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Goodwin's 9mnth pretax profit, revenue down

17 March 2016 10:05

Goodwin said in the nine months to end-January it booked revenue of GBP87.5m, from GBP108.5m a year ago. Pretax profit over the same period was GBP9.0m, from GBP17.3m.

"There have been no significant adverse events and whilst many of our engineering division customers in the oil, gas, mining and power generation business are having a difficult time, overall, as a Group, the order input for the first three quarters of this financial year versus the same period last financial year has increased by 15%," Goodwin said in an interim management statement.

"This increase has in part been helped by the refractory engineering division continuing to grow and by our antenna systems company, Easat, now having an historic record order book for primary and secondary radar. We are also obtaining significant valve orders for LNG terminals and for the Middle East.

"For the above reasons, we do not expect the next financial year to be as difficult as we had once feared.

"During the third quarter we purchased a casting powder company in China which is complementary to our slightly larger existing two Chinese casting powder companies. This will help enhance critical mass and market share."

At 10:05am: (LON:GDWN) Goodwin PLC share price was +172.5p at 1752.5p

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Related Company: GDWN

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