Gooch & Housego receives government grant

16th Apr 2014 13:43

Optical components maker Gooch & Housego has secured a grant from the UK government's Regional Growth Fund to further develop its Systems Technology Group (STG).The AIM-listed company, which was one of 37 businesses to be selected through a competitive process from 133 applications, has been granted £0.8m to enable further investment into the STG.The UK government RGF stimulus package of £3.2 billion is intended to stimulate private sector economic growth and sustainable employment.Chief Executive Gareth Jones said: "The RGF funding will mean G&H is able to further strengthen its expertise in a number of areas which are key to the strategic growth of both the company and also the Torquay area. The resulting expansion of the R&D and production facilities at G&H will accelerate the Company's growth and bring us one step closer to our strategic goals."Shares in the company were down 1.6% to 651.5p at 13:54 on Wednesday. OH