A South West optical components manufacturer has blamed a reduction in demand for a slump in profits. AIM-listed Gooch and Housego (G&H) reported adjusted profit before tax of £2.6m for the six months to March 31, 2024 - down from £4.7m the year previously.
The business, which has 海角视频 offices in Ilminster in Somerset, Torquay in Devon, Denbighshire in Wales, and Plympton in Plymouth, also saw revenue fall to £63.6m from £64.5m in the first half of 2023.
However, G&H said its order book "remained strong” at £115.8m - up from £115.3m in September 2023 - and was continuing to grow. It said this would “substantially" de-risk revenue in the second half.
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Charlie Peppiatt, chief executive officer of Gooch & Housego, said: "Despite the reduced demand in our industrial and medical laser markets persisting longer than expected, the medium term outlook remains positive underpinned by a strong order book and healthy pipeline with the group well positioned to benefit from increased demand levels as a result of operational and supply chain improvements.
"The market dynamics for G&H's technologies and capabilities remains strong in all our target sectors supported by the focused progress the group has made to establish the foundations to accelerate the delivery of our strategy.”
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The group announced an interim dividend of 4.9p per share - marginally up on the 4.8p issued in the first half of 2023.
The company said its full-year expectations were unchanged, with risks to the second half remaining but reduced.