22nd Aug 2019 10:33
(Alliance News) - Goodwin PLC on Thursday reported growth in earnings in its most recently ended financial year on strong performance of both of its divisions.
The stock was trading 5.0% higher in London at 3,600.00 pence a share.
The engineering company said its pretax profit grew to GBP16.4 million in the year to the end of April from GBP13.3 million the year before, as revenue rose to GBP127.1 million from GBP124.8 million.
"I am also delighted to confirm that we have seen a significant rise in the level of sales order input within our Mechanical Engineering division," said Chair Timothy Goodwin.
The company's order input since the start of the new financial year stood at GBP93 million and the total forward order book stood at a record GBP165 million, compared to GBP85 million in July last year, a 94% increase.
Turning to Goodwin's Refractory Engineering division, the company said this unit has maintained the "significant" increase in market share in the investment casting powder sector that it gained last financial year. Whilst operating profit for the year has risen only 7.2%, Goodwin said it started to see sales within the new financial year of the "Silica Free" investment powder technology, for which a patent application was filed in April, with early adopters likely to be the more western countries.
"It is as a result of their outstanding work ethic that the group has never before been in such a favourable position," concluded Goodwin.
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