G&H reports upward financials with 2025 full year trading update

15 Oct 2025

“Trading momentum sustained during second half of the financial year that ended in September 2025,” states firm.

Growing demand: Pockels Cells for medical lasers.

G&H, the UK-headquartered manufacturer of photonic components and systems, listed on the London Alternative Investment Market (AIM) as GHH, has published a generally positive trading update for the financial year that ended 30 September 2025.

Charlie Peppiatt, CEO of G&H, commented: “I am delighted with the positive progress the Group has made in 2025. Our operational performance has shown sustained improvement and resilience in the face of a complex and uncertain macroeconomic background, with unprecedented supply chain and tariff challenges.

“The integration of both Phoenix and Global Photonics into G&H is proceeding to plan. Both businesses are an excellent strategic and operational fit for the Group. In particular, Global Photonics, acquired in May 2025, brings strong relationships with U.S. defence primes and complementary manufacturing capabilities to our growing Optical Systems division in North America.”

Peppiatt added, “Both acquisitions are considered to be accelerators to G&H becoming a partner of choice for high-precision optical systems and photonics in the UK, US and Europe. [Phoenix Optical Technologies was acquired by G&H in October 2024].”

Positive numbers

A preliminary analysis of the financial figures shows that the Group remains in a strong financial position with a robust balance sheet, the company stated. “Net bank debt excluding IFRS 16 at 30 September 2025 was £30.0 M (31 March 2025: £24.1 M; 30 September 2024: £16.0 M), reflecting good operational cashflow before non-underlying items, investment in inventory and the acquisitions of Phoenix Optical and Global Photonics,” said this week’s announcement.

Considering the outlook, the company said that the Group’s order book “continues to grow and at 30 September 2025 was £142.3m (31 March 2025: £121.5m; 30 September 2024: £104.5m). Over 80% of the order book is for delivery in FY26, which underpins increased trading in the new financial year including the full year impact of recent acquisitions, partially offset by an increase in overheads.”

“We are seeing strong demand in the Aerospace & Defense business across the UK, USA and Europe. Whilst short term demand outlook in our Industrial and Life Sciences markets remains subdued with the exact timing of recovery unpredictable due to supply chain uncertainty and tariff challenges, we still expect the semiconductor market to start to grow modestly during the medium-term, where photonics is a key enabler of cutting-edge technologies,” the statement concluded.

Sector performances

Fiber Optic Couplers and Modules, used in subsea data networks, saw revenue improvements, offsetting the broadly flat sales from Industrial Laser customers. The company reported “early signs of a recovery in demand from the semiconductor market”, and it was also closely monitoring “the short-term uncertainty in our industrial markets created by ongoing macroeconomic and geopolitical challenges.”

Life Sciences revenues in the second half of the financial year had benefited from customer phasing of several medical diagnostic device programs. Of this the firm stated, “We have seen a positive response to the ‘last time buy’ notice for our Pockels Cells going into medical lasers, which will be delivered over the coming financial year, at which point our Cleveland, Ohio, facility will transition to further develop its capacity for the growth of crystals used both within our Group and by external customers for optical applications.”

Aerospace & Defence saw further revenue growth in the second half underpinned by strong demand for our precision optics and advanced sighting and imaging systems in military platforms. Demand for our ring laser gyro components in the commercial aerospace sector also remains strong and we continue to benefit from operational improvements, together with additional capacity that we have added over the last couple of years.

• G&H expects to announce its full year results for 2025 on 2 December 2025.