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Annual Results

Goodwin pre-tax profits fall

24 July 2015 09:09

Goodwin's pre-tax profits fell to £20.1m in the year to the end of April - 16.6% down on last time.

Revenues were 2.9% lower at £127.0m. The directors propose an unchanged ordinary dividend of 42.348p per share.

The gross profit of £41m was lower by 7.9% than for the previous financial year.

Goodwin said the deterioration in gross and pre-tax profits stemmed from the oil and gas engineering market sector, with order placing activity having substantially contracted in the first quarter of the financial year which resulted in the first quarter order input being 32% down on the corresponding period in the previous year.

It said this situation had, however, progressively recovered by the close of the year such that the order input for the full 12 months was only 19% down as compared to the previous financial year.

This lower level of available orders has also resulted in higher level of competition which has and will impact on its gross margins and pre-tax profits.

The group order workload as at 30 April was 22% lower than a year ago and stood at £79 million.

Goodwin says this level of workload increased in the first two months of the new financial year and there is a possibility that the performance in this new financial year will not be as bad as feared.

At 9:09am: (LON:GDWN) Goodwin PLC share price was -47.5p at 2552.5p

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