GOODWIN PLC
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
for the half year ended 31st October 2025
CHAIRMAN’S STATEMENT
The Board reports a solid trading performance for the Group, with trading profits for the six months to 31st October 2025 of £37.2 million (October 2024: £ 17.1 million). The workload as at the time of writing stands at £330 million.
Goodwin Steel Castings Ltd and Goodwin International Ltd continue to supply high-integrity components to the defence and nuclear sectors, with demand remaining robust. The pump businesses reported consistent results, with performance in India and South Africa helping to balance softer trading in Brazil and Australia. Easat Radar Systems Ltd. has achieved the award of a PSR system for Cornwall Airport along with orders from various other customers, and axial valve sales within Noreva GmbH are buoyant, driven primarily by the large LNG projects that are based in the United States and Qatar.
In the Refractory Engineering Division, performance remains resilient. The change in the purchasing dynamics of consumers, who continue to buy higher volumes of lower cost brass and silver costume jewellery, is driving volume requirements for our products. Dupré Minerals Ltd profits are marginally lower versus prior periods as core markets normalise post Covid boom sales in its industry sectors.
The Group’s net debt position was £5.8 million as at 31st October 2025. Following the payment of the one-off special interim dividend of 532 pence per share in November 2025, net debt increased to £53 million at the end of that month. This level is in line with expectations and represents a gearing of 46% at the end of November 2025.
It is also pleasing to confirm that the 14th cohort of apprentices started in September at the Goodwin Engineering Training School. The benefit of these apprentices is being seen in all parts of the Group as they grow and are appointed to manager and director level positions within the subsidiaries.
We wish to thank all of our employees here in the UK and overseas for the tremendous amount of hard work and devotion that is being put in to achieve the profits that are being reported.
| T.J.W. Goodwin | |
| Chairman | 15 December 2025 |
MANAGEMENT REPORT
Financial Highlights
| Unaudited | Unaudited | Audited | |
| Half Year to | Half Year to | Year ended | |
| 31st October | 31st October | 30th April | |
| 2025 | 2024 | 2025 | |
| £‘m | £’m | £’m | |
| Consolidated Results | |||
| Revenue | 135.6 | 106.4 | 219.7 |
| Operating profit | 37.2 | 18.2 | 37.1 |
| Trading profit * | 37.2 | 17.1 | 35.5 |
| Unrealised loss on 10 year interest rate swap derivative | (0.4) | (0.4) | (1.3) |
| Profit before tax | 36.8 | 16.7 | 34.3 |
| Profit after tax | 27.5 | 12.5 | 26.2 |
| Capital additions | |||
| Property, plant and equipment (PPE) owned | 7.2 | 5.3 | 15.0 |
| Property, plant and equipment (PPE) right-of-use assets | 1.0 | 0.1 | 0.1 |
| Intangible assets | 1.1 | 0.5 | 3.1 |
| Capital expenditure for KPI purposes | 9.3 | 5.9 | 18.2 |
| Earnings per share – basic and diluted | 351.70p | 150.91p | 327.17p |
* Trading profit is defined as profit before taxation excluding the movement in fair value of the interest rate swap.
Revenue
Revenue of £135.6 million for the six months represents a 27.4% increase from the £106.4 million achieved for the same period last year.
Trading profit
Trading profit for the six months was £37.2 million, compared with £17.1 million for the same period last year.
Key performance indicators
| Unaudited | Unaudited | Audited | |
| Half Year to 31st October | Half Year to 31st October | Year ended 30th April | |
| 2025 | 2024 | 2025 | |
| Trading profit (£’m) | 37.2 | 17.1 | 35.5 |
| Post tax profit + depreciation + amortisation (£’m) | 32.0 | 17.3 | 36.1 |
| Gross profit % of revenue | 49.3% | 43.0% | 41.7% |
| Trading profit % of revenue | 27.4% | 16.1% | 16.2% |
| Gearing % | 5.8% | 31.4% | 9.9% |
| Non-cash charges (£’m) | |||
| Depreciation | 3.9 | 4.1 | 8.0 |
| Amortisation and impairment | 0.7 | 0.7 | 1.6 |
| Total non-cash charges | 4.6 | 4.8 | 9.6 |
Alternative performance measures mentioned above are defined on page 106 of the Group Annual Accounts to 30th April 2025.
2025/26 Outlook
The Group has delivered a pleasing first-half performance and continues to benefit from a strong workload pipeline across its principal markets. Order intake, ongoing programme execution and sustained demand in several specialist areas provides visibility for the medium term. The Board continues to expect full-year profitability to be above £71 million. Against this backdrop, and supported by current workload levels, the Group considers itself well positioned, with operational capacity, technical capability and order cover underpinning activity through the remainder of the financial year and into the medium term.
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 14 to 15 of the Group Annual Accounts to 30th April 2025 which describe the principal risks and uncertainties, and to note 27, starting on page 84, which describes in detail the key financial risks and uncertainties affecting the business.
Judging the future relationship of the major currency pairs of the US Dollar, Sterling and the Euro continues to be a challenge.
The Group has mitigated the impact of rising interest rates by fixing the effective base rate at less than 1% for a notional £30 million of debt until August 2031.
Report on Expected Developments
This report describes the likely progress of the Group during the year ended 30th April 2026. 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 continues to trade profitably by building on the increase in activity seen in the second half of the previous financial year and, with the strength of the current order book levels, this should continue in the second half of this financial year. As at 31st October 2025, the Group’s net debt stood at £5.8 million (31st October 2024 £38.8 million) as set out in note 15 of these accounts. The net debt levels are lower than those recorded at both October 2024 and April 2025, which is in line with the Board’s expectations and will continue to be reviewed and managed across the Group. Given the above, the Directors, after having reviewed the Group projections and possible challenges that may lie ahead, do not see an issue with the continued ability of the Group to meet its financial commitments as they fall due for at least twelve months from the date of these accounts and have prepared 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
2. the Interim Management Report and condensed financial statements include a fair review of the information required by the Disclosure and Transparency Rules:
· 4.2.7R (being an indication of important events that have occurred during the first 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 | 15 December 2025 |