Final Results

Goodwin PLC
22 August 2003

Goodwin PLC - Final Results



Goodwin PLC today announces its preliminary results for the year to 30th April
2003.



I am pleased to announce an annual pre-tax profit of £2.58 million, an increase
of 23% on a turnover of £33.18 million.



Goodwin International Ltd.'s continued success has helped produce record profits
for this company.  Goodwin Steel Castings Ltd., whilst remaining profitable,
suffered a 28% reduction in activity.  However, overseas sales activity has
enabled us to more than replace the business reduction such that in the new year
we will be busy again.



Hoben International Ltd. and Hoben Industrial Minerals Ltd. continue to improve
manufacturing efficiency by vertical integration, aiding their competitiveness
in the global market.



Easat Antennas Ltd.'s trading performance substantially improved this year and
the new financial year started with a healthy order book.



The benefits of longer term investment in product designs, sales, marketing and
efficient manufacturing equipment is shown by the level of our performance
achieved in the global markets.





J. W. GOODWIN, Chairman



22nd August, 2003






                                                GOODWIN PLC


                                        GROUP PROFIT AND LOSS ACCOUNT
                                      for the year ended 30th April 2003


                                                                                          2003             2002
                                                                                          £000             £000

TURNOVER                                                                                33,179           29,712

OPERATING PROFIT                                                                         2,831            2,345
Share of loss of associated undertaking                                                   (59)             (30)
Interest payable                                                                         (196)            (225)

PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION                                            2,576            2,090
Tax on profit on ordinary activities                                                     (754)            (628)

PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION                                             1,822            1,462
Minority interests - equity                                                                (1)                3
                                                                                                            
PROFIT FOR THE FINANCIAL YEAR                                                            1,821            1,465
Proposed ordinary dividend                                                               (750)            (400)

RETAINED PROFIT FOR THE FINANCIAL YEAR                                                   1,071            1,065

EARNINGS PER ORDINARY SHARE - BASIC AND DILUTED                                         25.29p           20.35p




                                                GOODWIN PLC

                                            GROUP BALANCE SHEET
                                             at 30th April 2003


                                                                                         2003             2002
                                                                                         £000             £000
FIXED ASSETS
   Intangible assets                                                                      202              201
   Tangible assets                                                                      7,513            7,145
   Investments                                                                              -               20

                                                                                        7,715            7,366

CURRENT ASSETS
  Stocks                                                                                4,444            4,377
  Debtors                                                                               7,709            7,585
  Cash at bank and in hand                                                                367              189

                                                                                       12,520           12,151

CREDITORS:
AMOUNTS FALLING DUE WITHIN ONE YEAR                                                   (9,415)          (9,554)

NET CURRENT ASSETS                                                                      3,105            2,597

TOTAL ASSETS LESS CURRENT LIABILITIES                                                  10,820            9,963

CREDITORS:
AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR                                            (404)            (753)

PROVISIONS FOR LIABILITIES AND CHARGES                                                  (768)            (707)

NET ASSETS                                                                              9,648            8,503


CAPITAL AND RESERVES
  Called up share capital                                                                 720              720
  Profit and loss account                                                               8,772            7,727

SHAREHOLDERS' FUNDS - EQUITY                                                            9,492            8,447
MINORITY INTERESTS - EQUITY                                                               156               56

                                                                                        9,648            8,503


                                           GOODWIN PLC

                                  GROUP CASH FLOW STATEMENT
                             for the year ended 30th April 2003


                                                                                          2003             2002
                                                                                          £000             £000

NET CASH INFLOW FROM OPERATING ACTIVITIES                                                4,373            2,912

RETURNS ON INVESTMENT AND SERVICING OF FINANCE                                           (196)            (225)

TAXATION                                                                                 (390)            (673)

CAPITAL EXPENDITURE                                                                    (1,023)          (1,484)

EQUITY DIVIDENDS PAID                                                                    (400)            (300)

ACQUISITIONS                                                                              (84)                -



CASH INFLOW BEFORE FINANCING                                                             2,280              230

FINANCING                                                                                (392)            (277)



INCREASE/(DECREASE) IN CASH IN THE YEAR                                                  1,888             (47)










RECONCILIATION OF OPERATING PROFIT TO NET CASH FLOW FROM OPERATING ACTIVITIES



                                                                                         2003             2002

                                                                                         £000             £000



Operating Profit                                                                        2,831            2,345

Depreciation and Amortisation Charges                                                   1,191            1,144

Loss on Disposal of Fixed Assets                                                           10               33

Increase in Stocks                                                                       (67)          (1,176)

Decrease/(Increase) in Debtors                                                              8            (730)

Increase in Creditors                                                                     400            1,296



NET CASH INFLOW FROM OPERATING ACTIVITIES                                               4,373            2,912








                                                 GOODWIN PLC



                                 RESULTS FOR THE YEAR ENDED 30TH APRIL 2003






NOTES


  1   The Directors propose the payment of an ordinary dividend of 10.417p per share (2002: 5.55p)

  2   The proposed dividend will be paid on 7th November 2003 to shareholders on the register at the close of
      business on 3rd October 2003.

  3   The basic earnings per ordinary share has been calculated on profit on ordinary activities after taxation
      (and minority interests) of £1,821,000 (2002: £1,465,000) and by reference to the 7,200,000 ordinary
      shares in issue throughout both years.  The company has no share options or other diluting instruments and
      accordingly there is no diluted earnings per share.

  4   The Annual General Meeting will be held at 10.30 a.m. on 5th November 2003 at the Saxon Cross Hotel,
      Sandbach, Cheshire.

  5   The financial information contained in this report does not constitute statutory accounts within the
      meaning of Section 240 of the Companies Act 1985 for the years ended 30th April 2002 or 2003.   Statutory
      accounts for 2002 have been delivered to the Registrar of Companies and those for 2003 will be delivered
      following the company's annual general meeting.  The auditors have reported on the accounts for 2002 and
      2003; their reports were unqualified and did not contain statements under Section 237(2) or (3) of the
      Companies Act 1985.




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