28th Aug 2026 07:51
(Alliance News) - Goodwin hails record annual profit as a process to sell a unit progresses, Morgan Advanced Materials has exited an investee, netting over GBP50 million, while McBride has secured a deal with a former Reckitt unit.
Here is what you need to know before the London market open:
----------
MARKETS
----------
FTSE 100: called 0.2% at 10,814.54
GBP: higher at USD1.3592 (USD1.3588 at previous London equities close)
----------
BROKER RATINGS
----------
Berenberg raises Hochschild Mining price target to 800 (570) pence - 'buy'
----------
COMPANIES - FTSE 250
----------
Engineering and refractories company Goodwin hails record annual profit and it says a sales process for its Mechanical Engineering division is progressing well. Pretax profit in the year to April 30 fell 0.5% to GBP10.9 million from GBP11.0 million the year prior, while revenue climbed 2.3% to GBP68.9 million from GBP67.3 million. Trading profit more than doubled to a record GBP77.5 million from GBP35.5 million. Including discontinued operations, revenue was up 27% at GBP280.0 million from GBP219.7 million, while pretax profit jumped to GBP77.6 million from GBP34.3 million. The Mechanical Engineering is classified as discontinued. "Whilst there has been growth in all our manufacturing companies, the Mechanical Engineering division in particular has continued to experience a substantial increase in customers' demand for precision-machined, high-integrity castings into mission critical defence and nuclear applications. As a result of continued investment in its customer relationships, engineering expertise and manufacturing capabilities, Goodwin has positioned itself to be a leading supplier on many UK and US Navy frigate and submarine programmes," Goodwin says. "The significant improvement in the performance of the Mechanical Engineering division, together with its strong market position and attractive growth prospects, has substantially enhanced its strategic value and generated considerable external interest." Goodwin in August confirmed it launched a strategic review, including considering the potential sale of a substantial part of its Mechanical Engineering arm. It adds on Friday: "The sale process is progressing well, and the group has been in discussions with a number of potentially interested parties, as well as continuing the important strategic dialogue we have with all our stakeholders. Our customers, suppliers and employees should expect business to continue uninterrupted, and management remains fully committed to maintaining the high standards of service and operational performance that have underpinned the success of these businesses." It expects to return a "substantial" portion of any disposal proceeds to shareholders. For the year ended April, Goodwin lifts its final dividend by 18% to 330 pence from 280p.
----------
Morgan Advanced Materials says it has exited Foseco India. The manufacturer of specialist thermal, ceramic and carbon products sells 1.2 million shares in Foseco India, a 15% stake, for around GBP53 million. "The proceeds will be used to reduce net debt, consistent with the group's previously stated focus on de-leveraging," the firm adds. Morgan Advanced received the Foseco India shares as part of the sale of its former Molten Metal Systems business to Vesuvius last year.
----------
OTHER COMPANIES
----------
Hutchmed China says a new drug application for fanregratinib has been approved by the China National Medical Products Administration. The approval is for the treatment of adults with a form of cholangiocarcinoma, a type of cancer that forms in the bile ducts. "Fanregratinib will be marketed in China under the brand name Atled," Hutchmed says.
----------
Residential property developer Watkin Jones says a number of transactions it hoped to conclude before the end of its financial year are now likely to not be sealed in time. As a result, Watkin Jones expects adjusted operating profit for the year to September 30 to be "at a similar level" to what it achieved in the first half. Half-year adjusted operating profit amounted to GBP400,000. In July, it reported it was "actively engaged with investors on a small number of transactions which have the potential to conclude in the final quarter". The conclusion of these deals was needed in order for Watkin Jones "to deliver adjusted operating profit progression in the second half over the first half", it said at the time. The firm says on Friday: "Whilst investor engagement in each of these schemes remains active, the board has concluded that it is now unlikely that all of these transactions will be finalised by the year end. As a result, the group is expected to deliver adjusted operating profit for the full year at a similar level to H1."
----------
McBride says it has landed a strategic partnership with EH Group BV, or Vestacy, which owns home care brands Air Wick, Calgon, Cillit Bang and Mortein. McBride, a supplier of private label products for household and professional cleaning, is to acquire two manufacturing facilities located in Spain and Portugal for a nominal fee. "The transfer of the Iberian manufacturing assets is part of a new, long-term strategic partnership between McBride and Vestacy. The contract manufacturing agreements, which have a duration of between five and eight years, will see the group manufacture a variety of household products for Vestacy," McBride says. Vestacy is to fund most of the additional equipment required in the McBride output network, totalling GBP34 million. "This structure minimises the upfront capital requirement for the group while securing long-term, manufacturing volumes," McBride says. McBride will be responsible for around GBP12 million of transition and project costs, alongside around GBP5 million of specific capital expenditure over the next two years. McBride expects the deal to be "materially earnings accretive". "At maturity, the new agreement, when combined with other contracts being signed in parallel, is expected to generate revenues annualising at GBP170 million during H2 FY28 from volumes at the two acquired sites and from volumes currently produced by a third-party supplier," it says. "Profit margins are expected to be in line with existing McBride levels, delivering EPS growth consistent with revenue growth." The brands were part of Reckitt Benckiser's Essential Home division, sold to Advent International at the end of last year.
----------
By Eric Cunha, Alliance News news editor
Comments and questions to [email protected]
Copyright 2026 Alliance News Ltd. All Rights Reserved.
Related Shares:
HochschildGoodwinMorgan Advanced MaterialsHutchmedWatkin JonesMcbride