Morning all.

Many results statements are out this morning, plus a few AGM updates.

The most interesting ones for me are:


3pm edit: Substituted Vianet into the list, in response to reader requests. Cheers!

Graham



Gooch & Housego (LON:GHH)

  • Share price: 1367.5p (+2%)
  • No. of shares: 24.5 million
  • Market cap: £335 million

Interim Results

This is a high-quality AIM stock which I haven't been paying enough attention to in the last couple of years. It tends to fly under the radar because it generally performs well, doesn't attract controversy and pushes out decent results year in and year out.

It's in the field of photonics - lasers for industrial purposes, fiber optics components, and other light-related technologies and applications.

Today's headline results are as follows: revenues up 6.6%, PBT up 11.6%. Expectations for the full year are in line with management expectations.

Some acquisitions contributed to the revenue growth; a quick back-of-the-envelope calculation by me says that the organic revenue growth was 1.4%.

The company's long-term progress is illustrated by its dividend stream. Aside from taking a break in 2009/2010, it has paid a beautifully rising stream of dividends all the way back to 1998.

One particular metric from today's report which really jumps out at me is that on a constant currency basis, the order book is up 36% compared to a year ago. Probably not all of that is organic growth but even so, it strikes me that the outlook must be a rosy one, with that sort of growth rate in orders.

Overall group strategy is based on R&D, Diversification and "Moving up the Value Chain":

G&H seeks to move up the value chain to more complex sub-assemblies and systems through leveraging its excellence in materials and components, and by providing photonic design and engineering solutions for our customers. This will enable G&H to transition from a components supplier to a solutions provider.   A significant proportion of our business in the Aerospace & Defence market now…

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