8th Aug 2023 09:37
(Alliance News) - Goodwin PLC on Tuesday reported a higher profit on the back of competitive pricing as it declared a higher dividend.
The Stoke-on-Trent-based engineer said in the financial year that ended on April 30, pretax profit climbed 11% to GBP22.1 million from GBP19.9 million a year prior. Revenue increased 22% to GBP185.7 million from GBP144.1 million.
Cost of sales increased 38% to GBP139.5 million from GBP101.4 million.
Regarding revenue and profit growth, the company cited price rises and a 68% increase in order intake, mostly boosted by Goodwin Steel Castings Ltd and Goodwin International Ltd, which helped the company's mechanical engineering division rebound after "challenges in recent years."
The company declared a dividend of 115 pence per share, up 6.7% from 107.80p a year ago.
Looking ahead, Goodwin expects natural growth for electrically driven pumps. Further, the company highlighted its largest and latest investment, the acquisition of polyimide manufacturer Duvelco Ltd. Duvelco states that no other company in the UK can manufacturer comparable polyimide products with the chemistry and technology that it has.
Duvelco is part of Goodwin's mechanical engineering unit since January 2020. Goodwin expects commercial operation of its initial plant to produce high operational temperature polyimide polymer resins to occur before June next year.
Goodwin shares rose 1.0% to 4,745.60 pence each in London on Tuesday morning.
By Tom Budszus, Alliance News reporter
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