123 2,435 5,451taxation Tax on profit on ordinary activities (1,195) (1,066) (2,145) Profit for the financial period 1,928 1,369 3,306 Basic earnings per 20p ordinary share 10.7p 7.6p 18.4p Diluted earnings per 20p ordinary share 10.4p 7.5p 17.9p The comparatives have been restated for the adoption of FRS 20 'Share-basedPayment' - see note 2. GOOCH & HOUSEGO PLCUNAUDITED CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSESFor the six months ended 31 March 2007 6 months 6 months 12 months ended ended ended 31 March 2007 31 March 2006 30 September 2006 (unaudited) (unaudited) (audited) (restated) (restated) £'000 £'000 £'000 Profit for the financial period 1,928 1,369 3,306 Currency translation differences on foreigncurrency net investments (397) 40 (496) Total recognised gains and losses for thefinancial period 1,531 1,409 2,810 RECONCILIATION OF MOVEMENTS IN EQUITY SHAREHOLDERS' FUNDS 6 months 6 months 12 months Ended ended ended 31 March 31 March 30 September 2007 2006 2006 (unaudited) (unaudited) (audited) (restated) (restated) £'000 £'000 £'000 Profit on ordinary activities after taxation 1,928 1,369 3,306 Dividends paid (504) (468) (720) 1,424 901 2,586 Additional shares issued 13 - -Share premium on issued shares 72 - - 85 - - Share-based payment credit - see note 2 112 158 320Other recognised gains and losses (397) 40 (496) (285) 198 (176) Net addition to shareholders' funds 1,224 1,099 2,410 Opening shareholders' funds 18,872 16,462 16,462 Closing shareholders' funds 20,096 17,561 18,872 GOOCH & HOUSEGO PLCUNAUDITED CONSOLIDATED BALANCE SHEETAs at 31 March 2007 As at As at As at 31 March 2007 31 March 2006 30 September 2006 (unaudited) (unaudited) (audited) £'000 £'000 £'000FIXED ASSETSIntangible assets 5,019 5,410 5,225Tangible assets 6,793 5,764 6,516 11,812 11,174 11,741 CURRENT ASSETSStock 4,006 3,711 3,875Debtors 4,771 3,977 4,473Asset held for sale 548 - -Cash at bank and in hand 4,560 3,175 4,060 13,885 10,863 12,408 CREDITORSAmounts falling due within one year (4,818) (3,504) (4,396) NET CURRENT ASSETS 9,067 7,359 8,012 TOTAL ASSETS LESS CURRENT LIABILITIES 20,879 18,533 19,753 CREDITORSAmounts falling due after more than one year (581) (795) (679) PROVISIONS FOR LIABILITIES AND CHARGES (202) (177) (202) NET ASSETS 20,096 17,561 18,872 CAPITAL AND RESERVES Called up share capital 3,613 3,600 3,600 Share premium 3,476 3,404 3.404 Revaluation reserve 308 308 308 Profit and loss account 12,699 10,249 11,560 SHAREHOLDERS' FUNDS 20,096 17,561 18,872 GOOCH & HOUSEGO PLCUNAUDITED CONSOLIDATED CASH FLOW STATEMENTFor the six months ended 31 March 2007 6 months 6 months 12 months ended ended ended 31 March 2007 31 March 30 September 2006 2006 (unaudited) (unaudited) (audited) £'000 £'000 £'000 Net cash inflow from operating activities (i) 2,024 2,149 5,734 Returns on investments and servicing of financeInterest received 84 53 123Interest paid (52) (36) (63)Interest element of hire purchase contracts (27) (8) (33) Net cash inflow from returns on investments andservicing of finance 5 9 27 TaxationUK tax paid (399) (57) (321)Overseas tax paid (721) (701) (1,613) Cash outflow from taxation (1,120) (758) (1,934) Capital expenditurePurchase of tangible fixed assets (1,209) (331) (1,753)Sale of tangible fixed assets 8 6 6 Net cash outflow from capital expenditure andfinancial investment (1,201) (325) (1,747) AcquisitionsAcquisition of subsidiary - (663) (689)Net cash acquired on acquisition - - 24 Net cash outflow from acquisitions - (663) (665) Equity dividends paid (504) (468) (720) Net cash (outflow)/inflow before financing (796) (56) 695 FinancingNew bank loan - - 169Repayment of bank loan (14) (216) (274)Capital element of hire purchase repayments (109) (65) (128) Net cash outflow from financing (123) (281) (233) (Decrease)/Increase in cash in the period (ii) (iii) (919) (338) 462 GOOCH & HOUSEGO PLCNOTES TO THE UNAUDITED CONSOLIDATED CASH FLOW STATEMENTFor the six months ended 31 March 2007 6 months 6 months 12 months ended ended ended 31 March 2007 31 March 2006 30 September 2006 (unaudited) (unaudited) (audited) (restated) (restated) £'000 £'000 £'000(i) Reconciliation of operating profit to net cashinflow from operating activitiesOperating profit 3,118 2,431 5,424Amortisation of goodwill 201 174 381Non-cash share-based payment charge 112 158 320Depreciation 310 247 541(Loss)/Profit on disposal of tangible fixed assets (1) - 67(Increase)/Decrease in stock (232) 209 (154)Increase in debtors (389) (455) (1,139)(Decrease)/Increase in creditors (1,095) (615) 294 2,024 2,149 5,734 (ii) Reconciliation of net cash inflow/(outflow) tomovement in net funds in the period(Decrease)/Increase in cash in the period (919) (338) 462Cash outflow from decrease in debt and lease financing 123 281 402 Changes in net funds resulting from cash flows (796) (57) 864New hire purchase contracts - (206) (169)Translation difference (184) (25) (165) Movement in net funds in the period (980) (288) 530Net funds at beginning of period 2,901 2,371 2,371 Net funds at end of period 1,921 2,083 2,901 (iii) Analysis of net funds At Exchange Non-cash At 1 October 2006 Cash flow movement movement 31 March 2007 £'000 £'000 £'000 £'000 £'000 Cash at bank and in hand 4,060 710 (210) - 4,560Bank overdrafts (269) (1,629) - - (1,898) 3,791 (919) (210) - 2,662 Debt due after one year (512) - 24 14 (474)Debt due within one year (29) 14 1 (14) (28)Hire purchase (349) 109 1 - (239) (890) 123 26 (741) 2,901 (796) (184) - 1,921 GOOCH & HOUSEGO PLCNOTES TO THE INTERIM STATEMENTFor the six months ended 31 March 2007 1. The financial information set out in this Interim Statement does not constitute statutory financial statements within the meaning of Section 240 of the Companies Act 1985. The summarised results for the six months ended 31 March 2007 and comparative figures for the six months ended 31 March 2006 are unaudited. Other than as adjusted for the adoption of FRS 20 (see note 2) the figures included for the year ended 30 September 2006 have been extracted from the Group statutory financial statements, which have been filed with the Registrar of Companies and contain an unqualified audit opinion. 2. The Group has adopted FRS 20 "Share-based Payment" during the current period. The adoption of this standard represents a change in accounting policy. Consequently, the comparative figures for the half year to 31 March 2006 and the full year ended 30 September 2006 have been restated accordingly. The adoption of FRS 20 has resulted in an increase in employee costs of £111,904 for the half year to 31 March 2007. The corresponding charges for the half year ended 31 March 2006 and the year ended 30 September 2006 are £158,382 and £320,229 respectively. An equivalent amount has been credited to reserves in each period. The charges recognised under FRS 20 represent the fair value of share options awarded by the Group over the estimated vesting periods of the respective options. The options have been valued using the Black-Scholes option pricing model. 3. Taxation for the six months ended 31 March 2007 and 31 March 2006 has been estimated at prevailing rates. Taxation for the year ended 30 September 2006 is the actual provision for that year. 4. The calculation of basic earnings per 20p Ordinary Share is based on the profit on ordinary activities after taxation using as a divisor the weighted average number of Ordinary shares in issue during the year. During the six months ended 31 March 2007 the actual number of Ordinary shares in issue increased by 63,492 to 18,062,654. This results in a weighted average divisor of 18,020,316. The Group has issued a number of share options to directors and senior management and, as a result, a diluted earnings per share has been disclosed. All share options in respect of which the related performance criteria have been met at the balance sheet date and which have an exercise price lower than the average market price of the Group's share price in the period since issue have been included in the calculation of diluted earnings per share. The weighted average number of shares in issue during the six months ended 31 March 2007, taking into account the dilutive effect of the share options was 18,493,239 and for the year to 30 September 2006 were 18,435,688. A reconciliation of the earnings used in the earnings per share calculation is set out below: 6 months ended 31 6 months ended 31 12 months ended March March 2007 2006 30 September 2006 (unaudited) (unaudited) (audited) (restated) (restated) £'000 p per £'000 p per £'000 p per share share share Basic earnings per share 1,928 10.7p 1,369 7.6p 3,306 18.4p Goodwill amortisation 201 1.1p 174 1.0p 381 2.1p Basic earnings per share beforegoodwill amortisation 2,129 11.8p 1,543 8.6p 3,687 20.5p Diluted earnings per share 1,928 10.4p 1,369 7.5p 3,306 17.9p Goodwill amortisation 201 1.1p 174 1.0p 381 2.0p Diluted earnings per share beforegoodwill amortisation 2,129 11.5p 1,543 8.5p 3,687 19.9p Basic and diluted earnings per share before goodwill amortisation has been shown because, in the opinion of the directors, it more accurately reflects the trading performance of the group. 5. In May 2007 the Group acquired a 100% interest in SIFAM Fibre Optics Limited ("SIFAM"), the global technology leader in fused fibre technology, for a consideration of £5.0 million plus costs. The consideration was satisfied by a combination of cash and shares in Gooch & Housego PLC. For the 12 months ended 30 September 2006, SIFAM reported turnover and profit before tax of £3.9 million and £0.2 million respectively. Accordingly, the acquisition is expected to be earnings enhancing in the first year. 6. In December 2006, the Group exchanged contracts for the sale of its' existing UK factory and headquarters for a total cash consideration of £1,500,000. The sale is contracted to complete between the end of September 2007 and March 2008 and is expected to generate a profit on disposal of approximately £0.95 million less selling costs. As a result, the property has been reclassified as an asset held for sale at 31 March 2007. 7. All of the amounts reported in this Interim Statement are in respect of continuing operations. 8. Accounting policies are consistent with those applied in previous years and are as set out in the Group's audited statutory financial statements at 30 September 2006 with the exception of the adoption of FRS 20 as described in note 2 above. 9. The proposed interim dividend for the current year of £270,940 (1.5 pence per share) will be recognised in the second half of the financial year as it has yet to be approved. The interim dividend will be paid on 27 July 2007 to shareholders on the register at close of business on 15 June 2007. 10. Copies of the Interim Statement are available from the Company Secretary, Gooch & Housego PLC, The Old Magistrates Court, East Street, Ilminster, Somerset TA19 0AB. This information is provided by RNS The company news service from the London Stock Exchange