13th Aug 2020 15:32
(Alliance News) - Goodwin PLC on Thursday posted an annual profit drop after Covid-19 "stalled" its progress.
The Stoke-on-Trent-based engineer's pretax profit fell 26% annually to GBP12.1 million from GBP16.4 million. This was on revenue which grew 14% to GBP145 million from GBP127 million.
Sales costs climbed 27% to GBP109.7 million during the year, hurting profit.
"As with the majority of companies around the world, Covid-19 has stalled our progress in the last quarter of the financial year, and we have seen a slower start to the new financial year than we would have expected without the pandemic," Goodwin said.
Goodwin cut its dividend by 15% to 81.71 pence per share from 96.21p.
Goodwin shares were 3.2% lower at 3,088.33p each in London on Thursday afternoon.
By Eric Cunha; [email protected]
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