Goodwin PLC saw its profits more than double in the first half of the year, with the engineering group reporting a ‘solid trading performance’.
In an update issued yesterday, the Stoke-on-Trent headquartered group said trading profit rose to £37.2 million in the six months to 31 October, up from £17.1 million in the same period last year.
Revenue climbed 27.4 per cent to £135.6 million from 106.4 million the previous year.
Workload at the time of reporting stood at £330 million.
The firm, which now expects full year profits to top £71 million, has experienced increased demand across its defence, nuclear, and engineering businesses.
Goodwin Steel Castings and Goodwin International, both in Stoke-on-Trent, continued to have robust demand for high-integrity components supplied to the defence and nuclear sectors.
The group’s pump businesses reported ‘consistent’ results overall, with strong performances in India and South Africa helping to balance softer trading in Brazil and Australia.
Performance in the refractory engineering division, based in Newcastle-under-Lyme, has remained’ resilient’ with demand for products driven by consumers continuing to buy higher volumes of lower cost brass and silver costume jewellery.
Although profits at Dupre Minerals, also in Newcastle, were ‘marginally lower versus prior periods as core markets normalise post Covid boom sales in its industry sectors.’
Chairman Timothy J W Goodwin referenced a ‘solid trading performance’ in a statement and mentioned the group welcomed its 14th cohort of apprentices in September, with the benefits of apprentices being seen across the group as they take more senior positions within the subsidiaries.
He concluded: “The Group has delivered a pleasing first-half performance and continues to benefit from a strong workload pipeline across its principal markets. Order intake, ongoing programme execution and sustained demand in several specialist areas provides visibility for the medium term.
“The Board continues to expect full-year profitability to be above £71 million. Against this backdrop, and supported by current workload levels, the Group considers itself well positioned, with operational capacity, technical capability and order cover underpinning activity through the remainder of the financial year and into the medium term.”
