Goodwin PLC Interim Management Statement (1803Z)

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RNS Number : 1803Z

Goodwin PLC

10 March 2017

Goodwin PLC today announces its third quarter Interim Management Statement for the period 1(st) November 2016 to 31(st) January 2017.

The consolidated, abbreviated and unaudited income statement below for the nine months' trading ending 31(st) January 2017 shows revenue of GBP105.5 million (2016: GBP87.5 million) and profit before taxation of GBP8.2 million (2016: GBP9.0 million).

Whilst the turnover is up by 20.6%, the profitability has reduced by 8.5%, this being a feature of much fiercer competition for the lower level of orders being placed in the oil and gas industry.

The oil, gas and mining industry markets remain very quiet and the order input for the Group as a whole is 10% lower than that at the third quarter last year. The refractory engineering division companies both in the UK and overseas are still increasing sales volumes and profit.

Our focus remains on trying to improve cash flow and in handling the very significant currency swings that have resulted following the Brexit vote.

J. W. GOODWIN

Chairman

GOODWIN PLC

Consolidated, Abbreviated and Unaudited Income Statement

for the nine months ended 31st January 2017

 
                            Unaudited   Unaudited       Audited 
                             9 Months    9 Months     12 Months 
                                Ended       Ended         Ended 
                                 31st        31st          30th 
                              January     January         April 
                                 2017        2016          2016 
                              GBP'000     GBP'000       GBP'000 
 
 Revenue - Continuing         105,474      87,489       123,539 
                           ----------  ----------  ------------ 
 
 Operating Profit               8,885       9,275        12.748 
 
 Financial Expenses             (805)       (419)         (775) 
 Share of Profit of 
  Associate Companies             158         148           341 
 
 Profit Before Taxation         8,238       9,004        12,314 
 
 Tax on Profit                (2,056)     (1,870)       (3,376) 
 
 Profit for the Period          6,182       7,134         8,938 
                           ==========  ==========  ============ 
 Attributable to: 
 Equity Holders of the 
  Parent                        5,813       6,628         8,838 
 Minority Interest                369         506           100 
                           ----------  ----------  ------------ 
                                6,182       7,134         8,938 
                           ==========  ==========  ============ 
 Earnings Per Ordinary 
  Share: 
 Basic and Diluted             80.74p      92.06p       122.75p 
 

10th March 2017

This information is provided by RNS

The company news service from the London Stock Exchange

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March 10, 2017 09:15 ET (14:15 GMT)