Gooch & Housego (GHH) Q2 2026 TU earnings summary

Executive summary

• Revenue for H1 2026 reached £81.9 million, up 9.1% year-over-year on an organic, constant currency basis.

• Strong demand from Aerospace and Defence markets, with industrial laser and semiconductor markets showing recovery.

• Order book increased to £167.3 million as of 31 March 2026, a 16.5% rise from 30 September 2025 on a constant currency basis.

• Integration of recent acquisitions (Global Photonics and Phoenix Optical) progressing as planned, supporting new defence orders.

• Appointment of new CFO, James Corte, with experience in industrial and defence sectors.

Financial highlights

• H1 2026 revenue: £81.9 million (H1 2025: £70.8 million), a 9.1% organic, constant currency increase.

• Net debt (excluding lease liabilities) at 31 March 2026: £37.0 million (31 March 2025: £24.1 million; 30 September 2025: £29.9 million).

• £15.7 million available for future growth activities.

Outlook and guidance

• Trading for FY 2026 expected to be in line with management's expectations.

• Sustained recovery anticipated in industrial laser and semiconductor markets.

• Strong growth in Aerospace and Defence demand expected to continue.

• Targeting mid-teens returns over the medium term.