Goodwin PLC has posted record profits, largely driven by a growing demand for defence and nuclear-related products.
The Hanley-based group of mechanical and refractory engineering companies, which was founded in 1883, reported a trading pre-tax profit of £35.5 million for the year ending April 30, 2025 – a 47 per cent increase on the previous year’s £24.1 million. Revenue rose 15 per cent to £220 million.
Much of the Group’s success came from the Mechanical Engineering Division, with high-integrity castings supplied to major international defence and nuclear programmes, including the Astute, Virginia, Columbia and Dreadnaught submarine projects, the Type 26 and DDG frigate programmes and the Gerald R Ford-class aircraft carrier.
Other highlights from the Group included radar systems firm Easat returning to profit, German valve manufacturer Noreva securing a record $15 million order, and new advanced polyimide subsidiary Duvelco attracting aerospace interest at the Paris Air Show.
Goodwin’s Refractory Engineering Division also delivered a solid performance, with a nine per cent increase in operating profit. The Group’s new 76,000 sq ft manufacturing facility in India is now fully operational and expected to support long-term growth in investment casting powders.
Fire safety products also performed well, including vermiculite-based extinguishing agents and fire blankets for lithium-ion battery fires, while sales of fire-rated mortars rose by 38 per cent.
Cash generated from operations totalled £67 million, nearly doubling last year’s figure and helping reduce net debt from £42.9 million to £13.6 million. The company has proposed a dividend of 280 pence per share, up 111 per cent on last year’s 133 pence.
In his chairman’s statement, Timothy Goodwin wrote: “It is our unwavering commitment to engineering excellence, much of it underpinned by patented technologies, combined with an embedded Group ethos, that gives the Board confidence in the Group’s ability to continue on our growth trajectory. While no business is immune to external risks, the Board believes the Group’s strategy, systems, and culture are uniquely positioned to deliver continued success well into the future.
“This progress is ultimately made possible by the talent and dedication of our people. It is a testament to their contribution that Group profitability has increased tenfold compared to levels achieved twenty years ago. On behalf of the Board, we express our sincere gratitude to all our employees – both in the UK and overseas – for their ongoing commitment and hard work.”
- Goodwin International Ltd has also taken part in Stoke-on-Trent’s centenary celebration by helping to transform Newstead Park with refreshed play equipment, new goal posts, safety improvements and tree planting. As well as providing funding, staff from Goodwin also took part in a litter pick and clean-up.
