0R15 8780.0 -1.0593% 0R1E 8527.0 2.6237% 0M69 None None% 0R2V 234.75 9868.1529% 0QYR 1479.0 -3.7109% 0QYP 426.4 -0.6061% 0RUK None None% 0RYA 1496.0 -2.4772% 0RIH 168.8 0.0% 0RIH 169.0 0.1185% 0R1O 208.12 10254.2289% 0R1O None None% 0QFP None None% 0M2Z 267.9939 0.2127% 0VSO 31.38 -11.8663% 0R1I None None% 0QZI 574.0 0.0% 0QZ0 220.0 0.0% 0NZF None None% 0YXG 164.74 0.3166%
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Gooch & Housego (LSE: GHH) Reports 29% Drop in H1FY24 Operating Profit, Expects Demand Recovery in Early FY25
Highlights
Gooch & Housego PLC (LSE: GHH) specialises in optoelectronic components, materials, systems, and advanced instrumentation for the life sciences sector. The UK-based manufacturer is listed on the FTSE AIM All-Share index.
In H1FY24, the group's revenue declined by 1.4% to GBP 63.6 million, or 5.3% on an organic, constant currency basis. This drop was mainly due to significant destocking by industrial and medical laser customers. Despite this, gross margins improved to 29.1% from 28.5%. However, reduced demand impacted profitability, with underlying operating profit falling to GBP 3.8 million, compared to GBP 5.4 million in H1FY23. Reported operating profit also decreased, dropping to GBP 1.6 million from GBP 4.3 million.
Underlying gross profit slightly increased by 0.5%, rising to GBP 18.5 million from GBP 18.42 million in the previous year. Operating profit declined by 29.2% to GBP 3.8 million from GBP 5.4 million. Overhead costs increased due to the integration of GS Optics and Artemis, alongside wage inflation and strategic role additions, which contributed to higher expenses.
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