Specialist manufacturer issues second profit warning
AIM-listed manufacturer Gooch & Housego has issued its second profit warning of the year after being hit by delays from customers and suppliers.
The specialist manufacturer of optical components and systems was relying on a stronger second half of the year after a “period of prolonged destocking” earlier in 2024.
Ilminster-based Gooch & Housego has reduced its profit expectations by another £1.5m, having already lowered expectations by £3m in February. The group will publish a trading update a week after the end of its financial year in September.
Charlie Peppiatt, chief executive of Gooch & Housego, said: “Whilst it is disappointing that our near-term trading has been impacted by a number of factors outside of our control, I am pleased with the progress that we continue to make in establishing the foundations to deliver our strategic objectives.”
“I am optimistic that with the sustained recovery of our industrial markets expected in 2025 combined with the benefits of the improvement activities and focused investments we are making across the business we are well positioned to return G&H to mid-teens returns.”
The group has told shareholders that its “healthy order book along with a large high-quality pipeline of new business opportunities provides good visibility and confidence for next year” and its expectations for the next financial year remain unchanged.
