Gooch & Housego PLC - Ilminster, Somerset-based maker of photonics components & systems - Says revenue in its half-year ending March 31 is likely to be 7.7% lower year-on-year from £58.5 million to £54.0 million. G&H cites pandemic-related factors, such as staff absences and supply chain issues, constraining output as the reason for the decline. It says the first half deficit likely cannot be recovered in the second half.

G&H adjusts guidance for full-year pretax profit to be £2.5 million lower than previous management expectations, assuming Covid-related absences from the first half subside in the second half. In its results for financial 2021 back in November, it stated it was on track to deliver a £1.8 million profit benefit from its manufacturing program in financial 2022.

G&H reported £4.7 million pretax profit in financial 2021, which was down 13% from the year before.

More positively, its order book stands at a record £119.9 million as of March 31, up 29% year-on-year from £92.8 million.

‘We have been working hard to increase production capacity in areas of substantial demand and build resilience within our supply chain. As a result we expect trading levels to accelerate in the second half,’ says Chief Executive Officer Mark Webster

Current stock price: 994.00 pence, down 3.0% on Tuesday

12-month change: down 14%

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