Business
Preliminary results for the year ended 30 Apr 2024
Preliminary results for the year ended 30 Apr 2024.
About this update from Goodwin Plc
[{"type":"text","content":"\n\nGOODWIN PLC\n \nPRELIMINARY ANNOUNCEMENT FOR RELEASE ON 7TH AUGUST 2024\n \nGoodwin PLC today announces its preliminary results for the year ended 30th April, 2024.\n \nCHAIRMAN'S STATEMENT\nThe \"Trading\" pre-tax profit for the Group for the twelve month period ended 30th April, 2024, was £24.1 million (2023: £18.9 million) an increase of 27% on revenue of £191 million (2023: £186 million). As has been the case since 2022, the \"Trading\" pre-tax profit excludes the movement of the mark to market valuation of our interest rate swap. The interest rate swap continues to benefit the Group as it locked in a very preferential borrowing rate of less than 1% up to 2031 on the Group's first £30 million of debt. Currently, as of the date of writing this report, the Group's cumulative future orders stand at £264 million (August 2023: £271 million)\nThe Directors propose an increased dividend of 133 pence (2023: 115 pence) per share.\nThe 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. The profits have again taken a step forward as a direct result of the strategic investments that have been made over the last decade, and particularly the supply of mission-critical, high integrity components to the nuclear waste storage industry and key components for the naval propulsion and hull construction markets from the Mechanical Engineering Division. 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.\nMechanical Engineering Division\nI am pleased to report that the Mechanical Engineering Division has had a progressive year, driven by an increase in activity levels of better quality contracts that have been won in the last few years. The Div...