Final Results
Gooch & Housego PLC
15 December 2004
15 December 2004
GOOCH & HOUSEGO PLC
PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2004
Gooch & Housego PLC, the specialist manufacturer of acousto-optic and
electro-optic devices, precision optical components, crystals, and instruments
for measuring optical radiation, today announces preliminary results for the
year ended 30 September 2004.
Highlights
• Turnover and profits ahead of expectations due to rising demand across
all product types.
• Group turnover for the year increased by 18% to £18.81m (2003 : £15.91m)
• Operating Profit before goodwill amortisation increased to £3.69m
(2003 : £2.57m)
• Profit before tax increased by 51% to £3.30m (2003 : £2.19m)
• EPS increased by 58% to 11.5p (2003 : 7.3p)
• Year end net funds of £0.33m (2003 : net Debt £0.31m)
• Total dividend increased by 16% to 3.6p (2003 : 3.1p)
Gareth Jones, Chief Executive of Gooch & Housego, commented,
'During 2004 we experienced a significant increase in demand for our products.
Our success in responding to this demand is reflected in the headline results,
which speak for themselves. Less apparent, but equally important, is the
progress we have made behind the scenes to position the Group for further growth
in the future.'
For further information :
Gareth Jones / Ian Bayer 01460 52271
Gooch & Housego PLC
Barrie Newton 0117 933 0000
Rowan Dartington
Tim Thompson / Tom Carroll 0207 466 5000
Buchanan Communications
Chief Executive's Review - Annual Report and Accounts 2004
Introduction
For Gooch & Housego, 2004 has been a successful year characterised by favourable
market conditions and a growing demand for our products. In most cases, we have
been able to respond to this higher level of demand by increasing production
capacity with only a modest increase in costs, and as a result we are able to
report turnover and profits slightly ahead of expectations. The year has also
been characterised by an accelerating pace of change within the Group. We have
begun a process of structural, operational and management changes aimed at
improving our efficiency and competitiveness. A further objective is to position
the Group in terms of our products, capabilities and technologies to derive the
maximum benefit from the opportunities that are open to us in the field of
optoelectronics.
Financial Results
For the year ended 30 September 2004, Group turnover increased by 18% to £18.81m
(2003 : £15.91m). Profit before tax, after charging goodwill amortisation of
£307k (2003 : £302k) increased by 51% to £3.30m (2003 : £2.19m). Basic earnings
per share increased by 58% to 11.5p (2003 : 7.3p) and earnings per share, before
goodwill amortisation, rose to 13.2p from last years 9.0p.
Turnover and operating profits continue to be adversely effected by the strength
of sterling, relative to the US dollar with a further devaluation of 9% for the
year ended 30 September 2004. Had the current year's results been translated at
the average rates prevailing for last year, as compared to those during the
current year, Group revenues would have been £1.44 million higher than reported
and Group operating profit would have been increased by £0.28m.
The Group's improved sales results were led by NEOS Technologies Inc with sales
up by 40% to £5.29m (2003 : £3.79m). Cleveland Crystals sales were up at £4.10m
(2003 : £4.01m) and Optronic Laboratories reported a 4% reduction, due to the
falling dollar, at £2.77m (2003 : £2.88m). In the UK Gooch & Housego saw sales
increase by 21% to £6.84m (2003 : £5.65m).
Despite the performance of the dollar, US operating profits increased with NEOS
improving by 87% at £1.71m (2003 : £0.91m), Cleveland Crystals increased 81% at
£0.60m (2003 : £0.33m) and Optronic Laboratories improved by 27% to £0.15m (2003
: £0.12m). Gooch & Housego again returned operating profits of £0.90m (2003 :
£0.90m)
Landwehr Electronic GmbH, the company based in Germany and acquired by the Group
in July 2004 contributed sales of £290,000 and an operating profit of £21,000.
The Group's financial trading position remains particularly strong with net
funds inflow, before loan repayments, of £996k (2003 : £524k). The company has
moved into net funds with a balance of £327,000 as at 30 September 2004 (2003 :
net debt of £312,000).
An overall tax rate of 37% for the year (2003 : 40%) is a result of higher rates
of US tax and the effect of the non-allowable charge of goodwill amortisation.
Dividends
Reflecting the Group's improved performance the Directors are proposing a final
dividend of 2.4p, making a total for the year of 3.6p. This represents an
increase of 16% over last years total of 3.1p and is covered 3.7 times by
earnings per share before goodwill. The shares are expected to go ex-dividend
on 22 December 2004 and following approval at the Annual General Meeting on the
16 February 2005 the dividend will be paid to Shareholders on the 17 February
2005.
Review
The past year has seen a number of significant changes across the Group. Perhaps
the most significant is that the Group companies are now beginning to function
as interconnected parts of a single organisation, sharing a common vision. To
date, this has had greatest impact in the areas of sales and marketing, and new
product development. In the future it will be extended to cover all aspects of
our operations.
We are making considerable efforts to coordinate our sales and marketing
activities on a global basis. A new corporate identity was launched early in the
year that now provides a common theme for all promotional activities across the
Group, from trade fairs to advertising, websites and literature. In particular,
all Group companies now share a common logo and presentational style, and
utilise the same booth at trade fairs to emphasise the links and synergies
between them. Distribution channels are in the process of being rationalised and
we have launched a new initiative to improve sales in mainland Europe, aided by
our acquisition this year of Landwehr Electronics GmbH and the appointment of a
European New Business Development Manager. Internally, we have begun to share
market information across the Group to leverage the strong market positions that
each of the companies occupy.
One of the objectives of approaching the market as a Group on a global basis is
to obtain better feedback on new opportunities. This feeds directly into our new
product development activities that are now coordinated at Group level by our
Group Chief Scientist. In this way we are able to consider technologies and
products that would be beyond the scope of an individual company, but which can
be addressed using the combined capabilities of two or more members of the
Group. As a result, a number of initiatives are already underway that will begin
to show results in the coming year. This broader overview of the optoelectronics
market also enables us to consider the positioning of the Group in terms of
technologies and capabilities in the context of market trends. It serves to
highlight opportunities and present solutions, either by way of acquisitions or
internal development.
Management changes have been made at Gooch and Housego's UK operations, at NEOS
Technologies and at Optronic Laboratories. In the UK, we have established a new
senior management team through a combination of recruitment and internal
appointments. This new team is now complete and brings together considerable
experience in all of the key aspects of our operations. NEOS Technologies is a
similar story, where the new team, that was appointed in January 2004, has
overseen a sales growth of 40% compared to the previous year. At Optronic
Laboratories, a new Vice President of Sales and Marketing has been appointed to
improve effectiveness and open up new opportunities by identifying applications
outside those traditionally addressed by the company.
Gooch & Housego, UK Operations
Both the optical components and acousto-optics activities of Gooch & Housego
have experienced higher than expected demand during the past year. Despite the
constraints of our factory premises we have managed to increase sales by 21%.
Sales of optical components have increased in both the home and export markets
against ever-present competition from the Far East. Although the optics business
has in the past served a predominantly UK customer base our highly specialised,
and in some cases unique, capabilities mean that we are able to compete in terms
of quality and performance on a worldwide basis. A notable example was the award
of a contract for the supply crystal quartz optical components from Lawrence
Livermore National Laboratory in the USA valued at over US$700,000. By
developing those capabilities where we have particular strengths we have the
opportunity to increase optics sales in Europe and the USA in the coming years.
The acousto-optic Q-switch, the most significant product of the Group in sales
terms, has experienced the greatest surge in demand in 2004. Buoyed by a strong
semiconductor market and growth in other high technology manufacturing sectors
Q-switch orders have increased from the USA, Europe and the Far East. Meeting
this demand has been the main challenge for Gooch & Housego during the year.
Although leadtimes increased significantly, output in the last quarter of the
financial year grew by more than 70% when compared with that of the previous
three quarters. Production has grown still further since then and as a result
leadtimes are decreasing rapidly and will soon be at target levels.
After a year in which little progress was made in finding a suitable site in the
Ilminster vicinity upon which to build a new factory it now appears that a
solution is at hand. I hope to be able to announce the purchase of a new site
early in 2005. In the meantime, it has been concluded that the plot of land
acquired in 2002 as a possible site for a new factory is not large enough to
meet the current needs of Gooch & Housego. The sale of this plot, conditional on
planning, has therefore been agreed.
Optronic Laboratories Inc
Optronic Laboratories continues to under perform the rest of the Group. While US
dollar sales have grown slightly profitability remains low. A number of
personnel changes this year have held back progress and introduced some
additional costs. On a more positive note the new sales team will soon be
complete, and the new OL756 high-speed spectroradiometer will be formally
launched at the Photonics West exhibition in January 2005. Offering many
improvements over the previous generation instrument, the OL756 has been well
received following its recent pre-launch, with orders for two systems already
placed.
More substantial growth at Optronic Laboratories can only be achieved through
the introduction of new products that have the potential to generate sales
outside the company's traditional markets. The identification of such
opportunities has been one of the principal objectives of our new product
development initiative, coordinated by the Group Chief Scientist. This has been
successful in identifying the potential for a new family of products that, with
the addition of technology from elsewhere in the Group, represents a logical
extension of the existing product range while at the same time opening up
entirely new applications areas.
Cleveland Crystals Inc
Cleveland Crystals (CCI) has had a good year, with a strong performance in both
the electro-optic devices and materials activities, and in crystals for inertial
confinement fusion (ICF) applications.
Sales of Pockels cells and non-linear materials were above expectations, as a
result of favourable market conditions and success in increasing market share
against stiff competition. Overall, CCI's position in the market remains
strong, with its reputation for quality and performance a major factor. Price
is, however also a key factor and continuing efforts are being made to improve
efficiency and reduce costs to enhance the company's competitive position. CCI
will benefit from the Group restructuring of European sales and marketing,
gaining better access to this important market. Combined with the current
weakness of the US dollar, these initiatives should enable CCI to gain a larger
share of the European market.
After, an at times, difficult year for ICF crystal business, due to a number of
factors beyond the company's control, production is now operating at close to
full capacity. The scene is now set for a period of steady output with thoughts
turning to increasing the capacity of both the growth and finishing operations.
The important relationship with Lawrence Livermore National Laboratory, the
largest customer of CCI and of the Group, continues to be strong. In parallel,
CCI is a key supplier to several other ICF projects worldwide, which offer the
prospect of further growth for this business as well as continuity of production
over timescales that run over many years.
A number of new product opportunities at the materials, component and system
levels have been investigated during the year. Some of these are close to market
introduction and could contribute to sales in the coming year. These
developments are being coordinated at Group level by the Chief Scientist and are
taking place in the context of related activities in other Group companies.
NEOS Technologies Inc
NEOS has had an exceptional year. In January, the new management team took over
at a time when demand for its products was rising sharply. At the same, time a
new factory was being designed and built to facilitate growth. On top of this
NEOS suffered the unwelcome attention of three hurricanes in the space of six
weeks towards the end of the summer; the last two causing power failures lasting
several days. Despite these difficulties, the new management team was
successful in responding to the increased demand with an equivalent increase in
production capacity.
NEOS relocated to its new facility, with minimal disruption to production at the
end of October. Floor space has increased from 11,000 to 20,000 square feet
providing an improved working environment and plenty of scope for further
expansion. In addition, operating costs will be lower than for the previous
buildings, and efficiency has been significantly improved by consolidating
activities into a single unit.
Landwehr Electronic GmbH
The acquisition of Landwehr was completed on 23rd July 2004 and has provided the
Group with state-of-the-art RF electronics technology and a well-established
European presence that will serve as a springboard into the European market.
Taken alongside the appointment of a European New Business Development Manager
and the rationalisation of our European distribution channels, the acquisition
represents an opportunity for the Group to increase sales in Europe.
The integration of Landwehr into the Group is already well underway. In
particular, technology transfer between Landwehr and NEOS is taking place that
will ultimately lead to a rationalisation of our RF driver product range and
yield greater economies of scale. Further efficiencies will result from the
coordination of the Group's RF driver product development activities and
engineering resources.
Directors
The past year has seen the retirement of Heather Virgin (Personnel Director) at
the end of December 2003, and David Irish at the end of September 2004. Although
David resigned as a director a year earlier, he continued to work part time
throughout the year, passing on his extensive experience to the new members of
the senior management team. Only two weeks before David finally retired Gooch &
Housego celebrated the forty-fifth anniversary of his joining the company. This
is a tremendous achievement, and I would like to take this opportunity to thank
both David and Heather for their service and contribution to the company.
It is with regret that I have to report that Mr Gooch has suffered a long spell
of ill health this year, which has made it impossible for him to take an active
part in the running of the company for some months. Until recently Mr Gooch
enjoyed visiting Gooch & Housego on an almost daily basis, something he has done
for over fifty years, and he made frequent trips to the subsidiaries. Given his
ill health, and the increasing demands placed upon non-executive directors, Mr
Gooch has made the decision to step down from the board at the forthcoming AGM.
This truly represents the end of an era, and it is impossible for me to
summarise, in a few words, the extent of the contribution that Mr Gooch has made
to the company since he founded it with Mr Housego in the late 1940's. For many
years Mr Gooch was Gooch & Housego! I am sure that I speak for everyone in the
company when I say that we wish him improved health so that he is able to enjoy
his retirement.
I would like to thank all our employees for their contribution to what has been
a successful year for the Gooch & Housego Group. Increasing production to the
extent we have during the last nine months of the year has required an
exceptional effort. Without this we would have not been able to respond to our
customers needs in the way we have.
Prospects
Several of the markets in which we operate have experienced considerable growth
during the last year. In recent months, we have seen a levelling-off in demand
and while we are now not anticipating significant further growth, there are no
signs of a significant decline either. This suggests a year of steady growth and
consolidation in 2005, In the coming year we will be looking to achieve growth
by extending our reach to new geographical markets and through the introduction
of new products and capabilities.
• The process of achieving greater integration and coordination across the
Group will continue throughout the coming year. In parallel, we intend to
take an increasingly proactive approach to everything we do, the objective
being to position the Group to take advantage of new markets and
applications that play to our strengths.
With the acquisition of Landwehr Electronic GmbH, in July 2004, the Group's
acousto-optic activities now span three companies, Gooch & Housego, NEOS
Technologies and Landwehr Electronic, with operations in the USA, UK and
Germany. To take advantage of the Group's dominant position in this market, it
is essential that our efforts are coordinated on a worldwide basis, and that we
share a common vision and direction. Inter-company technology transfer, the
coordination of product development and a unified approach to sales and
marketing will be features of the Group's acousto-optic activities going
forward. In the second phase, the electro-optic component activities at
Cleveland Crystals and the optical component activities at Gooch & Housego will
be progressively brought under a single 'Optoelectronic Components' umbrella.
In addition to further development of our components businesses, we will be
looking to add higher added-value products at the instrument and systems end of
our activities. We have most of the necessary building blocks with which to
achieve this aim, from advanced optoelectronics components to a high-end optical
instrument capability, and including most importantly a team of technologists
with the required skills. Where we need to fill any gaps in our capabilities we
will look to do this through acquisition as well as internal development.
In summary, the Group is changing rapidly and beginning to take charge of its
own destiny. As these developments become effective, the Group will
progressively evolve into one where advanced optoelectronics design and
technology will contribute increasingly to revenues, supported by a strengthened
manufacturing base.
GCW Jones
Gooch & Housego PLC
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2004
2004 2003
(unaudited)
£'000 £'000
Turnover 18,812 15,910
Trading expenditure (15,429) (13,647)
Operating profit 3,383 2,263
Other interest receivable and similar income 25 50
Interest payable and similar charges (110) (124)
Profit on ordinary activities before taxation 3,298 2,189
Tax on profit on ordinary activities (1,235) (878)
Profit on ordinary activities after taxation 2,063 1,311
Dividends on equity shares (648) (558)
Retained profit for the financial year 1,415 753
Basic earnings per share 11.5p 7.3p
Basic earnings per share before goodwill amortisation 13.2p 9.0p
Diluted earnings per share 11.5p
Diluted earnings per share before goodwill amortisation 13.2p
Dividend per share 3.6p 3.1p
All operations undertaken by the group during the current year are continuing.
Gooch & Housego PLC
GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 30 SEPTEMBER 2004
2004 2003
(unaudited)
£'000 £'000
Profit for the financial year 2,063 1,311
Currency translation differences on foreign currency net investments (588) (159)
Total recognised gains and losses for the financial year 1,475 1,152
No note of historical cost profit for the Group or the Company has been
presented as the difference between the reported profit and the historical cost
profit is immaterial.
Gooch & Housego PLC
GROUP BALANCE SHEET
AS AT 30 SEPTEMBER 2004
2004 2003
(unaudited)
£'000 £'000 £'000 £'000
FIXED ASSETS
Intangible assets 5,151 4,859
Tangible assets 4,239 4,162
9,390 9,021
CURRENT ASSETS
Stocks 3,690 3,598
Debtors 3,395 3,078
Asset held for resale 525 -
Cash at bank and in hand 2,543 1,958
10,153 8,634
CREDITORS : amounts falling due within one year (5,249) (3,574)
NET CURRENT ASSETS 4,904 5,060
TOTAL ASSETS LESS CURRENT LIABILITIES 14,294 14,081
CREDITORS : amounts falling due after more than (559) (1,159)
one year
PROVISIONS FOR LIABILITIES AND
CHARGES (172) (186)
13,563 12,736
CAPITAL AND RESERVES
Called up share capital 3,600 3,600
Share premium account 3,404 3,404
Revaluation reserve 308 308
Profit and loss account 6,251 5,424
EQUITY SHAREHOLDERS' FUNDS 13,563 12,736
Gooch & Housego PLC
GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2004
2004 2003
Note (unaudited)
£'000 £'000 £'000 £'000
Cash inflow from operating activities (i) 4,789 2,723
Returns on investments and servicing of
finance
Interest received 25 36
Interest paid (90) (106)
Interest element of hire purchase (19) (18)
contracts
Net cash outflow from returns on
investments and servicing of finance (84) (88)
Taxation
UK tax paid (227) (249)
Overseas tax paid (1,085) (450)
Cash outflow from taxation (1,312) (699)
Capital expenditure and financial
investment
Purchase of tangible fixed assets (1,101) (855)
Sale of tangible fixed assets 13 1
Net cash outflow from capital
expenditure and financial investment (1,088) (854)
Acquisitions
Acquisition of subsidiary (591) -
Net overdraft acquired on acquisition (142) -
Net cash outflow from acquisition (733) -
Equity dividends paid (576) (558)
Cash inflow before financing 996 524
Financing
New Bank loans 399 -
Repayment of bank loan (719) (1,178)
Capital element of hire purchase (50) (102)
contracts
Net cash outflow from financing (370) (1,280)
Increase/(decrease) in cash in the year (ii) 626 (756)
(iii)
Gooch & Housego PLC
NOTES TO THE CASH FLOW STATEMENT
(i) Reconciliation of operating profit to net cash inflow from
operating activities
2004 2003
(unaudited)
£'000 £'000
Operating profit 3,383 2,263
Amortisation of goodwill 307 302
Amortisation of debt issue costs 16 16
Depreciation 439 413
Increase in stocks (234) (121)
Increase in debtors (528) (99)
Increase/(decrease) in creditors 1,406 (51)
4,789 2,723
(ii) Reconciliation of net cash outflow to movement in net funds/
(debt)
2004 2003
(unaudited)
£'000 £'000
Increase/(decrease) in cash in the year 626 (756)
Cash outflow from decrease in
debt and lease financing 370 1,280
Changes in net debt resulting from cash flows 996 524
New hire purchase contracts (40) (67)
Movement in debt issue costs (16) (16)
Loans acquired upon acquisition (375) -
Translation difference 74 194
Movement in net debt in the year 639 635
Net debt at 1 October 2003 (312) (947)
Net funds/(debt) at 30 September 2004 327 (312)
Gooch & Housego PLC
NOTES TO THE CASH FLOW STATEMENT (continued)
FOR THE YEAR ENDED 30 SEPTEMBER 2004
(iii) Analysis of net funds/(debt)
At At
1 Oct Cash Exchange Non-cash 30 Sep
2003 flow Movement Acquisitions Movement 2004
(unaudited)
£'000 £'000 £'000 £'000 £'000 £'000
Cash in hand and at
bank 1,958 631 (46) - - 2,543
Bank overdraft (95) (5) - - - (100)
Debt due after 1 year (902) (370) 72 - 830 (370)
Debt due within 1 year (906) 690 25 (375) (846) (1,412)
Hire Purchase (367) 50 23 - (40) (334)
(312) 996 74 (375) (56) 327
Gooch & Housego PLC
NOTES TO THE PRELIMINARY ANNOUNCEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2004
1. Basis of preparation
The unaudited financial information contained in this preliminary
announcement does not comprise statutory accounts within the meaning of Section
240 of the Companies Act 1985.
The figures in this preliminary announcement have been prepared under
generally accepted accounting policies in the United Kingdom. The accounting
policies adopted are those set out in the Annual Report and Accounts for the
year ended 30 September 2003 which includes the unqualified report of the
independent auditors and which have been filed with the Registrar of Companies.
2. Segmental reporting
The analysis of turnover by destination is as follows:
2004 2003
(unaudited)
£'000 £'000
United Kingdom 2,862 2,645
North America 10,037 9,304
Continental Europe 2,854 1,609
Other 3,059 2,352
18,812 15,910
The trading results by subsidiary are as follows:
G&H NEOS CCI OLI LE Total
2004 2003 2004 2003 2004 2003 2004 2003 2004 2003 2004 2003
(un (un (un (un (un (un
audited) audited) audited) audited) audited) audited)
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Total 6,836 5,650 5,293 3,789 4,098 4,011 2,766 2,882 290 - 19,283 16,332
turnover
Inter-segment (182) (54) (144) (236) (4) (22) (123) (110) (18) - (471) (422)
sales
Sales to
third parties 6,654 5,596 5,149 3,553 4,094 3,989 2,643 2,772 272 - 18,812 15,910
Operating
profit before
interest and
taxation 904 900 1,710 914 597 330 151 119 21 - 3,383 2,263
Net interest
payable (85) (74)
Group profit
before
taxation 3,298 2,189
Gooch & Housego PLC
NOTES TO THE PRELIMINARY ANNOUNCEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2004 (Continued)
3. Taxation
The charge for taxation on the profit for the year is made up as follows:
2004 2003
(unaudited)
£'000 £'000
UK Corporation tax 261 229
Overseas taxation 930 638
Deferred taxation 44 11
1,235 878
4. Earnings per share (continuing)
The calculation of earnings per 20p Ordinary Share is based on the profit
on ordinary activities after taxation using as a divisor the weighted average
number of Ordinary Shares in issue during the year. For 2003 the actual number
of Ordinary Shares in issue throughout the year was 17,999,162.
The number of shares in issue throughout the current year was also
17,999,162, however, the Group issued a number of share options on 23 July 2004,
following the approval by shareholders of 'The Gooch & Housego Plc 2004 Share
Option Scheme' and as a result a diluted earnings per share has been disclosed
for the first time.
All share options in respect of which the related performance criteria
have been met as at 30 September 2004 and which have an exercise price lower
than the average market price of the Group's share price in the period since
issue have been included in the calculation of diluted earnings per share.
The weighted average number of shares in issue during the year, taking
into account of the dilutive effect of the share options was 18,001,508.
Gooch & Housego PLC
NOTES TO THE PRELIMINARY ANNOUNCEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2004 (Continued)
4. Earnings per share
A reconciliation of the earnings used in the earnings per share calculation is
set out below:
2004 2003
(unaudited)
£'000 p per share £'000 p per share
Basic earnings per share 2,063 11.5 1,311 7.3
Goodwill amortisation 307 1.7 302 1.7
Basic earnings per share before goodwill 2,370 13.2 1,613 9.0
amortisation
Diluted earnings per share 2,063 11.5
Goodwill amortisation 307 1.7
Diluted earnings per share before 2,370 13.2
goodwill amortisation
Basic and diluted earnings per share before goodwill amortisation has
been shown because, in the opinion of the directors, it reflects the underlying
performance of the group.
5. The final dividend will be paid on 17th February 2005 to shareholders on
the register at close of business on 24th December 2004.
6. Copies of the Report and Accounts will be despatched to shareholders
during the week commencing 17th January 2005 and will also be available from the
Company Secretary, Gooch & Housego PLC, The Old Magistrates Court, Ilminster,
Somerset. TA19 0AB.
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