Gooch & Housego (LON: GHH) saw their shares increase by over 3% on Tuesday after the group revealed a full-year trading update.

The specialist manufacturer of photonic components & systems said that in the year ending 30 September 2020 is slightly ahead of expectations.

Orders for fibre optics, hi- reliability fibre couplers for undersea cables and A&D and life science capabilities have continued to be strong over the course of the year. There also continues to be improved demand for medical diagnostics, in particular for ventilator systems.

Gooch & Housego is in a strong financial position with improved liquidity levels.

Despite the challenging trading environment amid the pandemic, the technology company remains confident in the demand for their products.

“We continue to be very proud of the way that our staff and management have responded to the COVID19 emergency. All of our sites in the UK, USA and China are open and fully compliant with all relevant health and safety requirements,” said Mark Webster, the chief executive.

“While there remains considerable short term economic uncertainty our order book remains robust, the Company’s balance sheet has strengthened during the period and we have continued to invest in our high priority R&D targets.

“The COVID-19 emergency has validated G&H’s long term strategy of diversification and moving up the value chain. We will continue to pursue this policy through internal investment and where appropriate, acquisitions,” he added.

The Company will announce its results for the year ended 30 September 2020 on 1 December.

Gooch & Housego shares (LON: GHH) are +2.62% at 1.020,00 (0932GMT).