Business
Preliminary Results
Preliminary Results.
About this update from Goodwin Plc
[{"type":"text","content":"\n \nRNS Number : 8454V Goodwin PLC 26 July 2018 \n\nPRELIMINARY ANNOUNCMENT\n \n \n \nGoodwin PLC today announces its preliminary results for the year ended 30th April 2018.\n \n \n \nCHAIRMAN'S STATEMENT\n \nWe are pleased to report a 44% increase in pre-tax profits to £13.30 million (2017: £9.24 million) on revenues of £125 million (2017: £132 million). The Directors propose an increased dividend of 83.473p (2017: 42.348p) for the reasons outlined under the heading 'Changes to Dividend Policy' in the text below.\n \nThe Refractory Division's trading profits have risen from £4.2 million at April 2016 to £7.5 million at April 2018, excluding its sale of land in India which realised an additional £1.6 million of pre-tax profit. The success of our Indian operations has meant that for some time we have been operating out of much larger, bespoke built, freehold premises and during the year the right opportunity arose for us to dispose of our redundant original freehold investment in the country. Without the land sale, the Group pre-tax profits have risen 26% year on year and with the land sale included there has been a 44% increase in the reported Group pre-tax profits. Again excluding the land sale, the Refractory Division's growth in pre-tax profits over the past two years equates to a compound growth rate of 34% per annum and has been most welcome at a time when capital expenditure in the oil and gas industry has been so constricted. The ten refractory engineering companies of which seven are overseas in India, China, Thailand and Brazil have the benefit of seeing much higher in-country GDP growth each year than is experienced in Europe and the USA.\n \nOur Refractory Engineering Division increased its contribution to Group performance by achieving an average increase in turnover last financial year of 12% and an increase in trading profitability of 27%. This was assisted by the demise of our historic jewellery investment casting moulding powder competitor Kerr who had been the global leader in the period 1960 to 2000 but last year ceased trading jewellery investment casting powders. Whilst the diversification of the Group makes it harder to manage, it does permit the Group to avoid massive performance troughs such as could have been caused by the oil and gas industry...