Gooch & Housego
GHH · AIM · Technology · mcap £335m · 1225.0p
Gooch & Housego designs and makes lasers components, optical systems and fibre products used in aerospace and defence, life sciences and industrial markets. It sells mainly to equipment makers, so demand follows their orders and stock levels.
The case for
- FY2025 adjusted operating profit rose 37% to £14.4m on revenue of £150.5m, and H1 2026 profit before tax rose a further 14%. 2 Dec 2025 2 Jun 2026
- The order book reached a record £167.3m, with aerospace and defence revenue up sharply in H1 2026. 2 Jun 2026
- The cash offer of 1,230p gives shareholders a 41% premium and has been approved by about 79% of votes cast. 16 Jul 2026 26 Aug 2026
- The company sold a non-core unit and made two acquisitions to build optical systems capability in the US. 18 Mar 2024 14 May 2025
The case against
- FY2024 adjusted profit before tax fell 22% after two guidance cuts, showing the company's exposure to customer destocking. 21 Feb 2024 15 Aug 2024 3 Dec 2024
- Net debt rose to about £37m by March 2026 after acquisitions, with liquidity of £15.7m. 9 Apr 2026 2 Jun 2026
- Supply-chain constraints delayed order conversion and left a weaker H1/H2 balance in July 2026. 30 Jul 2026
- About 21% of votes opposed the takeover, and shareholders had opposed remuneration and pre-emption resolutions at the AGM. 26 Aug 2026 10 Aug 2026
Both sides use only facts from the company's announcements · not investment advice
Company filings. Not investment advice.