Goodwin PLCRecord year with revenue up 27% and trading profit more than doubling, plus a planned disposal of Mechanical Engineering with proceeds to be returned to shareholders.

Goodwin shares jumped after the Stoke-on-Trent engineering group reported a record year and confirmed that a major disposal process is moving ahead. For the year to April 30, revenue rose 27% to £280 million, while trading profit more than doubled to £77.5 million, up 118% from £35.5 million a year earlier. The company proposed an ordinary dividend of 330p per share, up 18% from 280p. Growth was driven mainly by Mechanical Engineering, where demand surged for precision-machined castings used in defense and nuclear applications, making Goodwin a leading supplier on multiple UK and US Navy frigate and submarine programmes. Goodwin has appointed Rothschild & Co to run a sale process for a substantial part of Mechanical Engineering, including Goodwin Steel Castings, Goodwin International, Noreva, Easat Group and its pumps businesses. The sale process is already underway, with discussions taking place with several interested parties, and the board targets completion within the next 12 months, expecting a substantial part of any cash proceeds to be returned to shareholders. The Mechanical Engineering businesses marked for sale generated £66.6 million of trading profit, while continuing operations generated £10.9 million. Goodwin ended April with net debt of £29 million after paying a £40 million special interim dividend during the year.
Goodwin PLCRecord year with revenue up 27% and trading profit more than doubling, plus a planned disposal of Mechanical Engineering with proceeds to be returned to shareholders.
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