Business
Preliminary results for the year ended 30 Apr 2023
Preliminary results for the year ended 30 Apr 2023.
About this update from Goodwin Plc
[{"type":"text","content":"\n\nGOODWIN PLC\nPRELIMINARY ANNOUNCEMENT FOR RELEASE ON 8TH AUGUST 2023\n \nGoodwin PLC today announces its preliminary results for the year ended 30th April, 2023.\nCHAIRMAN'S STATEMENT\nThe \"Trading\" pre-tax profit for the Group for the twelve month period ended 30th April, 2023, was £18.9 million (2022: £17.2 million) an increase of 10% on revenue of £186 million (2022: £144 million). Trading profit for this purpose is defined as the Group pre-tax reported profit of £22.1 million less the positive impact of our interest rate swap, having increased in value by a further £3.2 million. The £3.2 million movement relates to the 30th April, 2023 valuation of our £30 million interest rate swap derivative that expires in August 2031, whereby we have fixed our interest rate on £30 million of debt for ten years at less than 1% for a ten year term. We described in the Chairman's statement within last year's Annual Report why the movements in valuation of the interest rate swap shall be excluded, as well as being excluded for dividend purposes.\nThe Directors propose an increased dividend of 115p (2022: 107.80p) per share.\nFor the financial year ending on 30th April 2023, the Group has demonstrated substantial progression in its transformation, particularly noted in the handling of increased workload. There was a significant 68% increase in order intake compared to the last year, predominantly at Goodwin Steel Castings Limited and Goodwin International Limited, contributing to the start of the rebound of our Mechanical Engineering Division, which had experienced challenges in recent years. As of the date of the current report, the Group's cumulative future orders stand at £271 million.\nMechanical Engineering Division\nWhilst there has been some resurgence for petrochemical valves for new LNG projects around the world, due to energy uncertainty from current world events, assisting our valve manufacturing companies, it is the combined package that our foundry, Goodwin Steel Castings and the precision project engineering facility Goodwin International offers, which has led to the largest part of new orders shown in the Group workload, with them being primarily for the nuclear decommissioning and naval markets.\nDue to the work that these two businesses have excelled at, whilst diversifying away from t...