Final Results

Goodwin PLC
27 August 2004

Goodwin PLC - Final Results

Goodwin PLC today announces its preliminary results for the year to 30th April
2004.

I am pleased to report an annual pre-tax profit of £2.8 million, an increase of
9% on a turnover of £34 million.

The improvement of profitability has been a challenge in our export markets with
the continued strength of the pound sterling.

Capital expenditure was four times the depreciation charge representing the most
intensive new investment programme in the Group's history. The spending was
designed to achieve increased capacity and efficiency in order to meet the
demand from growing markets. Capital expenditure is now materially complete and
in the coming year the company will maximise returns on a healthy forward order
book. The longer term nature and size of the order book has led to an expected
increase in debtors and work in progress. The Board has considered the cash flow
implications and is satisfied that the necessary financial facilities, including
customer credit insurance wherever possible, are available for the foreseeable
future.

Goodwin International Ltd. and Easat Antennas Ltd. both achieved record profits
and are well positioned for the coming year. Delays in commissioning a new
mineral processing plant meant that the cost savings and quality improvements of
vertical integration within the refractory companies did not provide the
expected benefit during the year. These are expected to flow through this year.

Rising energy demand should encourage further investment in the energy sector
and the company should benefit from its supplies of valves to the LNG, oil, gas
and power generating markets. Steps have been taken to reduce the risk of major
currency swings based on a two year order forecast.

It remains the Board's intention to continue pursuing a policy of long term
organic growth for the Group.




J. W. GOODWIN, Chairman

27th August, 2004





GOODWIN PLC
GROUP PROFIT AND LOSS ACCOUNT
for the year ended 30th April 2004
                                                        2004        2003
                                                        £000        £000

TURNOVER                                              34,018      33,179
                                                      ------      ------        
OPERATING PROFIT                                       3,103       2,831
Share of loss of associated undertaking                    -        (59)
Interest payable and similar charges                   (299)       (196)
                                                      ------      ------
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION          2,804       2,576
Tax on profit on ordinary activities                   (854)       (754)
                                                      ------      ------
PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION           1,950       1,822
Minority interests - equity                             (31)         (1)
                                                      ------      ------
PROFIT FOR THE FINANCIAL YEAR                          1,919       1,821
Proposed ordinary dividend                             (850)       (750)
                                                      ------      ------
RETAINED PROFIT FOR THE FINANCIAL YEAR                 1,069       1,071
                                                      ======      ======
EARNINGS PER ORDINARY SHARE - BASIC AND DILUTED       26.65p      25.29p





GOODWIN PLC
GROUP BALANCE SHEET
at 30th April 2004
                                                        2004        2003
                                                        £000        £000
FIXED ASSETS
Intangible assets                                        160         202
Tangible assets                                       10,391       7,513
                                                      ------      ------
                                                      10,551       7,715
CURRENT ASSETS
Stocks                                                 7,339       4,444
Debtors                                                9,602       7,709
Cash at bank and in hand                                 229         367
                                                      ------      ------
                                                      17,170      12,520
CREDITORS:                                                                                                              
AMOUNTS FALLING DUE WITHIN ONE YEAR                 (15,486)     (9,415) 
                                                                
NET CURRENT ASSETS                                     1,684       3,105
                                                      ------      ------
TOTAL ASSETS LESS CURRENT LIABILITIES                 12,235      10,820

CREDITORS:                                                  
AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR           (603)       (404)

PROVISIONS FOR LIABILITIES AND CHARGES                 (940)       (768)
                                                      ------      ------
NET ASSETS                                            10,692       9,648
                                                      ======      ======
CAPITAL AND RESERVES
Called up share capital                                  720         720
Profit and loss account                                9,785       8,772
                                                      ------      ------
SHAREHOLDERS' FUNDS - EQUITY                          10,505       9,492
MINORITY INTERESTS - EQUITY                              187         156
                                                      ------      ------
                                                      10,692       9,648
                                                      ======      ======



GOODWIN PLC
GROUP CASH FLOW STATEMENT
for the year ended 30th April 2004
                                                        2004        2003
                                                        £000        £000

NET CASH INFLOW FROM OPERATING ACTIVITIES                510       4,373

RETURNS ON INVESTMENT AND SERVICING OF FINANCE          (299)       (196)

TAXATION                                                (812)       (390)

CAPITAL EXPENDITURE                                   (3,240)     (1,023)

EQUITY DIVIDENDS PAID                                   (750)       (400)

ACQUISITIONS                                                -        (84)
                                                       ------      ------
CASH (OUTFLOW)/INFLOW BEFORE FINANCING                (4,591)       2,280

FINANCING                                               (469)       (392)
                                                       ------      ------
(DECREASE)/INCREASE IN CASH IN THE YEAR               (5,060)       1,888
                                                       ======      ======




RECONCILIATION OF OPERATING PROFIT TO NET CASH FLOW 
FROM OPERATING ACTIVITIES

                                                         2004        2003
                                                         £000        £000

Operating Profit                                        3,103       2,831
Depreciation and Amortisation Charges                   1,075       1,191
Loss on Disposal of Fixed Assets                           13          10
Increase in Stocks                                     (2,922)        (67)
(Increase)/Decrease in Debtors                         (1,943)          8
Increase in Creditors                                   1,184         400
                                                       ------      ------                                  
NET CASH INFLOW FROM OPERATING ACTIVITIES                 510       4,373
                                                       ======      ======



GOODWIN PLC

RESULTS FOR THE YEAR ENDED 30TH APRIL 2004

NOTES

1. The Directors propose the payment of an ordinary dividend
   of 11.806p per share (2003: 10.417p)

2. The proposed dividend will be paid on 5th November 2004 to
   shareholders on the register at the close of business on 8th October 2004.

3. The basic earnings per ordinary share has been calculated on profit on
   ordinary activities after taxation (and minority interests) of £1,919,000 
   (2003:£1,821,000) 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 3rd November 2004 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 2003 or 2004. Statutory accounts for 2003
   have been delivered to the Registrar of Companies and those for 2004 will be
   delivered following the company's annual general meeting. The auditors have
   reported on the accounts for 2003 and 2004; their reports were unqualified 
   and did not contain statements under Section 237(2) or (3) of the Companies 
   Act 1985.







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