Interim Results

Goodwin PLC
28 January 2005


Goodwin PLC

28th January, 2005

UNAUDITED INTERIM RESULTS

The attached statement is sent to you on 28th January confirming approval of the
Interim Report at the Board Meeting held on 28th January 2005. The Interim
Report is to be sent to shareholders today and will be made available to the
public at the company's registered office.

J. W. GOODWIN
Chairman.

                                  GOODWIN PLC
                           UNAUDITED INTERIM RESULTS

                         GROUP PROFIT AND LOSS ACCOUNT
                   for the half year ended 31st October 2004

                                Half year ended   Half year ended   Year ended
                                   31st October      31st October   30th April
                                           2004              2003         2004
                                           £000              £000         £000

TURNOVER                                 20,462            17,535       34,018
                                       --------          --------     --------
OPERATING PROFIT                          1,930             1,251        3,103
Interest payable                           (210)              (78)        (299)
                                        -------            ------      -------
PROFIT ON ORDINARY ACTIVITIES 
BEFORE TAXATION                           1,720             1,173        2,804
Tax on profit on ordinary activities       (562)             (360)        (854)
                                        -------           -------      -------
PROFIT ON ORDINARY ACTIVITIES 
AFTER TAXATION                            1,158               813        1,950
Minority interests - equity                 (18)              (11)         (31)
                                         ------            ------       ------

PROFIT FOR THE FINANCIAL PERIOD           1,140               802        1,919
Proposed ordinary dividend                    0                 0         (850)
                                            ---               ---      -------
RETAINED PROFIT 
FOR THE FINANCIAL PERIOD                  1,140               802        1,069
                                        =======             =====      =======
EARNINGS PER ORDINARY SHARE
- basic and diluted                       15.83p            11.14p       26.65p


                              GROUP BALANCE SHEET
                              at 31st October 2004

                                Half year ended   Half year ended   Year ended 
                                   31st October      31st October   30th April
                                           2004              2003         2004
                                           £000              £000         £000

FIXED ASSETS
  Intangible assets                         139               182          160
  Tangible assets                        10,670             8,542       10,391
                                       --------           -------     --------
                                         10,809             8,724       10,551

CURRENT ASSETS
  Stocks                                  9,436             5,843        7,339
  Debtors                                11,516            10,769        9,602
  Cash at bank and in hand                  242               247          229
                                          -----             -----        -----
                                         21,194            16,859       17,170

CREDITORS: AMOUNTS FALLING 
DUE WITHIN ONE YEAR                     (18,714)          (13,539)     (15,486)
                                     ----------        ----------   ----------
NET CURRENT ASSETS                        2,480             3,320        1,684
                                        -------           -------      -------
TOTAL ASSETS LESS 
CURRENT LIABILITIES                      13,289            12,044       12,235

CREDITORS: AMOUNTS FALLING 
DUE AFTER MORE THAN ONE YEAR               (464)             (768)        (603)

PROVISIONS FOR LIABILITIES AND CHARGES     (975)             (813)        (940)
                                        -------           -------      -------
NET ASSETS                               11,849            10,463       10,692
                                       ========          ========     ========


CAPITAL AND RESERVES
  Called up share capital                   720               720          720
  Profit and loss account                10,925             9,575        9,785
                                       --------           -------      -------
SHAREHOLDERS FUNDS - EQUITY              11,645            10,295       10,505
MINORITY INTERESTS - EQUITY                 204               168          187
                                          -----             -----        -----
                                         11,849            10,463       10,692
                                       ========          ========     ========




                            GROUP CASH FLOW STATEMENT
                   for the half year ended 31st October 2004

                                Half year ended   Half year ended   Year ended
                                   31st October      31st October   30th April
                                           2004              2003         2004
                                           £000              £000         £000

NET CASH (OUTFLOW)/INFLOW 
FROM OPERATING ACTIVITIES (Note 1)         (471)           (2,293)         510

RETURNS ON INVESTMENT AND
SERVICING OF FINANCE                        140               (78)        (299)

TAXATION                                   (392)             (547)        (812)

CAPITAL EXPENDITURE                      (1,264)           (1,689)      (3,240)

EQUITY DIVIDENDS PAID                         0                 0         (750)
                                            ---               ---      -------
CASH OUTFLOW BEFORE FINANCING            (1,987)           (4,607)      (4,591)

FINANCING                                  (213)              439         (469)
                                        -------             -----      -------
DECREASE IN CASH IN THE PERIOD           (2,200)           (4,168)      (5,060)
                                      =========         =========    =========


Note 1:

RECONCILIATION OF OPERATING PROFIT TO NET CASH FLOW FROM OPERATING ACTIVITIES

                                Half year ended   Half year ended   Year ended
                                   31st October      31st October   30th April
                                           2004              2003         2004
                                           £000              £000         £000

Operating Profit                          1,930             1,251        3,103
Depreciation and Amortisation Charges       741               564        1,075
Loss on Disposal of Fixed Assets              2                 9           13
Increase in Stocks                       (2,097)           (1,399)      (2,922)
Increase in Debtors                      (1,914)           (3,060)      (1,943)
Increase in Creditors                       867               342        1,184
                                          -----             -----      -------
NET CASH (OUTFLOW)/INFLOW 
FROM OPERATING ACTIVTIES                   (471)           (2,293)         510
                                        =======         =========        =====


NOTES

1. The Directors do not propose the payment of an interim dividend.

2. The earnings per ordinary share has been calculated on profit on ordinary 
   activities after taxation (and minority interests) of £1,140,000 (October 
   2003: £802,000) 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.

3. The comparative figures for the financial year ended 30th April 2004 are not
   the Company's statutory accounts for that financial year. Those accounts have
   been reported on by the Company's auditors and delivered to the Registrar of
   Companies. The report of the auditors was unqualified and did not contain a 
   statement under section 237 (2) or (3) of the Companies Act 1985.


COMMENTS

Pre-tax profit of £1,720,000 is a 46.6% increase over the same period last year
and turnover increased 16.7%. Despite increased trading pressures relating to
the weak US dollar, the order book and its quality remain good.

J. W. GOODWIN, Chairman
Ivy House Foundry
Hanley
Stoke-on-Trent

28th January, 2005



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