INTERIM REPORT 31st OCTOBER 2025
INTERIM REPORT
31s t OCTOBER 2010
CHAIRMAN'S STATEMENT
The Board reports a solid trading performance for the Group, with trading profits for the six months to 31st October 2025 of £37.2 million (October 2024: £ 17.1 million). The workload as at the time of writing stands at £330 million.
Goodwin Steel Castings Ltd and Goodwin International Ltd continue to supply high-integrity components to the defence and nuclear sectors, with demand remaining robust. The pump businesses reported consistent results, with performance in India and South Africa helping to balance softer trading in Brazil and Australia. Easat Radar Systems Ltd has achieved the award of a PSR system for Cornwall Airport along with orders from various other customers, and axial valve sales within Noreva GmbH are buoyant, driven primarily by the large LNG projects that are based in the United States and Qatar.
In the Refractory Engineering Division, performance remains resilient. The change in the purchasing dynamics of consumers, who continue to buy higher volumes of lower cost brass and silver costume jewellery, is driving volume requirements for our products. Dupré Minerals Ltd profits are marginally lower versus prior periods as core markets normalise post Covid boom sales in its industry sectors.
The Group's net debt position was £5.8 million as at 31st October 2025. Following the payment of the one-off special interim dividend of 532 pence per share in November 2025, net debt increased to £53 million at the end of that month. This level is in line with expectations and represents a gearing of 46% at the end of November 2025.
It is also pleasing to confirm that the 14th cohort of apprentices started in September at the Goodwin Engineering Training School. The benefit of these apprentices is being seen in all parts of the Group as they grow and are appointed to manager and director level positions within the subsidiaries.
We wish to thank all of our employees here in the UK and overseas for the tremendous amount of hard work and devotion that is being put in to achieve the profits that are being reported.
T. J. W. Goodwin
Chairman 15th December 2025
Management ReportFinancial Highlights | Unaudited Half Year to 31st October | Unaudited Half Year to 31st October | Audited Year Ended 30th April | |
Consolidated Results | 2025 £'m | 2024 £'m | 2025 £'m | |
Revenue | 135.6 | 106.4 | 219.7 | |
Operating profit | 37.2 | 18.2 | 37.1 | |
Trading profit* | 37.2 | 17.1 | 35.5 | |
Unrealised loss on 10 year | ||||
interest rate swap derivative | (0.4) | (0.4) | (1.3) | |
Profit before tax | 36.8 | 16.7 | 34.3 | |
Profit after tax | 27.5 | 12.5 | 26.2 | |
Capital Additions: Property, plant and equipment (PPE) owned | 7.2 | 5.3 | 15.0 | |
Property, plant and equipment (PPE) right-of-use assets | 1.0 | 0.1 | 0.1 | |
Intangible assets | 1.1 | 0.5 | 3.1 | |
Capital Expenditure for KPI purposes | 9.3 | 5.9 | 18.2 | |
Earnings per share - basic and diluted | 351.70p | 150.91p | 327.17p | |
*Trading profit is defined as profit before taxation excluding the movement in fair value of the interest rate swap.
RevenueRevenue of £135.6 million for the six months represents a 27.4% increase from the £106.4 million achieved for the same period last year.
Trading ProfitTrading profit for the six months was £37.2 million, compared with £17.1 million for the same period last year.
Key performance indicators | Unaudited Half Year to 31st October | Unaudited Half Year to 31st October | Audited Year Ended 30th April |
2025 | 2024 | 2025 | |
Trading profit (£'m) | 37.2 | 17.1 | 35.5 |
Post tax profit + depreciation + amortisation (£'m) | 32.0 | 17.3 | 36.1 |
Gross profit % of revenue | 49.3% | 43.0% | 41.7% |
Trading profit % of revenue | 27.4% | 16.1% | 16.2% |
Gearing % | 5.8% | 31.4% | 9.9% |
Non-cash charges (£'m) Depreciation | 3.9 | 4.1 | 8.0 |
Amortisation and impairment | 0.7 | 0.7 | 1.6 |
Total non-cash charges | 4.6 | 4.8 | 9.6 |
Alternative performance measures mentioned above are defined on page 106 of the Group Annual Accounts to 30th April 2025.
2025/26 OutlookThe 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.
Risks and UncertaintiesThe Group, mainly through its centralised management structure, makes best endeavours to have in place internal control procedures to identify and manage the key risks and uncertainties affecting the Group. We would refer you to pages 14 to 15 of the Group Annual Accounts to 30th April 2025 which describe the principal risks and uncertainties, and to note 27, starting on page 84, which describes in detail the key financial risks and uncertainties affecting the business.
Judging the future relationship of the major currency pairs of the US Dollar, Sterling and the Euro continues to be a challenge.
The Group has mitigated the impact of rising interest rates by fixing the effective base rate at less than 1% for a notional £30 million of debt until August 2031.
Report on Expected DevelopmentsThis report describes the likely progress of the Group during the year ended 30th April 2026. The report may contain forward-looking statements and information based on current expectations, and assumptions and forecasts made by the Group. These expectations and assumptions are subject to various known and unknown risks, uncertainties and other factors, which could lead to substantial differences between the actual future results, financial performance and the estimates and historical results given in this report. Many of these factors are outside the Group's control. The Group accepts no liability to publicly revise or update these forward-looking statements or adjust them to future events or developments, whether as a result of new information, future events or otherwise, except to the extent legally required.
Going ConcernThe Group continues to trade profitably by building on the increase in activity seen in the second half of the previous financial year and, with the strength of the current order book levels, this should continue in the second half of this financial year.
As at 31st October 2025, the Group's net debt stood at £5.8 million (31st October 2024 £38.8 million) as set out in note 15 of these accounts. The net debt levels are lower than those recorded at both October 2024 and April 2025, which is in line with the Board's expectations and will continue to be reviewed and managed across the Group. Given the above, the Directors, after having reviewed the Group projections and possible challenges that may lie ahead, do not see an issue with the continued ability of the Group to meet its financial commitments as they fall due for at least twelve months from the date of these accounts and have prepared these accounts on a going concern basis.
Responsibility statement of the Directors in respect of the half-yearly financial reportThe Directors confirm to the best of their knowledge that:
this condensed set of financial statements has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the United Kingdom; and
the Interim Management Report and condensed financial statements include a fair review of the information required by the Disclosure and Transparency Rules:
4.2.7R (being an indication of important events that have occurred during the first six months of the year); and
4.2.8R (being related party transactions that have taken place in the first six months of the financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last Annual Report that could do so).
T. J. W. Goodwin
Chairman 15th December 2025
Condensed Consolidated Statement of Profit or Loss for the half year to 31st October 2025Unaudited Half Year to 31st October | Unaudited Half Year to 31st October | Audited Year Ended 30th April | ||
Continuing Operations | 2025 £'000 | 2024 £'000 | 2025 £'000 | |
Revenue | 135,608 | 106,392 | 219,709 | |
Cost of sales | (68,688) | (60,666) | (128,100) | |
Gross profit | 66,920 | 45,726 | 91,609 | |
Selling and distribution costs | (6,106) | (5,498) | (10,903) | |
Administrative expenses | (23,651) | (22,001) | (43,594) | |
Operating profit | 37,163 | 18,227 | 37,112 | |
Finance income | 559 | *696 | 1,305 | |
Finance costs | (549) | *(1,843) | (2,965) | |
Share of profit of associate company | 31 | 27 | 65 | |
Profit before taxation and movement in fair value of interest rate swap | 37,204 | 17,107 | 35,517 | |
Unrealised loss on 10 year interest rate swap derivative | (400) | (394) | (1,257) | |
Profit before taxation | 36,804 | 16,713 | 34,260 | |
Tax on profit | (9,319) | (4,215) | (8,082) | |
Profit after taxation | 27,485 | 12,498 | 26,178 | |
Attributable to: Equity holders of the parent | 26,411 | 11,333 | 24,569 | |
Non-controlling interests | 1,074 | 1,165 | 1,609 | |
Profit for the period | 27,485 | 12,498 | 26,178 | |
Basic and diluted earnings per ordinary share (Note 12) | 351.70p | 150.91p | 327.17p | |
* Finance income and expense for the half year to 31 October 2024 have been grossed up to be consistent with the current presentation.
Condensed Consolidated Statement of Comprehensive Income for the half year to 31st October 2025Unaudited Half Year to 31st October 2025 £'000 | Unaudited Half Year to 31st October 2024 £'000 | Audited Year Ended 30th April 2025 £'000 | |||
Profit for the period | 27,485 | 12,498 | 26,178 | ||
Other comprehensive (expense) / income | |||||
Items that may be reclassified subsequently to profit or loss: | |||||
Foreign exchange translation differences | 1,371 | (240) | (1,852) | ||
Cash flow hedges - effective portion of changes in fair value | (3,364) | 74 | 5,513 | ||
Cash flow hedges - ineffectiveness transferred to profit or loss | - | 806 | - | ||
Cash flow hedges - amounts transferred to profit or loss | (1,244) | (465) | (1,593) | ||
Cash flow hedges - deferred tax credit / (charge) | 1,150 | 66 | (806) | ||
Cost of hedging - changes in fair value Cost of hedging - ineffectiveness transferred to profit or loss | (283) - | (129) (30) | (97) - | ||
Cost of hedging - amounts transferred to profit or loss | 180 | 226 | 209 | ||
Cost of hedging - deferred tax credit / (charge) | 26 | (17) | (33) | ||
Other comprehensive (expense) / income for the period, net of income tax | (2,164) | 291 | 1,341 | ||
Total comprehensive income for the period | 25,321 | 12,789 | 27,519 | ||
Attributable to: | |||||
Equity holders of the parent | 24,052 | 11,572 | 25,870 | ||
Non-controlling interests | 1,269 | 1,217 | 1,649 | ||
25,321 | 12,789 | 27,519 | |||
Non-current assets
* Contract liabilities include advance payments from customers of £57,345,000 (31st October 2024: £47,473,000), with the balance of £2,438,000 (31st October 2024: £260,000) being costs accrued for contracts.
** The comparative figures for the deferred tax assets have been reported as non-current assets, to be consistent with the current period presentation.
Unaudited as at 31st October | Unaudited as at 31st October | Audited as at 30th April | |
2025 | 2024 | 2025 | |
£'000 | £'000 | £'000 | |
Property, plant and equipment | 124,989 | 106,894 | 116,832 |
Right-of-use assets | 2,488 | 11,013 | 6,055 |
Investment in associate | 775 | 863 | 775 |
Intangible assets | 28,391 | 25,902 | 27,670 |
Derivative financial assets | 4,350 | 5,597 | 6,061 |
Derivative tax assets | 490 | **199 | **498 |
161,483 | 150,468 | 157,891 | |
Current assets | |||
Inventories | 43,297 | 44,486 | 39,096 |
Contract assets | 29,094 | 24,050 | 24,310 |
Trade receivables and other financial assets | 34,832 | 45,293 | 37,747 |
Corporation tax receivable | 302 | 709 | 1,583 |
Other receivables | 7,100 | 4,312 | 4,145 |
Derivative financial assets | 2,807 | 2,636 | 4,457 |
Cash and cash equivalents | 19,891 | 15,057 | 16,643 |
137,323 | 136,543 | 127,981 | |
Total assets | 298,806 | 287,011 | 285,872 |
Current liabilities | |||
Borrowings | 1,507 | 20,892 | 16,420 |
Contract liabilities* | 34,500 | 20,998 | 34,750 |
Trade payables and other financial liabilities | 30,333 | 29,129 | 36,801 |
Other payables | 386 | 627 | 358 |
Dividends payable | 50,465 | 4,994 | - |
Derivative financial liabilities | 1,570 | 1,262 | 256 |
Corporation tax payable | 2,800 | 3,857 | 1,092 |
Provision for liabilities and charges | 209 | 241 | 223 |
121,770 | 82,000 | 89,900 | |
Non-current liabilities | |||
Borrowings | 26,827 | 35,053 | 15,707 |
Contract liabilities* | 25,283 | 26,735 | 20,412 |
Derivative financial liabilities | 1,521 | 493 | 428 |
Provision for liabilities and charges | 291 | 275 | 269 |
Deferred tax liabilities | 17,221 | 14,107 | 16,948 |
71,143 | 76,663 | 53,764 | |
Total liabilities | 192,913 | 158,663 | 143,664 |
Net assets | 105,893 | 128,348 | 142,208 |
Equity attributable to equity holders of the parent | |||
Share capital | 751 | 751 | 751 |
Translation reserve | (3,084) | (2,579) | (4,223) |
Cash flow hedge reserve | 241 | 1,009 | 3,657 |
Cost of hedging reserve | (399) | (375) | (317) |
Retained earnings | 103,728 | 125,059 | 138,295 |
Total equity attributable to equity holders of the parent | 101,237 | 123,865 | 138,163 |
Non-controlling interests | 4,656 | 4,483 | 4,045 |
Total equity | 105,893 | 128,348 | 142,208 |
Total attributable
Cash flow
Cost of
to equity
Non-
Share Translation
hedge hedging Retained
holders of controlling
Total
capital
reserve
reserve
reserve earnings
the parent
interests
equity
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
Half year to 31st October 2025 (Unaudited) | |||||||
Balance at 1st May 2025 | 751 | (4,223) | 3,657 | (317) 138,295 | 138,163 | 4,045 142,208 | |
Total comprehensive income: | |||||||
Profit | - - | - | - | 26,411 | 26,411 | 1,074 | 27,485 |
Other comprehensive income: | |||||||
Foreign exchange translation differences | - 1,139 | - | - | - | 1,139 | 232 | 1,371 |
Net movements on cash flow hedges | - - | (3,416) | (82) | - | (3,498) | (37) | (3,535) |
Total comprehensive income / (expense) for the period | - 1,139 | (3,416) | (82) | 26,411 | 24,052 | 1,269 | 25,321 |
Transactions with owners: | |||||||
Dividends paid | - - | - | - | (10,513) | (10,513) | (658) | (11,171) |
Dividends declared | - - | - | - | (50,465) | (50,465) | - | (50,465) |
Balance at 31st October 2025 | 751 (3,084) | 241 | (399) | 103,728 | 101,237 | 4,656 | 105,893 |
Cash flow
Cost of
Total attributable to equity
Non-
Share Translation
hedge hedging Retained
holders of controlling
Total
capital
reserve
reserve
reserve earnings
the parent
interests
equity
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
Half year to 31st October 2024 (Unaudited) | ||||||||
Balance at 1st May 2024 | 751 | (2,391) | 633 | (426) 123,714 | 122,281 | 4,369 126,650 | ||
Total comprehensive income: | ||||||||
Profit | - - | - | - | 11,333 | 11,333 | 1,165 | 12,498 | |
Other comprehensive income: | ||||||||
Foreign exchange translation differences | - (188) | - | - | - | (188) | (52) | (240) | |
Net movements on cash flow hedges | - - | 376 | 51 | - | 427 | 104 | 531 | |
Total comprehensive income / (expense) for the period | - (188) | 376 | 51 | 11,333 | 11,572 | 1,217 | 12,789 | |
Transactions with owners: | ||||||||
Dividends paid | - - | - | - | (4,994) | (4,994) | (1,103) | (6,097) | |
Dividends declared | - - | - | - | (4,994) | (4,994) | - | (4,994) | |
Balance at 31st October 2024 | 751 (2,579) | 1,009 | (375) | 125,059 | 123,865 | 4,483 | 128,348 | |
Total attributable
Share capital | Translation reserve | Cash flow hedge reserve | Cost of hedging reserve | Retained earnings | to equity holders of the parent | Non-controlling interests | Total equity | ||
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||
Year ended 30th April 2025 (Audited) | |||||||||
Balance at 1st May 2024 | 751 | (2,391) | 633 | (426) | 123,714 | 122,281 | 4,369 | 126,650 | |
Total comprehensive income: | |||||||||
Profit | - - | - | - | 24,569 | 24,569 | 1,609 | 26,178 | ||
Other comprehensive income: | |||||||||
Foreign exchange translation differences | - (1,832) | - | - | - | (1,832) | (20) | (1,852) | ||
Net movements on cash flow hedges | - - | 3,024 | 109 | - | 3,133 | 60 | 3,193 | ||
Total comprehensive income / (expense) for the period | - (1,832) | 3,024 | 109 | 24,569 | 25,870 | 1,649 | 27,519 | ||
Transactions with owners: | |||||||||
Dividends paid | - - | - | - | (9,988) | (9,988) | (1,973) | (11,961) | ||
Balance at 30th April 2025 | 751 (4,223) | 3,657 | (317) | 138,295 | 138,163 | 4,045 | 142,208 | ||
Cash flow from operating activities | Unaudited Half Year to 31st October 2025 £'000 | Unaudited Half Year to 31st October 2024 £'000 | Audited Year Ended 30th April 2025 £'000 | ||
Profit from continuing operations after tax | 27,485 | 12,498 | 26,178 | ||
Adjustments for: Depreciation of property, plant and equipment | 3,484 | 3,340 | 6,663 | ||
Depreciation of right-of-use assets | 412 | 761 | 1,346 | ||
Amortisation and impairment of intangible assets | 655 | 708 | 1,580 | ||
Finance costs (net) | (10 | ) 1,147 | 1,660 | ||
Currency (gains) / losses | (322 | ) 955 | 1,371 | ||
(Profit) / loss on sale of property, plant and equipment | (37 | ) (15 | ) 126 | ||
Unrealised loss on 10 year interest rate swap derivative | 400 | 394 | 1,257 | ||
Share of profit of associate company | (31 | ) (27 | ) (65) | ||
UK tax incentive credit on research and development | - | - | (573) | ||
Tax expense | 9,319 | 4,215 | 8,082 | ||
Operating cash flow before changes in | |||||
working capital and provisions | 41,355 | 23,976 | 47,625 | ||
(Increase) / decrease in inventories | (3,531 | ) | 2,075 | 6,743 | |
(Increase) in contract assets | (4,540 | ) | (2,060 | ) | (2,121) |
Decrease / (increase) in trade and other receivables | 1,323 | (17,983 | ) | (12,095) | |
Increase in contract liabilities | 4,450 | 13,636 | 20,990 | ||
(Decrease) / increase in trade and other payables | (6,402 | ) | (1,384 | ) | 6,100 |
Cash generated from operations | 32,655 | 18,260 | 67,242 | ||
Interest received | 548 | 563 | 1,340 | ||
Interest paid | (977 | ) | (2,104 | ) | (3,822) |
Corporation tax paid | (4,918 | ) | (1,307 | ) | (6,566) |
Net cash inflow from operating activities | 27,308 | 15,412 | 58,194 | ||
Cash flows from investing activities Proceeds from sale of property, plant and equipment | 54 | 38 | 125 | ||
Acquisition of property, plant and equipment | (7,411 | ) | (4,388 | ) | (13,176) |
Acquisition of intangible assets | (45 | ) | (8 | ) | (283) |
Development expenditure capitalised | (1,063 | ) | (510 | ) | (2,832) |
Dividend from associate company | 68 | 63 | 156 | ||
Net cash outflow from investing activities | (8,397 | ) | (4,805 | ) | (16,010) |
Cash flows from financing activities Payment of capital element of lease obligations | (2,367 | ) | (1,476 | ) | (6,073) |
Dividends paid | (10,513 | ) | (4,994 | ) | (9,988) |
Dividends paid to non-controlling interests | (658 | ) | (1,103 | ) | (1,973) |
Proceeds from new loans | 17,000 | 8,000 | 12,000 | ||
Repayment of loans | (19,498 | ) | (26,549 | ) | (49,837) |
Change in bank overdrafts | - | (48 | ) | (48) | |
Net cash outflow from financing activities | (16,036 | ) | (26,170 | ) | (55,919) |
Net increase / (decrease) in cash and cash equivalents | 2,875 | (15,563 | ) | (13,735) | |
Cash and cash equivalents at beginning of year | 16,643 | 30,678 | 30,678 | ||
Effect of exchange rate fluctuations on cash held | 373 | (58 | ) | (300) | |
Closing cash and cash equivalents at period end | 19,891 | 15,057 | 16,643 | ||
to the Condensed Consolidated Interim Financial Statements
-
Reporting Entity
Goodwin PLC (the "Company") is a Company incorporated in England and Wales. The unaudited condensed consolidated interim financial statements of the Company as at and for the six months ended 31st October 2025 comprise the Company, its subsidiaries, and the Group's interests in associates (together referred to as the "Group").
The audited consolidated financial statements of the Group as at and for the year ended 30th April 2025 are available upon request from the Company's registered office at Ivy House Foundry, Hanley, Stoke-on-Trent, ST1 3NR or via the Company's web site: https://www.goodwin.co.uk.
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Statement of Compliance
These unaudited condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting, as adopted in the United Kingdom. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the audited consolidated financial statements of the Group as at and for the year ended 30th April 2025.
The comparative figures for the financial year ended 30th April 2025 are extracts and not the full Group's statutory accounts for that financial year. Those accounts have been reported on by the Company's auditors and delivered to the Registrar of Companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498(2) or (3) of the Companies Act 2006.
The Audit Committee has reviewed these unaudited condensed consolidated interim financial statements and has advised the Board of Directors that, taken as a whole, they are fair, balanced and understandable and provide the information necessary for shareholders to assess the Group's half year performance. These unaudited condensed consolidated interim financial statements were approved by the Board of Directors on 15th December 2025.
-
Significant Accounting Policies
The accounting policies applied by the Group in these unaudited condensed consolidated financial statements are the same as those applied by the Group in its audited consolidated financial statements as at and for the year ended 30th April 2025.
New IFRS Standards, Amendments and Interpretations not AdoptedThe IASB and IFRIC have issued additional standards and amendments which are effective for periods starting after the date of these financial statements. The following amendments have not yet been adopted by the Group:
Amendments to IFRS 9 and IFRS 7 - Amendments to the Classification and Measurement of Financial Instruments (effective for periods beginning on or after 1st January 2026).
Annual Improvements to IFRS Accounting Standards - volume 11 (effective for periods beginning on or after 1st January 2026).
IFRS 18 Presentation and Disclosure in Financial Statements (effective for periods commencing on or after 1st January 2027).
The impact of IFRS 18, which becomes effective for annual reporting periods beginning on or after 1 January 2027, has not yet been evaluated in full. The Group does not expect any of the other amendments above to have a material impact on profit, earnings per share and net assets in future periods.
-
Accounting Estimates and Judgements
The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
In preparing these unaudited consolidated interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the audited consolidated financial statements as at and for the year ended 30th April 2025.
The tax charge in the period is based on management's estimate of the weighted average annual income tax rate expected for the full financial year applied to the pre-tax income of the interim period, and the impact of any disallowed costs.
-
Operating Segments
For reporting to the chief operating decision maker, the Board of Directors, the Group is organised into two reportable operating segments, according to the different products and services provided by the Mechanical Engineering and Refractory Engineering Divisions. Segment assets and liabilities include items directly attributable to segments as well as group centre balances, which can be allocated on a reasonable basis. The Group's associate company is included in Refractory Engineering. In accordance with the requirements of IFRS 8, information regarding the Group's operating segments is reported below.
There are no other reportable segments apart from those identified.
-
Operating Segment Revenue and Profit
Unaudited
Half Year to 31st October 2025
Unaudited
Half Year to 31st October 2024
Audited
Year Ended 30th April 2025
Mechanical
Refractory
Total
Mechanical
Refractory
Total
Mechanical
Refractory
Total
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
Revenue
Total revenue
127,233
42,247
169,480
91,621
38,380
130,001
193,045
78,164
271,209
Inter-segment revenue
(24,698)
(9,174)
(33,872)
(17,325)
(6,284)
(23,609)
(36,783)
(14,717)
(51,500)
External revenue
102,535
33,073
135,608
74,296
32,096
106,392
156,262
63,447
219,709
Profit
Segment operating profit
30,820
8,579
39,399
13,826
6,706
20,352
25,402
14,606
40,008
Share of profit of associate company
-
31
31
-
27
27
-
65
65
Segment profit before taxation
30,820
8,610
39,430
13,826
6,733
20,559
25,402
14,671
40,073
Group centre costs
(2,236)
(2,305)
(2,896)
Finance Income
559
696
1,305
Finance costs
(549)
(1,843)
(2,965)
Profit before taxation and movement in fair value of interest rate swap
37,204
17,107
35,517
Percentage of segment profit before tax
78%
22%
100%
67%
33%
100%
63%
37%
100%
-
Operating Segment Assets and Liabilities
Unaudited Unaudited
Half Year to 31st October 2025 Half Year to 31st October 2024
Mechanical Refractory
Group Centre
Total
Mechanical
Refractory
Group Centre
Total
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
Net assets
Total assets
216,271
65,963
16,572
298,806
200,306
69,858
16,847
287,011
Total liabilities
(125,006)
(16,497)
(51,410)
(192,913)
(123,194)
(34,898)
(571)
(158,663)
Total
91,265
49,466
(34,838)
105,893
77,112
34,960
16,276
128,348
Audited
Year Ended 30th April 2025
Mechanical
Refractory
Group Centre
Total
£'000
£'000
£'000
£'000
Net assets
Total assets
205,272
64,178
16,422
285,872
Total liabilities
(125,940)
(16,862)
(862)
(143,664)
Total
79,332
47,316
15,560
142,208
-
Operating Segment Capital Expenditure, Depreciation and Amortisation
Unaudited Unaudited
Mechanical
Refractory
Group centre
Total
Mechanical
Refractory
Group centre
Total
£'000
on:
£'000
£'000
£'000
£'000
£'000
£'000
£'000
Half Year to 31st October 2025 Half Year to 31st October 2024
Capital expenditure
5,875
700
653
7,228
4,137
1,108
78
5,323
261
728
-
989
-
6
55
61
1,068
39
-
1,107
486
41
-
527
7,204
1,467
653
9,324
4,623
1,155
133
5,911
2,307
752
425
3,484
2,266
685
389
3,340
236
175
1
412
298
239
224
761
252
359
44
655
228
430
50
708
2,795
1,286
470
4,551
2,792
1,354
663
4,809
Audited
Year Ended 30th April 2025
Property, plant and equipment
Right-of-use assets Intangible assets
Total capital expenditure
Depreciation - property plant and equipment
Depreciation -right-of-use assets
Amortisation -intangible assets
Total
Mechanical
Refractory
Group centre
Total
Capital expenditure on:
£'000
£'000
£'000
£'000
Property, plant and equipment
12,849
1,457
704
15,010
Right-of-use assets
86
6
55
147
Intangible assets
2,611
504
-
3,115
Total capital expenditure
15,546
1,967
759
18,272
Depreciation - property plant and equipment
4,580
1,451
632
6,663
Depreciation - right-of-use assets
594
437
315
1,346
Amortisation - intangible assets
654
828
98
1,580
Total
5,828
2,716
1,045
9,589
-
Geographical Segments
Unaudited Unaudited
Half Year to 31st October 2025 Half Year to 31st October 2024
Revenue Net assets
Non-current assets*
Capital expenditure
Revenue Net assets
Non-current assets*
Capital expenditure
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
UK
38,305
49,125
126,097
6,805
31,011
81,203
118,595
4,846
Rest of Europe
14,363
14,564
10,125
1,479
10,741
7,321
5,138
310
USA
33,993
-
-
-
16,437
-
-
-
Pacific Basin
19,634
16,613
7,108
891
22,831
16,563
6,908
161
Rest of World
29,313
25,591
13,313
149
25,372
23,261
14,031
594
Total
135,608
105,893
156,643
9,324
106,392
128,348
144,672
5,911
Audited
Year Ended 30th April 2025
Non-current
Capital
Revenue
£'000
Net assets
£'000
assets*
£'000
expenditure
£'000
UK
63,904
94,113
122,585
12,469
Rest of Europe
26,671
9,868
8,627
4,186
USA
35,426
-
-
-
Pacific Basin
42,726
15,246
6,290
171
Rest of World
50,982
22,981
13,830
1,446
Total
219,709
142,208
151,332
18,272
* This total excludes derivative financial assets and deferred tax assets.
- Revenue
The Group's revenue is derived from contracts with customers. The Group's revenue is not significantly impacted by seasonal or cyclical events. The following tables provide an analysis of revenue by geographical market and by product line.
Unaudited Unaudited Audited
Half Year to 31st October 2025 Half Year to 31st October 2024 Year ended 30th April 2025
Mechanical Refractory
Total
Mechanical
Refractory
Total
Mechanical
Refractory
Total
£'000
Primary geographical markets:
29,856 | 8,449 | 38,305 | 23,304 | 7,707 | 31,011 | 48,995 | 14,909 | 63,904 | ||||||||
10,521 | 3,842 | 14,363 | 6,470 | 4,271 | 10,741 | 18,668 | 8,003 | 26,671 | ||||||||
33,703 | 290 | 33,993 | 16,143 | 294 | 16,437 | 34,902 | 524 | 35,426 | ||||||||
6,448 | 13,186 | 19,634 | 10,719 | 12,112 | 22,831 | 18,211 | 24,515 | 42,726 | ||||||||
22,007 | 7,306 | 29,313 | 17,660 | 7,712 | 25,372 | 35,486 | 15,496 | 50,982 | ||||||||
102,535 | 33,073 | 135,608 | 74,296 | 32,096 | 106,392 | 156,262 | 63,447 | 219,709 | ||||||||
7,659 | 33,073 | 40,732 | 6,347 | 32,096 | 38,443 | 14,253 | 63,447 | 77,700 | ||||||||
13,430 | - | 13,430 | 10,408 | - | 10,408 | 21,382 | - | 21,382 | ||||||||
21,089 | 33,073 | 54,162 | 16,755 | 32,096 | 48,851 | 35,635 | 63,447 | 99,082 | ||||||||
3,151 | - | 3,151 | 2,520 | - | 2,520 | 4,701 | - | 4,701 | ||||||||
78,295 | - | 78,295 | 55,021 | - | 55,021 | 115,926 | - | 115,926 | ||||||||
81,446 | - | 81,446 | 57,541 | - | 57,541 | 120,627 | - | 120,627 | ||||||||
102,535 | 33,073 | 135,608 | 74,296 | 32,096 | 106,392 | 156,262 | 63,447 | 219,709 |
UK
Rest of Europe USA
Pacific Basin Rest of World
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
Total
Product lines: Standard products and consumables
Bespoke engineered products - point in time
Total point in time revenue
Minimum period contracts for goods and services
Bespoke engineered products - over time
Total over time revenue
Total revenue
11. Dividends | |||||
Unaudited Half Year to 31st October 2025 £'000 | Unaudited Half Year to 31st October 2024 £'000 | Audited Year Ended 30th April 2025 £'000 | |||
Equity dividends paid during the period: | |||||
Ordinary dividends paid in respect of the year ended 30th April 2025 | 10,513 | - | - | ||
Ordinary dividends paid in respect of the year ended 30th April 2024 | - | 4,994 | 9,988 | ||
Total | 10,513 | 4,994 | 9,988 | ||
As noted in the Group Annual Accounts to 30th April 2025, the dividend payments for the year ended 30th April 2025 are being made in two equal instalments. The second payment will be made on or around 10th April 2026 to shareholders on the register on 20th March 2026.
On 27th October 2025, the Directors declared a special one-off interim dividend of 532 pence per share. The interim dividend of £39,951,000 was paid on 21st November 2025.
-
Earnings per Share
Unaudited
as at 31st October
2025
Unaudited
as at 31st October
2024
Audited
as at 30th April
2025
Number of ordinary shares
Ordinary shares in issue:
Opening balance and closing blance
7,509,600
7,509,600
7,509,600
Weighted average number of ordinary shares in issue
7,509,600
7,509,600
7,509,600
Relevant profits attributable to shareholders
£'000
26,411
£'000
11,333
£'000
24,569
- Property, Plant and Equipment and Intangible Assets
Unaudited Unaudited)
Half Year to 31st October 2025 Half Year to 31st October 2024
Property, plant and equipment | Right-of-use assets | Intangible assets | Property, plant and equipment | Right-of-use assets | Intangible assets | |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
Net book value at the beginning of the period | 116,832 | 6,055 | 27,670 | 105,337 | 11,744 | 25,900 |
Additions | 7,228 | 989 | 1,107 | 5,323 | 61 | 527 |
Disposals (at net book value) | (17) | - | - | (13) | (10) | - |
Transfers | 4,198 | (4,198) | - | - | - | - |
Depreciation | (3,484) | (412) | - | (3,340) | (761) | - |
Amortisation | - | - | (655) | - | - | (708) |
Exchange adjustment | 232 | 54 | 269 | (413) | (21) | 183 |
Net book value at the end of the period | 124,989 | 2,488 | 28,391 | 106,894 | 11,013 | 25,902 |
14. | Borrowings | |||||
Unaudited as at 31st October 2025 £'000 | Unaudited as at 31st October 2024 £'000 | Audited as at 30th April 2025 £'000 | ||||
Due within one year | ||||||
Bank loans - repayable by instalments | 856 | 1,116 | 893 | |||
Bank loans - rolling credit facilities | - | 17,000 | 14,000 | |||
Lease liabilities | 651 | 2,776 | 1,527 | |||
1,507 | 20,892 | 16,420 | ||||
Due after more than one year | ||||||
Bank loans - repayable by instalments | 872 | 5,396 | 1,303 | |||
Bank loans - rolling credit facilities | 24,000 | 24,000 | 12,000 | |||
Lease liabilities | 1,955 | 5,657 | 2,404 | |||
26,827 | 35,053 | 15,707 | ||||
Total borrowings | ||||||
Bank loans - repayable by instalments | 1,728 | 6,512 | 2,196 | |||
Bank loans - rolling credit facilities | 24,000 | 41,000 | 26,000 | |||
Lease liabilities | 2,606 | 8,433 | 3,931 | |||
28,334 | 55,945 | 32,127 | ||||
-
Capital Management
At 31st October 2025 the capital employed was £107,084,000 as shown below:
Unaudited
as at 31st October
2025
Unaudited
as at 31st October
2024
Audited
as at 30th April
2025
Cash and cash equivalents
Note
£'000
(19,891)
£'000
(15,057)
£'000
(16,643)
Bank loans and committed facilities
14
25,728
47,512
28,196
Lease liabilities
14
2,606
8,433
3,931
Net debt in accordance with IFRS 16
8,443
40,888
15,484
Operating lease debt (former IAS 17 definition)
(2,596)
(2,048)
(1,859)
Relevant net debt for KPI purposes
5,847
38,840
13,625
Total equity attributable to equity holders of the
parent
101,237
123,865
138,163
Capital employed
107,084
162,705
151,788
- Total Financial Assets and Financial Liabilities
The following table sets out the Group's accounting classification of its financial assets and financial liabilities, and their carrying amounts at 31st October 2025. The carrying amount is a reasonable approximation of fair value for all financial assets and financial liabilities.
Financial assets measured at fair value
Forward exchange contracts
Fair value hedging instruments
£'000
Fair value through profit
and loss
£'000
Amortised
cost
£'000
Total carrying amount / fair value amount
£'000
used for hedging 2,470 - - 2,470
Other forward exchange contracts - 299 - 299
Interest rate swap - 4,388 - 4,388
2,470 4,687 - 7,157
Financial assets not measured at fair value
Cash and cash equivalents - - 19,891 19,891
Contract assets - - 29,094 29,094
Trade receivables and other
financial assets - - 34,832 34,832
Corporation tax receivable - - 302 302
- - 84,119 84,119
Financial liabilities measured at fair value
Forward exchange contracts used for hedging
2,932 - - 2,932
Other forward exchange contracts - 159 - 159
2,932 159 - 3,091
Financial liabilities not measured at fair value
Bank loans - - 25,728 25,728
Lease liabilities - - 2,606 2,606
Contract liabilities - - 59,783 59,783 Trade payables and other
financial liabilities - - 22,575 22,575
Dividends payable - - 50,465 50,465
Corporation tax payable - - 2,800 2,800
- - 163,957 163,957
The interest rate swap and forward exchange contract assets and liabilities fair values in the above table are derived using Level 2 inputs as defined by IFRS 7 as detailed in the paragraph below.
IFRS 7 requires that the classification of financial instruments at fair value be determined by reference to the source of inputs used to derive the fair value. This classification uses the following three level hierarchy: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs).