Profit soars in bumper year for Goodwin as investments pay off

Engineering group Goodwin PLC has reported another bumper year as efforts to break into new markets begin to pay off.

The London-listed company saw its revenue soar to £191m in the 12 months ending April 30, 2024, up from £186m in the year before.

As a result, Goodwin saw its pre-tax profit increase by 27 per cent to just over £24m from £19m in the year before.

The group said this improved financial performance was the “direct result” of strategic investments made over the last decade, particularly the supply of components to the nuclear waste storage industry and naval propulsion and hull construction markets.

Goodwin ‘delivers strong performance’

The company’s mechanical engineering division had an especially strong year, propelled by a surge in “high-quality” contracts secured over recent years.

The division’s pre-tax profit skyrocketed by 55 per cent, reaching £19m, up from £12m in 2023.

Meanwhile Goodwin’s refractory engineering division also increased its profitability, achieving a pre-tax profit of £13m for the year, up slightly from £12.5m in the 12 months before.

The directors proposed an increased dividend of 133 pence per share compared to 115 pence in 2023.

In a statement published to the London Stock Exchange, Goodwin said: “The group has delivered a strong performance both financially and operationally, enabling completion of investments for future long-term growth, as well as increasing shareholders returns in the year.

“The continued increase in the performance of the group in the financial year just ended is a result of the hard work and strategy to break into new markets coming to fruition. 

“During the year the group has, within its traditional markets, which include the supply of valves and submersible pumps for the mechanical engineering division, performed better than the previous year and the refractory engineering division has continued its development of the customer base for the supply of the investment casting powders and ancillary products to the jewellery casting market.”

Related posts

Ryder Cup flavour as DeChambeau and Rahm clash in Chicago

Sally Rooney Intermezzo review: Normal People author’s shift to the male perspective comes at a cost

Hawkish Bank of England? Don’t be so sure.