25th Jul 2014 09:08
LONDON (Alliance News) - Goodwin PLC said Friday that pretax profit and revenue in its full-year rose as it benefited from continued buoyancy in the energy market sector.
In its results for the year to April 30, 2014 the mechanical and refractory engineering business said pretax profit for the 12 months came in at GBP24.1 million, up from GBP20.3 million last year. Revenue for the year was up 18.7% to GBP130.8 million from GBP127.0 million.
The company proposed an increased dividend for the year, upping its ordinary dividend to 42.348 pence form 35.290 pence in 2013.
Goodwin also reported a 10.5% boost in gross profit to GBP44.8 million for the full-year.
"This further improvement in gross profit and pre-tax profit earned stems from the energy market sector having remained buoyant throughout the financial year, allowing us to make use of our investment on capital equipment working 24 hours a day, 6.5 days a week, especially at Goodwin International and Goodwin Steel Castings," said Chairman John Goodwin.
The company also noted that its tax charge was substantially lower during the yea as it benefited from firstly the recently enacted patent box relief, secondly the lower effective corporation tax rate within the UK, and thirdly the revision of prior year estimates, it said.
The Chairman also noted that the downturn seen in its Refractory division last year has slowed, with the business delivering a 6.9% increase in sales and a 19.3% rise in pretax profit for the full-year.
Goodwin shares were trading 4.67% lower at 3,775 pence per share Friday morning.
By Alice Attwood; [email protected]; @AliceAtAlliance
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