Given the trading recovery and positive outlook for the Gooch & Housego Group, the Board has declared an interim dividend of 4.5 pence per share. This dividend will be payable to shareholders on the register as at 25 June 2021 on 30 July 2021.
Other financial highlights include:
• Revenue growth of 1.8% compared with the same period last year, or 4.9% at constant currency.
• Sustained recovery in industrial lasers, building on the previously reported growth in semiconductors. Demand for hi-reliability fibre couplers and A&D remained robust, with the exception of limited number of commercial aerospace customers. Life sciences has shown strong growth, benefiting from continued growth in medical diagnostics and the return to growth of medical lasers for elective surgery.
• Travel restrictions and self isolating have presented delivery hurdles during the period, but they expect these to ease as the vaccine roll out in the UK and USA progresses.
• Restructuring programmes are on track to deliver the expected full year profit benefit (£1.75m) in FY2022.
• Order book at the half year end was £92.8m (31 March 2020: £91.7m), an increase of 1.3%, or 7.9% at constant currency. H1 order intake 1.12 times revenue.
• Adjusted profit before tax of £4.9m, up 83.7% from the prior year, as a result of improving volumes and the benefits of the Group's site consolidation programmes.
• Net cash inflow from operating activities totalled £9.2m (2020: £7.5m).
• Full year expectations unchanged despite currency headwinds. Longer term prospects remain strong.