Profits at advanced manufacturer surge by 28 per cent
Advanced manufacturing firm Gooch and Housego has seen its profits increase by 28 per cent over the last 12 months.
The Somerset firm, which specialises in making advanced optical equipment, saw revenues rise by 19 per cent to £148.5m.
Adjusted operating profit was up 28 per cent to £11.3m and reported profit before tax was up to £5m compared with a £2.3m last year.
The company added that its order book is returning to normalised levels at £124.1m.
The acquisitions of GS Optics and Artemis completed during the year and the integration of both businesses into the Group is progressing well.
Chief executive Charlie Peppiatt, said: “2023 has been a year of strong growth for G&H reflecting the significant improvements that have been made in operational output.
“While mindful of the uncertain macroeconomic and geopolitical landscape, G&H remains well positioned with a robust pipeline across all our end markets and a fully deployed clear new strategy to deliver sustainable profit growth.”
He added: “This has been complemented by the number of new customer wins and incremental business opportunities with existing customers.
“The growth in revenue and the continued strong order intake also reflect multi-year programme wins and the positive structural trends evident in many of our end markets.
“Having completed my first full year with G&H, I am pleased with the progress that has been made across the business through the collective hard work of the workforce harnessed more effectively through our new strategy that was launched in the summer.
“Over the last year many of my first impressions have been confirmed, that G&H is a company with outstanding products, enormous technical capability and highly talented people that required greater focus on operational execution, customer experience, employee engagement and better prioritisation of valuable R&D technology investment.
“Following a full strategic review of the business during the first half of the year, in the Summer 2023 we launched a refreshed strategy across the Group to ensure that the business is focused in the right product development areas aligned to customer-led growth drivers, it is ‘easier to do business with G&H’ ensuring long-term profitable customer partnerships and we achieve greater disciplined focus on superior operational execution to avoid repeating the manufacturing and supply chain problems of the recent past.”