26th Jul 2018 11:22
LONDON (Alliance News) - Shares rose in Goodwin PLC on Thursday as it doubled its dividend for its recently ended financial year, amid rising profit but declining revenue.
Shares in the refractory engineer rose 24% to 2,300.00 pence on Thursday.
Goodwin has hiked its dividend for its year to the end of April to 83.47 pence per share from 42.34p the year before due to the group's long term growth as well as investments into subsidiary companies and acquisitions.
As a result, the dividend, which is normally 20% of post-tax profit with depreciation and amortisation, will be increased to 38% starting from the year just completed.
Pretax profit for its year ended April 30 rose to GBP13.3 million from GBP9.2 million the year before, due to lower expenses and a rise in the fair value of cash flow hedges, and proceeds from the sale of properties and equipment.
Revenue however, declined to GBP152.0 million from GBP167.2 million due to a substantial drop in revenue from the Mechanical Engineering division.
"We would like to take the opportunity of thanking all our employees, managers and directors both in the UK and overseas for working so hard to achieve these improved trading results which it is likely will improve again in the new financial year, especially so as the order intake as we write is 16% increased as compared to the same time last year," said Chairman John Goodwin.
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