**Summary**
Gooch & Housego PLC (G&H), a specialist manufacturer of photonic components and systems, released a full-year trading update for the financial year ended 30 September 2025. Despite global macroeconomic challenges, the company sustained trading momentum in the second half, driven by
1. **Industrial Sector**Growth in fibre optic couplers and modules for subsea data networks offset flat sales from industrial laser customers. Early signs of recovery in semiconductor demand were noted, with medium-term underlying demand drivers remaining positive.
2. **Life Sciences**Revenues benefited from customer phasing of medical diagnostic device programs and a positive response to the last time buy notice for Pockels Cells.
3. **Aerospace & Defence**Strong revenue growth continued, driven by demand for precision optics, advanced sighting systems, and ring laser gyro components in both military and commercial aerospace sectors.
Operational improvements, proactive supply chain management, and strategic investments contributed to the company’s performance. Full-year revenues and adjusted profit before tax are expected to be in line with expectations, despite higher non-underlying costs from recent acquisitions and restructuring.
**Acquisitions**
The integration of Phoenix Optical and Global Photonics is progressing well, with operational and commercial synergies already realized, particularly in germanium fabrication and optical substrate offerings.
Global Photonics enhances G&H’s capabilities in cleanroom lithography, ion beam etching, and advanced thin film coatings, supporting growth in North America, especially in U.S. defence contracts.
**Financial Position**
Net bank debt (excluding IFRS 16) increased to £30.0m at 30 September 2025, reflecting operational cash flow, inventory investment, and acquisition costs. The order book grew to £142.3m, with over 80% for delivery in FY26, underpinning increased trading in the new financial year.
**Outlook**
Strong demand is expected in Aerospace & Defence, while Industrial and Life Sciences markets face short-term subdued demand due to supply chain and tariff challenges. The semiconductor market is anticipated to grow modestly in the medium term.
**Full-Year Results**
G&H will announce its full-year results on 2 December 2025. CEO Charlie Peppiatt expressed confidence in the company’s strategy, integration progress, and medium-term prospects, driven by a growing order book and alignment with structural growth drivers.
**Key Metrics**
Net bank debt (excl. IFRS 16)£30.0m (30 Sept 2025)
Order book£142.3m (30 Sept 2025)
Full-year results announcement2 December 2025