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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Goodwin Plc | LSE:GDWN | London | Ordinary Share | GB0003781050 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
340.00 | 5.09% | 7,020.00 | 6,880.00 | 7,080.00 | 7,080.00 | 6,700.00 | 6,700.00 | 5,588 | 16:35:27 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Engineering Services | 185.74M | 15.9M | 2.1178 | 33.34 | 530.18M |
TIDMGDWN
RNS Number : 6649V
Goodwin PLC
15 December 2021
GOODWIN PLC
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
for the half year ended 31st October 2021
CHAIRMAN'S STATEMENT
The pre-tax profit for the Group for the first six month period ending 31st October 2021 was GBP7.7 million (2020: GBP5.8 million) on a revenue of GBP69 million.
At the half year the Group's workload remains steady at GBP156 million and does not yet contain some of the major projects that the Mechanical Engineering Division has confidently been pursuing within the military, nuclear waste re-processing and surveillance markets.
The Refractory Engineering Division has delivered a strong performance and its activity continues to travel on an upward trajectory, delivering like-for-like sales growth of 40%. With the recent acquisitions now generating revenue; our end user markets growing; our research and development investment programmes in the fire protection and construction products now gaining traction in their respective markets, the Division currently represents 40% of the Group's revenue. The Division's focus on price increases, global sourcing, network capabilities and operational footprint has enabled it to date to manage the price pressures and supply chain disruptions.
The Mechanical Engineering Division has experienced low levels of activity due to customer approval delays on documentation for cast and machined products going into complex stakeholder environments. This, coupled with navigating supply availability and increased energy costs (with there being a time lag before such costs can be passed on to the end users), has impacted both sales and profitability in the first six months of the year. We now have in place fixed price energy contracts that go out until June 2023 that will remove the extreme spikes in energy prices that were seen in September 2021. A pragmatic approach has also been taken to highlight and reduce the amount of red tape and address the increased costs of production that will enable efficient production, moving forward, of orders in hand.
The Group's net debt stands at GBP34.8 million (31st October 2020: GBP31.1 million) with a relatively moderate level of gearing of 31.7%. During the six month period just completed, the Group's cash generation has been reduced by the requirement of additional working capital as new projects start to ramp up. Furthermore, the Group has proceeded as planned with its investment programme that is spread across both Divisions, including projects that will reduce its carbon footprint and its reliance on the energy markets, details of which will be released in the next Annual Report.
T. J. W. Goodwin Chairman 15(th) December 2021
Management report
Financial Highlights
Unaudited Unaudited Audited Year Half Year Half Year Ended to 31st October to 2021 31st October 31st October 30th April 2021 2020 2021 GBP'm GBP'm GBP'm Consolidated Results Revenue 68.9 62.6 131.2 Operating profit 8.2 6.1 17.1 Profit before tax 7.7 5.8 16.5 Profit after tax 6.0 4.5 13.0 Capital Additions: Property, plant and equipment [PPE] owned 9.0 7.5 11.9 PPE (right-of-use assets) 1.1 0.8 2.4 Operating lease assets (IAS 17 definition) - (0.1) (1.1) Intangible assets 0.6 0.6 1.7 -------------------------------------------- ----------------- ------------- ------------- Capital Expenditure for KPI purposes 10.7 8.8 14.9 -------------------------------------------- ----------------- ------------- ------------- Earnings per share - basic 72.12p 56.64p 167.82p Earnings per share - diluted 72.12p 55.42p 164.23p
Turnover
Sales revenue of GBP68,884,000 for the half year represents a 10% increase from the GBP62,628,000 achieved during the same period last year.
Profit Before Tax
Profit before tax for the six months of GBP7,723,000 represents a 34% increase from the GBP5,774,000 achieved for the same six month period last year.
Key performance indicators
The key performance indicators for the business are listed below:
Unaudited Unaudited Audited Year Half Year Half Year Ended to to 31st October 31st October 30th April 2021 2020 2021 Gross profit as a % of turnover 29.5 25.9 29.7 Other income (in GBP millions) - - 0.8 Profit before tax (in GBP millions) 7.7 5.8 16.5 Gearing % 31.7 29.8 15.4 Non cash charges (in GBPmillions) Depreciation 2.9 2.7 5.7 Depreciation of right-of-use assets 0.5 0.4 1.0 Amortisation 0.7 0.7 1.6 Total non cash charges 4.1 3.8 8.3
Alternative performance measures mentioned above are defined in note 34 on page 84 of the Group Annual A ccounts to 30th April 2021 .
2021/22 Outlook
Even with the expectation of an increased order input over the next six months, we expect the second half year pre-tax profits of this financial year to be possibly slightly better than the first half and for the benefit of increased activity and profitability to be realised over the next eighteen months.
This improvement is a feature of the strategic transformation of the foundry and its progress in creating an efficient environment to deliver high volume, high quality products for nuclear waste and cast naval components for its new customer base following the decline of its traditional oil and gas business. Furthermore, whilst we continue to experience inflationary pressures, the offsetting benefit of increased selling prices will be recognised within the next financial year.
The momentum within the Refractory Engineering Division shows no signs of slowing and the Group's eight companies supplying consumables to the jewellery casting, fire protection and construction sectors are well placed moving forward to continue to deliver strong results subject to raw material availability and consumer demand.
Risks and Uncertainties
The Group, mainly through its centralised management structure, makes best endeavours to have in place internal control procedures to identify and manage the key risks and uncertainties affecting the Group. We would refer you to pages 12 to 13 of the Group Annual Accounts to 30th April 2021 which describe the principal risks and uncertainties, and to note 26 (starting on page 73) which describes in detail the key financial risks and uncertainties affecting the business such as credit risk and foreign exchange risk.
Judging the future relationship of the major currency pairs of the US Dollar, Sterling and the Euro continues to be a challenge.
The Group (see page 76 of the Group Annual Accounts to 30th April 2021) has mitigated the impact of rising interest rates by fixing the effective base rate at less than 1% for a notional GBP30 million of debt for the next ten years.
Report on Expected Developments
This report describes the expected developments of the Group during the year ended 30th April 2022 . The report may contain forward-looking statements and information based on current expectations, and assumptions and forecasts made by the Group. These expectations and assumptions are subject to various known and unknown risks, uncertainties and other factors, which could lead to substantial differences between the actual future results, financial performance and the estimates and historical results given in this report. Many of these factors are outside the Group's control. The Group accepts no liability to publicly revise or update these forward-looking statements or adjust them to future events or developments, whether as a result of new information, future events or otherwise, except to the extent legally required.
Going concern
The Group once again continues to trade profitably and with the current order book level we are confident that this will continue and improve, especially as we move in to the next financial year. Whereas many companies have struggled with the impacts of Covid-19, the Group has remained open to carry on with its value added activities. As in previous periods, the levels of depreciation and amortisation (both non cash items) remain significant thus masking the true cash generating capability of the Group. As at 31st October 2021, the Group net debt stood at GBP34.8 million (31st Oct 2020 GBP31.1 million) as set out in note 10 to these accounts. Whilst the net debt levels are higher than those recorded as at April 2021 and October 2020 the gearing level at 31.7% is still modest and the Board considers that the banking headroom (facilities versus utilisation) is acceptable. Given the foregoing, the Directors do not see an issue with the continued ability of the Group to meet its financial commitments and so have drawn up these accounts on a going concern basis.
Responsibility statement of the Directors in respect of the half-yearly financial report
The Directors confirm to the best of their knowledge that 1) this condensed set of financial statements has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the United Kingdom and that 2) the Interim Management Report and condensed financial statements include a fair review of the information required by Disclosure and Transparency Rules 4.2.7R (being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year) and 4.2.8R (being related party transactions that have taken place in the first six months of the financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last Annual Report that could do so).
T.J. W. Goodwin Chairman 15th December 2021
Condensed Consolidated Statement of Profit or Loss
for the half year to 31st October 2021
Unaudited Unaudited Audited Half Year Half Year Year Ended to to 31st October 31st October 30th April 2021 2020 2021 GBP'000 GBP'000 GBP'000 Continuing operations Revenue 68,884 62,628 131,231 Cost of sales (48,529) (46,404) (92,230) Gross profit 20,355 16,224 39,001 Other income - - 763 Distribution expenses (1,817) (1,320) (2,988) Administrative expenses (10,335) (8,833) (19,682) Operating profit 8,203 6,071 17,094 Finance costs (net) (513) (323) (640) Share of profit of associate companies 33 26 60 Profit before taxation 7,723 5,774 16,514 Tax on profit (1,719) (1,289) (3,508) Profit after taxation 6,004 4,485 13,006 Attributable to: Equity holders of the parent 5,546 4,171 12,494 Non-controlling interests (NCI) 458 314 512 Profit for the period 6,004 4,485 13,006 Basic earnings per ordinary share (Note 9) 72.12p 56.64p 167.82p Diluted earnings per ordinary share (Note 9) 72.12p 55.42p 164.23p
Condensed Consolidated Statement of Comprehensive Income
for the half year to 31st October 2021
Unaudited Unaudited Audited Half Year Half Year Year Ended to to 31st October 31st October 30th April 2021 2020 2021 GBP'000 GBP'000 GBP'000 Profit for the period 6,004 4,485 13,006 Other comprehensive (expense) / income Items that are or may be reclassified subsequently to the income statement Foreign exchange translation differences (697) 593 (1,371) Effective portion of changes in fair value of cash flow hedges 754 (293) 1,296 Ineffective portion of changes in fair value of cash flow hedges - (617) (657) Change in fair value of cash flow hedges transferred to profit or loss (731) 935 1,932 Effective portion of changes in fair value of cost of hedging (145) 88 (37) Ineffective portion of change in fair value cost of hedging - 581 631 Change in fair value of cost of hedging transferred to profit or loss (10) 281 381 Tax on items that are or may be reclassified subsequently to profit or loss (91) (186) (673) Other comprehensive (expense) / income for the period, net of income tax (920) 1,382 1,502 Total comprehensive income for the period 5,084 5,867 14,508 Attributable to: Equity holders of the parent 4,732 5,465 14,081 Non-controlling interests 352 402 427 5,084 5,867 14,508
Condensed Consolidated Statement of Changes in Equity
for the half year to 31st October 2021
Total attribut-able Cash to equity Share-based flow Cost holders Share Translat-ion payments hedge of hedging Retained of the Non-controll-ing Total capital reserve reserve reserve reserve earnings parent interests equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Half year to 31st October 2021 (Unaudited) Balance at 1st May 2021 753 (852) 5,244 1,601 (1) 106,396 113,141 4,887 118,028 Total comprehensive income: Profit - - - - - 5,546 5,546 458 6,004 Other comprehensive income: Foreign exchange translation differences - (591) - - - - (591) (106) (697) Net movements on cash flow hedges - - - (113) (110) - (223) - (223) Total comprehensive income / (expense) for the period - (591) - (113) (110) 5,546 4,732 352 5,084 Issue of shares 16 - - - - - 16 - 16 Dividends paid - - - - - (7,862) (7,862) (187) (8,049) Acquisition of NCI without a change in control - - - - - (74) (74) (356) (430) Balance at 31st October 2021 769 (1,443) 5,244 1,488 (111) 104,006 109,953 4,696 114,649
Condensed Consolidated Statement of Changes in Equity
for the half year to 31st October 2021
Total attribut-able Cash to equity Share-based flow Cost holders Share Translat-ion payments hedge of hedging Retained of the Non-controll-ing Total capital reserve reserve reserve reserve earnings parent interests equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Half year to 31st October 2020 (Unaudited) Balance at 1st May 2020 736 361 5,244 (499) (743) 99,918 105,017 4,585 109,602 Total comprehensive income: Profit - - - - - 4,171 4,171 314 4,485 Other comprehensive income: Foreign exchange translation differences - 502 - - - - 502 91 593 Net movements on cash flow hedges - - - 68 724 - 792 (3) 789 Total comprehensive income for the period - 502 - 68 724 4,171 5,465 402 5,867 Issue of shares 16 - - - - - 16 - 16 Dividends paid - - - - - (6,016) (6,016) (125) (6,141) Balance at 31st October 2020 752 863 5,244 (431) (19) 98,073 104,482 4,862 109,344
Condensed Consolidated Statement of Changes in Equity
for the half year to 31st October 2021
Total attribut-able Cash to equity Share-based flow Cost holders Share Translat-ion payments hedge of hedging Retained of the Non-controll-ing Total capital reserve reserve reserve reserve earnings parent interests equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Year ended 30th April 2021 (Audited) Balance at 1st May 2020 736 361 5,244 (499) (743) 99,918 105,017 4,585 109,602 Total comprehensive income: Profit - - - - - 12,494 12,494 512 13,006 Other comprehensive income: Foreign exchange translation differences - (1,255) - - - - (1,255) (116) (1,371) Net movements on cash flow hedges - - - 2,100 742 - 2,842 31 2,873 Total comprehensive income / (expense) for the period - (1,255) - 2,100 742 12,494 14,081 427 14,508 Issue of shares 17 - - - - - 17 - 17 Dividends paid - - - - - (6,016) (6,016) (125) (6,141) Recycling of translation reserve on disposal of subsidiary - 42 - - - - 42 - 42 Balance at 30th April 202 1 753 (852) 5,244 1,601 (1) 106,396 113,141 4,887 118,028
Condensed Consolidated Balance Sheet
as at 31st October 2021
Unaudited Unaudited Audited as at as at as at 31st October 31st October 30th April 2021 2020 2021 GBP'000 GBP'000 GBP'000 Non-current assets Property, plant and equipment 82,949 74,404 77,063 Right-of-use assets 4,276 5,728 3,691 Investment in associates 815 853 829 Intangible assets 24,500 24,770 24,813 Derivative financial assets 613 1,145 191 Other financial assets at amortised cost - 137 - 113,153 107,037 106,587 Current assets Inventories 37,315 45,359 34,547 Contract assets 13,245 15,685 15,844 Trade and other financial assets 23,940 23,959 20,540 Other receivables 6,298 5,669 5,498 Deferred tax asset 144 151 129 Derivative financial assets 3,001 1,067 4,106 Cash and cash equivalents 12,257 10,915 15,160 96,200 102,805 95,824 Total assets 209,353 209,842 202,411 Current liabilities Bank overdrafts and interest-bearing liabilities 1,853 33,661 1,607 Contract liabilities * 14,542 25,461 14,332 Trade payables and other financial liabilities 16,606 19,724 21,730 Other payables 4,102 4,260 4,025 Derivative financial liabilities 1,262 1,011 2,016 Liabilities for current tax 1,689 1,881 1,174 Provisions for liabilities and charges 512 81 608 40,566 86,079 45,492 Non-current liabilities Interest-bearing liabilities 47,053 9,709 33,066 Derivative financial liabilities 336 474 - Provisions for liabilities and charges 304 414 251 Deferred tax liabilities 6,445 3,822 5,574 54,138 14,419 38,891 Total liabilities 94,704 100,498 84,383 Net assets 114,649 109,344 118,028 Equity attributable to equity holders of the parent Share capital 769 752 753 Translation reserve (1,443) 863 (852) Share-based payments reserve 5,244 5,244 5,244 Cash flow hedge reserve 1,488 (431) 1,601 Cost of hedging reserve (111) (19) (1) Retained earnings 104,006 98,073 106,396 Total equity attributable to equity holders of the parent 109,953 104,482 113,141 Non-controlling interests 4,696 4,862 4,887 Total equity 114,649 109,344 118,028
* Contract liabilities include advance payments from customers of GBP13,766,000 (October 2020: GBP24,991,000), with the balance of GBP776,000 (October 2020: GBP470,000) being costs accrued for contracts.
Condensed Consolidated Statement of Cash Flows
for the half year ended 31st October 2021
Unaudited Unaudited Audited Half Half Year Year ended Year to to 31st 30th April 31st October October 2021 2021 2020 GBP'000 GBP'000 GBP'000 Cash flows from operating activities Profit from continuing operations after tax 6,004 4,485 13,006 Adjustments for: Depreciation of property, plant and equipment 2,932 2,715 5,696 Depreciation of right-of-use assets 456 424 972 Amortisation of intangible assets 747 745 1,566 Finance costs (net) 513 323 640 Foreign exchange losses 125 48 292 Profit on sale of property, plant and equipment (95) (32) (745) Profit on disposal of subsidiary - - (32) Share of profit of associate companies (33) (26) (60) Tax expense 1,719 1,289 3,508 Cash generated from operating activities before changes in working capital and provisions 12,368 9,971 24,843 (Increase) / decrease in inventories (3,073) 85 10,344 Decrease / (increase) in contract assets 2,583 (9,083) (9,242) (Increase) / decrease in trade and other receivables (4,076) (53) 2,885 Increase / (decrease) in contract liabilities 266 6,509 (4,428) (Decrease) / increase in trade and other payables (5,192) (3,351) 1,047 Decrease / (increase) in unhedged derivative balances 180 181 (438) Cash inflow from operations 3,056 4,259 25,011 Interest paid (513) (388) (734) Corporation tax paid (576) (958) (3,068) Net cash from operating activities 1,967 2,913 21,209 Cash flows from investing activities Proceeds from sale of property, plant and equipment 213 136 1,958 Acquisition of property, plant and equipment (9,220) (7,261) (11,738) Additional investment in existing subsidiaries (430) - - Acquisition of intangible assets (269) (600) (719) Development expenditure capitalised (408) (450) (1,420) Net cash outflow from investing activities (10,114) (8,175) (11,919) Cash flows from financing activities Proceeds from issue of share capital 16 16 17 Payment of capital element of lease obligations (385) (787) (1,635) Dividends paid (7,862) (6,016) (6,016) Dividends paid to non-controlling interests (187) (125) (125) Proceeds from new loans and committed facilities 14,200 12,048 35,048 Repayment of loans and committed facilities (355) (389) (30,772) Net cash inflow / (outflow) from financing activities 5,427 4,747 (3,483) Net (decrease) / increase in cash and cash equivalents (2,720) (515) 5,807 Cash and cash equivalents at beginning of year 15,160 9,449 9,449 Effect of exchange rate fluctuations on cash held (183) 109 (96) Closing cash and cash equivalents (Note 13) 12,257 9,043 15,160
Notes
to the Condensed Consolidated Interim Financial Statements
1. Reporting entity
Goodwin PLC (the "Company") is a company incorporated in England and Wales. The unaudited condensed consolidated interim financial statements of the Company as at and for the six months ended 31st October 2021 comprise the Company, its subsidiaries, and the Group's interests in associates (together referred to as the "Group").
The audited consolidated financial statements of the Group as at and for the year ended 30th April 2021 are available upon request from the Company's registered office at Ivy House Foundry, Hanley, Stoke-on-Trent, ST1 3NR or via the Company's web site: www.goodwin.co.uk.
2. Statement of compliance
These unaudited condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted in the United Kingdom. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the audited consolidated financial statements of the Group as at and for the year ended 30th April 2021.
The comparative figures for the financial year ended 30th April 2021 are extracts and not the full Group's statutory accounts for that financial year. Those accounts have been reported on by the Company's auditors and delivered to the Registrar of Companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498(2) or (3) of the Companies Act 2006.
The Audit Committee has reviewed these unaudited condensed consolidated interim financial statements and has advised the Board of Directors that, taken as a whole, they are fair, balanced and understandable and provide the information necessary for shareholders to assess the Group's half year performance. These unaudited condensed consolidated interim financial statements were approved by the Board of Directors on 15th December 2021.
3. Significant accounting policies
The accounting policies applied by the Group in these unaudited condensed consolidated financial statements are the same as those applied by the Group in its audited consolidated financial statements as at and for the year ended 30th April 2021. The changes in accounting policies are to be reflected in the Group's consolidated financial statements as at and for the year ending 30th April 2022.
The following amendments became effective and therefore were adopted by the Group.
-- Interest Rate Benchmark Reform - Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS4 and IFRS 16)
The above amendments have not had a material impact on profit, earnings per share and net assets.
New IFRS standards, amendments and interpretations not adopted
The IASB and IFRIC have issued additional standards and amendments which are effective for periods starting after the date of these financial statements. The following amendments have not yet been adopted by the Group:
-- Amendments to IAS 16 - Property, plant and equipment: proceeds before intended use (effective for annual periods beginning on or after 1st January 2022)
The Group does not expect the above amendments to have a material impact on profit, earnings per share and net assets in future periods.
4. Accounting estimates and judgements
The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
In preparing these unaudited consolidated interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the audited consolidated financial statements as at and for the year ended 30th April 2021.
The tax charge in the period is based on management's estimate of the weighted average annual income tax rate expected for the full financial year applied to the pre-tax income of the interim period, and the impact of any disallowed costs.
5. Operating Segments
Products and services from which reportable segments derive their revenues
In accordance with the requirements of IFRS 8 "Operating Segments", the Group's reportable segments, based on information reported to the Group's Board of Directors for the purposes of resource allocation and assessment of segment performance, are as follows:
-- Mechanical Engineering - casting, machining, pumps, surveillance and general engineering
-- Refractory Engineering - jewellery investment casting powder and mineral processing
Information regarding the Group's operating segments is reported in the following tables.
Segmental Revenue
Mechanical Engineering Refractory Engineering Sub Total Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Half Half Audited Half Half Audited Half Half Audited Year Year Year Year Year Year Year Year Year Ended Ended Ended Ended Ended Ended Ended Ended Ended 31st 31st 30th 31st 31st 30th 31st 31st 30th October October April October October April October October April 2021 2020 2021 2021 2020 2021 2021 2020 2021 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Revenue External sales 41,544 43,121 86,616 27,340 19,507 44,615 68,884 62,628 131,231 Inter-segment sales 8,203 9,418 20,871 7,103 4,651 11,526 15,306 14,069 32,397 Total revenue 49,747 52,539 107,487 34,443 24,158 56,141 84,190 76,697 163,628 Reconciliation to consolidated revenues: Inter-segment sales (15,306) (14,069) (32,397) Consolidated revenue for the period 68,884 62,628 131,231
Segmental profits
Mechanical Engineering Refractory Engineering Sub Total Unaudited Unaudited Unaudited Unaudited Half Half Audited Half Half Audited Unaudited Unaudited Year Year Year Year Year Year Half Year Half Year Audited Ended Ended Ended Ended Ended Ended Ended Ended Year Ended 31st 31st 30th 31st 31st 30th 31st October 31st October 30th April October October April October October April 2021 2020 2021 2021 2020 2021 2021 2020 2021 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Profits Segment result including associates 3,565 4,587 10,823 6,048 2,309 9,340 9,613 6,896 20,163 Group administration costs (1,377) (799) (3,009) Group finance costs (net) (513) (323) (640) Consolidated profit before tax for the period 7,723 5,774 16,514 Tax (1,719) (1,289) (3,508) Consolidated profit after tax for the period 6,004 4,485 13,006
Segmental Assets and Liabilities
Segmental total assets Segmental total liabilities Segmental net assets Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Half Half Audited Half Half Audited Half Half Audited Year Year Year Year Year Year Year Year Year Ended Ended Ended Ended Ended Ended Ended Ended Ended 31st 31st 30th 31st 31st 30th 31st 31st 30th October October April October October April October October April 2021 2020 2021 2021 2020 2021 2021 2020 2021 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Mechanical Engineering 104,014 105,602 92,929 76,441 78,068 66,909 27,573 27,534 26,020 Refractory Engineering 46,094 42,239 44,114 18,376 21,643 20,591 27,718 20,596 23,523 Sub total reportable segment 150,108 147,841 137,043 94,817 99,711 87,500 55,291 48,130 49,543 Goodwin PLC (the Company) net assets 75,450 76,944 83,998 Elimination of Goodwin PLC investments (25,822) (25,801) (25,392) Goodwill 9,730 10,071 9,879 Consolidated total net assets 114,649 109,344 118,028
Segmental Capital Expenditure
Property, plant and equipment Right-of-use assets Intangible assets Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Half Half Audited Half Half Audited Half Half Audited Year Year Year Year Year Year Year Year Year Ended Ended Ended Ended Ended Ended Ended Ended Ended 31st 31st 30th 31st 31st 30th 31st 31st 30th October October April October October April October October April 2021 2020 2021 2021 2020 2021 2021 2020 2021 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Goodwin PLC 6,094 4,107 5,315 1,078 690 1,180 188 29 151 Mechanical Engineering 2,228 2,459 4,952 - 71 1,146 420 495 1,123 Refractory Engineering 715 932 1,570 - - 74 21 40 456 Total 9,037 7,498 11,837 1,078 761 2,400 629 564 1,730
Segmental Depreciation and Amortisation
Depreciation Amortisation and impairment Unaudited Unaudited Unaudited Unaudited Half Half Audited Half Half Audited Year Year Year Year Year Year Ended Ended Ended Ended Ended Ended 31st 31st 30th 31st 31st 30th October October April October October April 2021 2020 2021 2021 2020 2021 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Goodwin PLC 1,733 1,506 2,970 506 510 1,106 Mechanical Engineering 988 1,020 2,346 21 3 20 Refractory Engineering 667 613 1,352 220 232 440 Total 3,388 3,139 6,668 747 745 1,566 6. Geographical segments Half Year Ended 31st October Half Year Ended 31st October 2021 2020 Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Revenue Operational Non-current PPE capital Revenue Operational Non-current PPE capital net assets assets expenditure net assets assets expenditure GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 UK 17,815 76,575 92,602 8,854 17,928 72,558 85,076 6,638 Rest of
Europe 9,212 8,069 3,878 926 9,598 9,208 3,515 183 USA 6,159 - - - 5,557 - - - Pacific Basin 16,025 15,044 7,375 97 13,267 14,734 8,875 615 Rest of World 19,673 14,961 9,298 238 16,278 12,844 9,571 823 Total 68,884 114,649 113,153 10,115 62,628 109,344 107,037 8,259 Year Ended 30th April 2021 Audited Audited Audited Audited Revenue Operational Non-current PPE capital net assets assets expenditure GBP'000 GBP'000 GBP'000 GBP'000 UK 39,755 81,982 89,944 11,911 Rest of Europe 21,473 8,309 3,264 276 USA 8,027 - - - Pacific Basin 28,255 13,708 6,499 734 Rest of World 33,721 14,029 6,880 1,316 Total 131,231 118,028 106,587 14,237 7. Revenue
The Group's revenue is derived from contracts with customers. The following tables provide an analysis of revenue by geographical market and by product line.
Mechanical Refractory Engineering Engineering Total GBP'000 GBP'000 GBP'000 Primary Geographical markets Unaudited half year ended 31st October 2021 UK 11,256 6,559 17,815 Rest of Europe 5,327 3,885 9,212 USA 5,796 363 6,159 Pacific Basin 5,461 10,564 16,025 Rest of World 13,704 5,969 19,673 Total 41,544 27,340 68,884 Unaudited half year ended 31st October 2020 UK 12,548 5,380 17,928 Rest of Europe 6,677 2,921 9,598 USA 5,444 113 5,557 Pacific Basin 4,698 8,569 13,267 Rest of World 13,754 2,524 16,278 Total 43,121 19,507 62,628 Audited year ended 30th April 202 1 UK 28,258 11,497 39,755 Rest of Europe 15,123 6,350 21,473 USA 7,596 431 8,027 Pacific Basin 10,899 17,356 28,255 Rest of World 24,740 8,981 33,721 Total 86,616 44,615 131,231 Product lines Unaudited half year ended 31st October 2021 Standard products and consumables 5,105 27,340 32,445 Bespoke engineered products - point in time 6,022 - 6,022 Point in time revenue 11,127 27,340 38,467 Minimum period contracts for goods and services 1,879 - 1,879 Bespoke engineered products - over time 28,538 - 28,538 Over time revenue 30,417 - 30,417 Total revenue 41,544 27,340 68,884 Mechanical Refractory Total Engineering Engineering GBP'000 GBP'000 GBP'000 Product lines Unaudited half year ended 31st October 202 0 Standard products and consumables 4,487 19,507 23,994 Bespoke engineered products - point in time 9,702 - 9,702 Point in time revenue 14,189 19,507 33,696 Minimum period contracts for goods and services 1,626 - 1,626 Bespoke engineered products - over time 27,306 - 27,306 Over time revenue 28,932 - 28,932 Total revenue 43,121 19,507 62,628 Audited year ended 30th April 202 1 Standard products and consumables 10,630 44,615 55,245 Bespoke engineered products - point in time 11,203 - 11,203 Point in time revenue 21,833 44,615 66,448 Minimum period contracts for goods and services 3,306 - 3,306 Bespoke engineered products - over time 61,477 - 61,477 Over time revenue 64,783 - 64,783 Total revenue 86,616 44,615 131,231 8. Dividends
The Directors do not propose the payment of an interim dividend.
Unaudited Unaudited Audited Half Year Half Year Year Ended to to 31st October 31st October 30th April 2021 2020 2021 GBP'000 GBP'000 GBP'000 Equity Dividends Paid: Ordinary dividends paid during the 7,862 - - period in respect of the year ended 30th April 2021 (102.24p per share) Ordinary dividends paid during the period in respect of the year ended 30th April 2020 (81.71p per share) - 6,016 6,016 Total dividends paid during the period 7,862 6,016 6,016 9. Earnings Per Share Number of ordinary shares Unaudited Unaudited Audited as at as at as at 31st October 31st October 30th April 2021 2020 2021 Ordinary shares in issue Opening balance 7,526,400 7,363,200 7,363,200 Shares issued in the period 163,200 163,200 163,200 Closing balance 7,689,600 7,526,400 7,526,400 Outstanding ordinary share options - 163,200 163,200 Total ordinary shares (issued and options) 7,689,600 7,689,600 7,689,600 Weighted average number of ordinary shares in issue 7,689,600 7,364,087 7,445,024 Weighted average number of outstanding ordinary share options - 162,632 162,651 Denominator used for diluted earnings per share calculation 7,689,600 7,526,719 7,607,675 GBP'000 GBP'000 GBP'000 Relevant profits attributable to ordinary shareholders 5,546 4,171 12,494 10. Capital Management, Issuance and Repayment of Debt
At 31st October 2021 the capital utilised was GBP144,774,000, as shown below:
Unaudited Unaudited Audited as at as at as at 31st October 31st October 30th April 2021 2020 2021 GBP'000 GBP'000 GBP'000 Cash and cash equivalents (12,257) (10,915) (15,160) Total lease liabilities (Note 14) 3,997 2,785 3,374 Bank loans and committed facilities (Note 14) 44,909 38,713 31,299 Bank overdrafts (Note 14) - 1,872 - Net debt in accordance with IFRS 16 36,649 32,455 19,513 Operating lease debt (IAS 17 definition) (1,828) (1,334) (2,082) Relevant net debt for KPI purposes 34,821 31,121 17,431 Total equity attributable to equity holders of the parent 109,953 104,482 113,141 Capital 144,774 135,603 130,572
11. Property, plant and equipment
Unaudited Unaudited Unaudited Unaudited as at as at as at as at 31st October 31st October 31st October 31st October 2021 2021 2020 2020 GBP'000 GBP'000 GBP'000 GBP'000 Property, Right-of-use Property, Right-of-use plant and assets plant and assets equipment equipment Net book value at the beginning of the period 77,063 3,691 69,626 5,343 Additions 9,037 1,078 7,498 761 Disposals (at net book value) (117) - (104) - Depreciation (2,932) (456) (2,715) (424) Exchange adjustment (102) (37) 99 48 Net book value at the end of the period 82,949 4,276 74,404 5,728
12. Intangible assets
Unaudited Unaudited as at as at 31st October 31st October 2021 2020 GBP'000 GBP'000 Net book value at the beginning of the period 24,813 24,695 Additions 629 564 Amortisation (747) (745) Exchange adjustment (195) 256 Net book value at the end of the period 24,500 24,770
13. Cash and cash equivalents
Unaudited Unaudited Audited as at as at as at 31st October 31st October 30th April 2021 2020 2021 GBP'000 GBP'000 GBP'000 Cash and cash equivalents per balance sheet 12,257 10,915 15,160 Bank overdrafts - (1,872) - Cash and cash equivalents per cash flow statement 12,257 9,043 15,160
14. Interest-bearing liabilities
Unaudited Unaudited Audited as at as at as at 31st October 31st October 30th April 2021 2020 2021 GBP'000 GBP'000 GBP'000 Bank overdrafts - 1,872 - Bank loans - repayable by instalments 833 749 761 Bank loans - rolling credit facilities - 30,000 - Lease liabilities 1,020 1,040 846 Due within one year 1,853 33,661 1,607 Bank loans - repayable by instalments 4,076 4,964 4,538 Bank loans - rolling credit facilities 40,000 3,000 26,000 Lease liabilities 2,977 1,745 2,528 Due after more than one year 47,053 9,709 33,066 Bank overdrafts - 1,872 - Bank loans - repayable by instalments 4,909 5,713 5,299 Bank loans - rolling credit facilities 40,000 33,000 26,000 Lease liabilities 3,997 2,785 3,374 Total 48,906 43,370 34,673
15. Total Financial Assets and Financial Liabilities
The following table sets out the Group's accounting classification of its financial assets and financial liabilities, and their carrying amounts at 31st October 2021. The carrying amount is a reasonable approximation of fair value for all financial assets and financial liabilities.
Fair value Total carrying Fair value through profit amount / - hedging and loss Amortised fair value instruments (FVTPL) cost amount GBP'000 GBP'000 GBP'000 GBP'000 Financial assets measured at fair value Forward exchange contracts used for hedging 1,153 - - 1,153 Other forward exchange contracts - 2,081 - 2,081 Interest rate SWAP 380 - - 380 1,533 2,081 - 3,614 Financial assets not measured at fair value Cash and cash equivalents - - 12,257 12,257 Contract assets - - 13,245 13,245 Trade receivables and other financial assets 23,940 23,940 Corporation tax receivable 1,083 1,083 - - 50,525 50,525 Financial liabilities measured at fair value Forward exchange contracts used for hedging 457 - - 457 Other forward exchange contracts - 1,141 - 1,141 457 1,141 - 1,598 Financial liabilities not measured at fair value Bank loans - - 44,909 44,909 Lease liabilities - - 3,997 3,997 Contract liabilities - - 14,542 14,542 Trade payables and other financial liabilities 16,606 16,606 Corporation tax payable - - 1,689 1,689 - - 81,743 81,743
The forward exchange and interest rate SWAP contract assets and liabilities fair values in the above table are derived using Level 2 inputs as defined by IFRS 7 as detailed in the paragraph below.
IFRS 7 requires that the classification of financial instruments at fair value be determined by reference to the source of inputs used to derive the fair value. This classification uses the following three-level hierarchy: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs).
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