FY20 interim report released
Mark Webster, Chief Executive Officer of Gooch & Housego, commented:
“Trading in the last six months has reflected previously reported trends and the more recent impact of the COVID-19 emergency.
“In general Japan, South Korea and parts of China saw improved demand, but there was some order book push out in the USA and Europe. Western companies are now starting to reopen sites that were closed.
“G&H is proud that in the US most of our product lines were considered to be vital for essential services and national security enabling sites to stay open under “stay at home” orders. All UK sites remained open, but Torquay operated at reduced capacity in order to meet social distancing guidelines. Work is being carried out to enable a return to full capacity at the site by the end of FY2020.
“Measured cost reductions were put in place in the latter part of H1, enabling us to retain critical capabilities on a return to more “normal” trading conditions. Good progress has been made on the streamlining of our manufacturing base. Both of these initiatives will deliver significant future margin progression.
“The COVID-19 emergency has validated our long term policy of diversification and moving up the value chain. We will continue to pursue this policy through internal investment and, where appropriate, acquisitions.”
View the FY20 interim results presentation
At Gooch & Housego, we create sustainable value by leveraging our products and capabilities to diversify into new markets.