10th Sep 2015 15:33
LONDON (Alliance News) - Goodwin PLC Thursday said its pretax profit almost halved in the first quarter of its financial year as revenue dropped.
The mechanical and refractory engineering company reported a GBP3.8 million pretax profit in the quarter ended July 31, dropping from a GBP7.2 million profit a year earlier as revenue fell to GBP33.5 million from GBP39.7 million.
The company's operating profit subsequently fell to GBP3.9 million from GBP7.2 million.
Goodwin said first quarter sales order input was up 36% compared to the same period a year earlier when the downturn in the oil and gas market began.
"Whilst the order input for this first quarter is similar to 2012/2013 and 2013/2014, this should be viewed with caution as the profit margins on many of these new orders will be lower, as was indicated in the year-end accounts, due to the increased level of fight needed to win the business in this quieter market," said the company.
Goodwin shares were down 5.0% to 2,299.00 pence per share at the close Thursday.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Goodwin