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Gooch & Housego PLC on Tuesday said that revenue for the first half of its financial year is expected to rise on higher prices and favourable exchange rates. Gooch & Housego is a Somerset-based maker of photonics components and systems. Its shares were down 5.0% to 437.00 pence each in London on Tuesday afternoon. Gooch & Housego said revenue in the six months ended March 31 is expected to be around £71.0 million, up from £54.1 million. The company explained that revenue growth was supported by favourable exchange rate movements and the effects of price increases to offset cost input inflation. ‘We expect trading for the full year to be in line with management’s previously reported expectations,’ the company added. As at March 31, Gooch & Housego’s order book stood at £124.4 million, up 3.8% from £119.9 million. The company said the order book provides good coverage for its expected second half revenue. However, Gooch & Housego noted that the company continues to experience high input cost inflation. ‘In order to ensure we remain competitive in the employment market we have made further upward adjustments to salary levels. We have also seen continued cost inflation from our supply chain. Our commercial team remain focused on passing on these higher costs through pricing and this will support the Group’s performance in the second half of this financial year,’ the company explained. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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