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Here’s a UK technology share I’d buy right now I’ve been keen on photonics technology business Gooch & Housego (LSE: GHH) for around 10 years. Today, the UK tech share is near 1,280p and a decade ago it was around 559p. So that’s not a bad return for shareholders. And there’s also been a stream of dividends to collect.Why I’d buy this UK technology share nowHowever, since peaking in October 2018, the stock’s performance has been underwhelming. And the main reason for the poor performance has been a period of volatile earnings in the underlying business. But today’s half-year report underlines positive changes in the enterprise. And it looks like the business is back on track with the directors’ growth ambitions.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Prior to those earlier wobbles, GHH delivered a record of generally rising earnings. And, over an extended period, the valuation became quite high. At 1,280p, the forward-looking earnings multiple for the trading year to September 2022 is around 31. And City analysts expect earnings to grow by about 20% that year.GHH isn’t a cheap share. And the company’s market capitalisation of £326m makes it a small-cap stock. So the investment proposition has plenty of risks if earnings fail to grow as expected. Nevertheless, it looks like the company’s restructuring programme is beginning to pay off. And one positive indicator is the reinstatement of shareholder dividends after their temporary suspension last year.Although GHH is a UK company it operates in the USA, Europe and China. And the directors describe the business as “A world leader in its field.”The firm designs and makes advanced photonic systems, components and instrumentation for the aerospace, defence, industrial, telecom, life sciences and scientific research sectors. It’s clear from today’s report the Life Sciences and Biophotonics division is the most profitable. It delivered an adjusted operating profit of almost 19% in the period and accounted for around 23% of overall revenue.A positive outlookThe directors’ strategy is based on moving up the value chain and diversification of the product range. And GHH pursues those objectives by investing in research & development and by searching for acquisitions and strategic partnerships.Today’s figures are good. In the six months to 31 March, revenue rose by 1.8% year-on-year. And adjusted earnings per share shot up by just over 90%. The cash performance was impressive with an almost 23% rise in net cash inflow from operations. And there was a substantial reduction in net debt in the period. The modest level of borrowings is one thing that doesn’t concern me with GHH.Looking ahead, the company is seeing “sustained recovery” in its industrial laser market and good demand from other markets. However, activities in the commercial aerospace sector suffered the most from the pandemic.Meanwhile, the restructuring programme is set to produce better profits. And investment in the growth of the business produced new products during the period. The directors think the longer-term prospects of the business are “very strong”.I think GHH looks like it’s emerged from its troubled period and the growth prospects appeal to me. Of course, I could be wrong and an investment in GHH now could lose money. But I’m inclined to pay up and embrace the high-looking valuation with a view to holding on for the next decade. FREE REPORT: Why this £5 stock could be set to surge Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Kevin Godbold has no position in any share mentioned. The Motley Fool UK has recommended Gooch & Housego. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Simply click below to discover how you can take advantage of this. Our 6 ‘Best Buys Now’ Shares Get the full details on this £5 stock now – while your report is free. See all posts by Kevin Godbold Image source: Getty Images I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Enter Your Email Address I’m also keen on this opportunity: Kevin Godbold | Tuesday, 1st June, 2021 | More on: GHH Are you on the lookout for UK growth stocks?If so, get this FREE no-strings report now.While it’s available: you’ll discover what we think is a top growth stock for the decade ahead.And the performance of this company really is stunning.In 2019, it returned £150million to shareholders through buybacks and dividends.We believe its financial position is about as solid as anything we’ve seen.Since 2016, annual revenues increased 31%In March 2020, one of its senior directors LOADED UP on 25,000 shares – a position worth £90,259Operating cash flow is up 47%. (Even its operating margins are rising every year!)Quite simply, we believe it’s a fantastic Foolish growth pick.What’s more, it deserves your attention today.So please don’t wait another moment.