Business
Goodwin : Interim Report (Goodwin Interim Report 2025)
Goodwin : Interim Report (Goodwin Interim Report
About this update from Goodwin Plc
INTERIM REPORT 31 st OCTOBER 2025 INTERIM REPORT 31 s 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 Report Financial 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. Revenue Revenue 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 Profit Trading 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 Outlook 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. Risks and Uncertainties The 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 Developments This 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 Concern The 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 report The 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 2025 Unaudited 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 2025 Unaudited 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 Condensed Consolidated Balance Sheet as at 31st October 2025 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 for the half year to 31st October 2025 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 for the half year to 31st October 2025 (continued) 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 Condensed Consolidated Statement of Cash Flows for the half year ended 31st October 2025 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 Notes 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 . 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 Adopted The 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).