Interim Results
Goodwin PLC
26 January 2001
Goodwin PLC and subsidiary Companies
Unaudited Interim Results
The attached statement is sent to you on 26 January confirming approval of the
Interim Report at the Board Meeting held on 26 January 2001. 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 year half ended 31st October 2000
Half Year Half Year Year Ended
Ended Ended
30 April
31 October 31 October 2000
1999
2000
£000 £000
£000
TURNOVER 11,433 10,119 20,769
OPERATING PROFIT 773 159 553
Share of loss associated undertaking (12) (29) (32)
Net interest payable (124) (67) (217)
PROFIT ON ORDINARY ACTIVITIES BEFORE 637 63 304
TAXATION
Tax on profit on ordinary activities (193) (17) (110)
PROFIT ON ORDINARY ACTIVITITES AFTER 444 46 194
TAXATION
Minority interests - equity 0 0 (8)
PROFIT FOR THE FINANCIAL PERIOD 444 46 186
Proposed ordinary dividend 0 0 (106)
RETAINED PROFIT FOR THE FINANCIAL 444 46 80
PERIOD
EARNINGS PER ORDINARY SHARE 6.17P 0.64P 2.58P
GOODWIN PLC
UNAUDITED INTERIM RESULTS
GROUP CASH FLOW STATEMENT
For the year half ended 31st October 2000
Half Year Half Year Year
Ended Ended Ended
31 31 30 April
October October 2000
2000 1999
£000 £000 £000
NET CASH (OUTFLOW)/INFLOW FROM OPERATING (177) (1,283) 1,242
ACTIVITIES (Note 1)
RETURNS ON INVESTMENT AND SERVICING OF FINANCE (124) (67) (217)
TAXATION (47) 0 (367)
CAPITAL EXPENDITURE (1,064) (829) (2,005)
EQUITY DIVIDENDS PAID 0 0 (212)
CASH OUTFLOW BEFORE FINANCING (1,412) (2,179) (1,559)
FINANCING 219 (25) (53)
DECREASE IN CASH IN THE PERIOD (1,193) (2,204) (1,612)
Note 1: Reconciliation of operating profit to net
cash flow from operating activities
Half year Half year Year
ended ended ended
31st 31st 30th
October October April
2000 1999 2000
£000 £000
£000
Operating Profit 773 159 553
Depreciation Charges 478 393 734
Loss on Disposal of Fixed Assets 0 0 7
(Increase)/Decrease in Stocks (338) (1,083) 113
(Increase)/Decrease in Debtors (582) (423) 38
Decrease in Creditors (508) (329) (203)
NET CASH (OUTFLOW) / INFLOW FROM OPERATING (177) (1,283) 1,242
ACTIVITIES
GOODWIN PLC
UNAUDITED INTERIM RESULTS
GROUP BALANCE SHEET
At 31st October 2000
Half Year Half Year Year Ended
Ended Ended
30 April
31 October 31 October 2000
2000 1999
£000
£000 £000
FIXED ASSETS
Tangible assets 6,012 4,930 6,121
Investments 59 72 66
6,071 5,002 6,187
CURRENT ASSETS
Stocks 3,747 4,597 3,409
Debtors 5,493 5,359 4,912
Cash at bank and in hand 122 249 79
9,362 10,205 8,400
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE (7,506) (8,051) (7,313)
YEAR
NET CURRENT ASSETS 1,856 2,154 1,087
TOTAL ASSETS LESS CURRENT LIABILITIES 7,927 7,156 7,274
CREDITORS: AMOUNTS FALLING DUE AFTER MORE (272) (128) (100)
THAN ONE YEAR
PROVISIONS FOR LIABILITIES AND CHARGES (542) (397) (505)
NET ASSETS 7,113 6,631 6,669
CAPITAL AND RESERVES
Called up Share Capital 720 720 720
Profit and Loss Account 6,367 5,892 5,923
SHAREHOLDERS FUNDS - EQUITY 7,087 6,612 6,643
MINORITY INTERESTS - EQUITY 26 19 26
7,113 6,631 6,669
GOODWIN PLC
UNAUDITED INTERIM RESULTS
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 £444,000 (October
1999: £46,000) 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 2000 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
Trading has recovered from the low levels experienced in the previous year.
The mechanical engineering division has won some longer term contracts which
will help maintain the current level of activity into the year 2002.
Profit margins at the half year approached those achieved in the half year two
years ago. The dramatic improvement in the margins achieved for the last half
year reflects the efficiencies that flow from an increased workload.
J.W. GOODWIN, Chairman
Ivy House Foundry
Hanley
Stoke-on-Trent
26th January, 2001