Investment proposition

* adjusted figures exclude the amortisation of acquired intangible assets, non-underlying items being restructuring costs, site closure costs, settlement of lease litigation, interest thereon and interest on deferred consideration, together with the related tax impact.

Our products and capabilities are recognised as market leading. By pushing the boundaries of photonics innovation in wavelength, speed, power and intensity, we are making today’s limits tomorrow’s baseline.

In each of our chosen markets, the use of photonic technologies is increasingly used to provide faster, more precise and reliable solutions. Our ability to present photonic solutions as part of a system or module gives us an advantage in many of our target markets.

We are well placed in markets that have attractive long-term growth characteristics.

Our engineers work closely with our customers as trusted partners for the development of their next generation systems, securing us long term programme positions and recurring revenues.

Our products and capabilities are supplied to the industrial, aerospace and defence and life sciences/biophotonics markets providing natural protection against individual market cyclicality.

The nature of the quality and compliance hurdles inherent in a large proportion of our markets makes them highly defensible.

We have invested in our production facilities so that we can supply high levels of quality and precision that few of our competitors can match.

Our in house production is supported by a cost-effective supply chain with which we work closely to help drive continuous improvement.

We are profitable, cash generative and growing, with significant financial resources meaning we can invest to further strengthen our competitive advantage.