Interim Results
Goodwin PLC
25 January 2002
Goodwin PLC - Unaudited Interim Results
The attached statement is sent to you on 25 January confirming approval of the
Interim Report at the Board Meeting held on 25 January 2002. 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
Group Profit and Loss Account
for the half year ended 31 October 2001
Half year ended Half year ended Year ended
31 October 31 October 30 April
2001 2000 2001
£000 £000 £000
Turnover 14,335 11,433 24,892
--------------- --------------- --------------
Operating Profit 1,354 773 1,882
Share of loss of associated undertaking (17) (12) (30)
Net interest payable (127) (124) (291)
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Profit on ordinary activities before taxation 1,210 637 1,561
Tax on profit on ordinary activities (367) (193) (510)
--------------- --------------- --------------
Profit on ordinary activities after taxation 843 444 1,051
Minority interests - equity 5 0 5
--------------- --------------- --------------
Profit for the financial period 848 444 1,056
Proposed ordinary dividend 0 0 (300)
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Retained profit for the financial period 848 444 756
--------------- -------------- --------------
Earnings per ordinary share 11.78p 6.17p 14.67p
Group Balance Sheet
at 31 October 2001
Half year ended Half year ended Year ended
31 October 31 October 30 April
2001 2000 2001
£000 £000 £000
Fixed assets
Tangible assets 7,024 6,012 6,641
Investments 30 59 44
-------------- ------------- -------------
7,054 6,071 6,685
Current assets
Stocks 4,362 3,747 3,669
Debtors 7,462 5,493 6,387
Cast at bank and in hand 97 122 235
---------------- --------------- --------------
11,921 9,362 10,291
Creditors: amounts falling due within one year (9,473) (7,506) (8,260)
---------------- --------------- --------------
Net current assets 2,448 1,856 2,031
---------------- --------------- --------------
Total assets less current liabilities 9,502 7,927 8,716
Creditors: amounts falling due after more than (587) (272) (706)
one year
Provisions for liabilities and charges (629) (542) (592)
--------------- --------------- -------------
Net assets 8,286 7,113 7,418
--------------- --------------- ------------
Capital and reserves
Called up share capital 720 720 720
Profit and loss account 7,525 6,367 6,677
---------------- -------------- -------------
Shareholders funds - Equity 8,245 7,087 7,397
Minority Interests - Equity 41 26 21
---------------- -------------- -------------
8,286 7,113 7,418
---------------- -------------- -------------
Group Cash Flow Statement
for the half year ended 31 October 2001
Half year ended Half year ended Year ended
31 October 31 October 30 April
2001 2000 2001
£000 £000 £000
Net cash (outflow)/inflow from operating (27) (177) 2,258
activities (Note 1)
Returns on investment and servicing of finance (128) (124) (291)
Taxation (170) (47) (144)
Capital expenditure (963) (1,064 (1,124)
Equity dividends paid 0 0 (106)
---------------- ---------------- ---------------
Cash (outflow)/inflow before financing (1,288) (1,412) 593
Financing (128) 219 (259)
---------------- ---------------- --------------
(Decrease)/increase in cash in the period (1,416) (1,193) 334
---------------- ---------------- --------------
Note 1:
Reconciliation of Operating Profit to Net Cash Flow from Operating Activities
Half year ended Half year ended Year ended
31 October 31 October 30 April
2001 2000 2001
£000 £000 £000
Operating profit 1,354 773 1,882
Depreciation charges 535 478 1,023
Loss/(profit) on disposal of fixed assets 2 0 (17)
Increase in stocks (693) (338) (268)
Increase in debtors (1,147) (582) (1,401)
(Decrease)/Increase in Creditors (78) (508) 1,039
--------------- -------------- -------------
Net cash (outflow)/inflow from operating (27) (177) 2,258
activities
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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 £848,000 (October
2000: £444,000) 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 30 April 2001 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
The half year results show a twenty five per cent increase in turnover and an
improved profit compared to the previous half year, reflecting greater activity
within the power and energy sectors to 11 September. Demand for the more
efficient energy plant for which the Group supplies components is expected to
continue, although some short term cutbacks have been seen since September.
J W Goodwin
Chairman
End
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