Interim Results

Goodwin PLC 26 January 2007 GOODWIN PLC INTERIM STATEMENT FOR THE HALF YEAR TO 31ST OCTOBER 2006 The Group pre-tax profit was Â£2.8 million for the half year ending 31st October 2006, which represents a 34.2% increase over the same period last year. The half year turnover increased to Â£30.5 million from Â£26.9 million. The weakness of the US dollar versus the strength of sterling continues to be an obstacle to winning business from the USA and the Pacific Basin countries, but it is pleasing to report that the Group still had as at 31st October 2006 a very healthy forward work load for its products at respectable margins and most of this business has been won from the Pacific Basin countries and the USA. Tight control of cash flow remains a priority because of the Group's increasing levels of activity. The company had as at 31st October 2006 committed to completing the first of two purchases. This purchase will result in a doubling of our vermiculite manufacturing and sales output of insulation products. J. W. GOODWIN, Chairman 26th January 2007 Goodwin PLC Unaudited Interim Results Group Income Statement For the half year ended 31st October 2006 Half Year Half Year Ended 31st Ended 31st Year Ended October October 30th April 2006 2005 2006 Â£'000 Â£'000 Â£'000 Turnover - continuing 30,509 26,977 58,180 _______ ______ ______ Operating Profit before Financial 3,108 2,278 5,533 Expenses Financial Expenses (280) (171) (401) _______ _______ _______ Profit Before Tax 2,828 2,107 5,132 Tax Expense (874) (638) (1,629) _______ _______ _______ Profit for the Period 1,954 1,469 3,503 _______ _______ _______ Attributable to: Equity Holders of the Parent 1,901 1,434 3,361 Minority Interest 53 35 142 _______ _______ _______ 1,954 1,469 3,503 _______ _______ _______ Earnings Per Ordinary Share Basic and Diluted 26.40p 19.91p 46.68p Goodwin PLC Unaudited Interim Results Group Balance Sheet At 31st October 2006 Half Year Half Year Ended 31st Ended 31st Year Ended October October 30th April 2006 2005 2006 Â£'000 Â£'000 Â£'000 Assets Intangible Assets 327 227 354 Property Plant and Equipment 12,097 10,948 11,118 _______ _______ _______ Total Non Current Assets 12,424 11,175 11,472 Inventories 12,512 11,716 10,270 Trade and Other Receivables 15,216 11,367 13,609 Cash 514 462 545 _______ _______ _______ Total Current Assets 28,242 23,545 24,424 _______ _______ _______ Total Assets 40,666 34,720 35,896 Liabilities Bank Overdrafts 6,564 4,486 3,569 Other Interest Bearing Loans and 396 260 291 Borrowings Trade and Other Current Payables 12,532 13,038 12,520 Tax Payable 707 590 842 _______ _______ _______ Total Current Liabilities 20,199 18,374 17,222 _______ _______ _______ Net Current Assets 8,043 5,171 7,202 Other Interest Bearing Loans and 677 456 520 Borrowings Deferred tax 1,429 1,060 1,427 _______ _______ _______ Non Current Liabilities 2,106 1,516 1,947 Total Liabilities 22,305 19,890 19,169 ________ ________ ________ Net Assets 18,361 14,830 16,727 _______ _______ _______ Equity Share Capital 720 720 720 Retained Earnings 16,524 13,696 14,623 Cash Flow Hedge Reserve 653 158 926 Overseas Subsidiaries Translation (23) (8) 24 Reserve Equity Attributable to Equity Holders 17,874 14,566 16,293 of Parent Minority Interests 487 264 434 ________ ________ ________ Total Equity 18,361 14,830 16,727 _______ _______ _______ Goodwin PLC Group Cash Flow Statement For the half year ended 31st October 2006 Half Year Half Year Ended 31st Ended 31st Year Ended October October 30th April 2006 2005 2006 Â£'000 Â£'000 Â£'000 Cash Flows from Operating Activities Profit for the period 1,954 1,469 3,503 Adjustments for: Depreciation 767 732 1,590 Amortisation 26 20 54 Financial Expense 280 171 401 Loss on Sale of Plant and Equipment 8 4 29 Tax Expense 874 638 1,629 _______ _______ _______ Operating Profit before Changes in 3,909 3,034 7,206 Working Capital and Provisions Increase in Trade and other (1,966) (1,379) (2,543) Receivables Increase in Inventories (2,242) (1,681) (222) Increase/(Decrease) in Payments on 457 (180) (2,850) Account (Decrease)/Increase in Trade and Other (537) (1,322) 769 Payables _______ _______ _______ Cash Generated From Operations (379) (1,528) 2,360 Interest Paid (280) (171) (401) Corporation Tax Paid (920) (642) (1,295) _______ _______ _______ Net Cash From Operating Activities (1,579) (2,341) 664 Cash Flows From Investing Activities Proceeds from Sale of Plant and 7 5 31 Equipment Acquisition of Plant and Equipment (1,287) (739) (1,595) Acquisition of Subsidiary Interest 0 (116) (136) _______ _______ _______ Net Cash From Investing Activities (1,280) (850) (1,700) Cash Flows from Financing Activities Payment of Capital Element of Finance (156) (175) (325) Lease Obligations Dividends Paid - - (1,000) _______ _______ _______ Net Cash from Financing Activities (156) (175) (1,325) Net Decrease in Cash and Cash (3,015) (3,366) (2,361) Equivalents Opening Cash and Cash Equivalents (3,024) (670) (670) Effect of Exchange Rate Fluctuations (11) 12 7 on Cash Held _______ _______ _______ Closing Cash and Cash Equivalents (6,050) (4,024) (3,024) Goodwin PLC Unaudited Interim Results Group Statement of Recognised Income and Expense for the half year ended 31st October 2006 Half Year Half Year Ended 31st Ended 31st Year Ended October October 30th April 2006 2005 2006 Â£'000 Â£'000 Â£'000 Foreign Exchange Translation (47) 12 44 Differences Effective portion of changes in fair 390 (3,854) (398) value of cash flow hedges Change in fair value of cash flow (780) (2,359) hedges transferred to profit and loss Tax recognised on income and expense 117 1,156 827 recognised directly in equity _______ _______ _______ Net income and expense recognised (320) (2,686) (1,886) directly in equity Profit for the period 1,954 1,469 3,503 _______ _______ _______ Total recognised income and expense 1,634 (1,217) 1,617 _______ _______ _______ Total recognised income and expense for the period is attributable to: Equity Holders of the Parent 1,581 (1,252) 1,475 Minority Interests 53 35 142 _______ _______ _______ 1,634 (1,217) 1,617 _______ _______ _______ Effect of Change in Accounting Policy Effect of Adoption of IAS32 and IAS39 net of tax on 1st May 2005 on: Cash Flow Hedge Reserve - 2,856 2,856 Goodwin PLC Unaudited Interim Results for the half year ended 31st October 2006 NOTES 1. Basis of preparation The income statement for the six months to 31st October 2006 and the balance sheet at that date are reported under IFRS as adopted for use in the European Union and in accordance with the Companies Act 1985. The financial information in these interim financial statements has been prepared in accordance with the accounting policies expected to be used in preparing the annual financial statements for the year ended 30th April 2007, which do not differ significantly from those used in the most recent financial statements. 2. Dividends The directors do not propose the payment of an interim dividend. Half Year Half Year Ended Ended Year Ended 31st Oct 31st Oct 30th April 2006 2005 2006 Â£'000 Â£'000 Â£'000 Equity dividends: Paid dividend (April 2005 - 13.889p 0 0 (1,000) per share) Proposed dividend (April 2006 - 15.278p 0 0 (1,100) per share) 3. Earnings per share The calculation of the earnings per ordinary share is based on the number of ordinary shares in issue during all periods of 7,200,000 and on the profit for the period attributable to ordinary shareholders of Â£1,901,000 (31st October 2005 Â£1,434,000 ). The company has no share options or diluting earnings per share. 4. Financial Information The financial information for the six months ended 31st October 2006 and the comparative figures for the six months ended 31st October 2005 have not been audited or reviewed. The summarised financial information in respect of the year ended 30th April 2006 is not the company's statutory accounts for that financial year. Those accounts, which were prepared under IFRS as adopted by the EU, have been 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 237 (2) or section (237 (3) of the Companies Act 1985. This information is provided by RNS The company news service from the London Stock Exchange

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