Interim Results
Goodwin PLC
23 January 2004
23rd January 2003
Goodwin PLC
UNAUDITED INTERIM RESULTS
The attached statement is sent to you on 23rd January confirming approval of the
Interim Report at the Board Meeting held on 23rd January 2004. 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 2003
Half year ended Half year ended Year ended
31st October 31st October 30th April
2003 2002 2003
£000 £000 £000
TURNOVER 17,535 16,122 33,179
------- ------ -------
OPERATING PROFIT 1,251 1,331 2,831
Share of loss of associated undertaking 0 (34) (59)
Interest payable (78) (93) (196)
------ ------ -------
PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION 1,173 1,204 2,576
Tax on profit on ordinary activities (360) (361) (754)
------ ------ -------
PROFIT ON ORDINARY ACTIVITIES AFTER
TAXATION 813 843 1,822
Minority interests - equity (11) 0 (1)
------ ----- ------
PROFIT FOR THE FINANCIAL PERIOD 802 843 1,821
Proposed ordinary dividend 0 0 (750)
----- ----- ------
RETAINED PROFIT FOR THE FINANCIAL 802 843 1,071
PERIOD ----- ----- ------
EARNINGS PER ORDINARY SHARE - basic 11.14p 11.71p 25.29p
and diluted
GROUP BALANCE SHEET
at 31st October 2003
Half year ended Half year ended Year ended
31st October 31st October 30th April
2003 2002 2003
£000 £000 £000
FIXED ASSETS
Intangible assets 182 189 202
Tangible assets 8,542 6,917 7,513
Investments 0 2 0
----- ----- ------
8,724 7,108 7,715
CURRENT ASSETS
Stocks 5,843 5,196 4,444
Debtors 10,769 8,038 7,709
Cash at bank and in hand 247 364 367
----- ----- ------
16,859 13,598 12,520
CREDITORS: AMOUNTS FALLING DUE (13,539) (10,014) (9,415)
WITHIN ONE YEAR ------- ------- -------
NET CURRENT ASSETS 3,320 3,584 3,105
------- ------- -------
TOTAL ASSETS LESS CURRENT 12,044 10,692 10,820
LIABILITIES
CREDITORS: AMOUNTS FALLING DUE AFTER (768) (561) (404)
MORE THAN ONE YEAR
PROVISIONS FOR LIABILITIES AND (813) (718) (768)
CHARGES ------ ------ ------
NET ASSETS 10,463 9,413 9,648
------ ------ -----
CAPITAL AND RESERVES
Called up share capital 720 720 720
Profit and loss account 9,575 8,575 8,772
------- ------- -------
SHAREHOLDERS FUNDS - EQUITY 10,295 9,295 9,492
MINORITY INTERESTS - EQUITY 168 118 156
------ ------ -------
10,463 9,413 9,648
------ ------ -------
GROUP CASH FLOW STATEMENT
for the half year ended 31st October 2003
Half year ended Half year ended Year ended
31st October 31st October 30th April
2003 2002 2003
£000 £000 £000
NET CASH (OUTFLOW)/INFLOW FROM
OPERATING ACTIVITIES (Note 1) (2,293) 229 4,373
RETURNS ON INVESTMENT AND SERVICING
OF FINANCE (78) (93) (196)
TAXATION (547) (232) (390)
CAPITAL EXPENDITURE (1,689) (387) (1,023)
EQUITY DIVIDENDS PAID 0 0 (400)
ACQUISITIONS 0 0 (84)
------ ------ ------
CASH (OUTFLOW)/INFLOW BEFORE (4,607) (483) 2,280
FINANCING
FINANCING 439 (201) (392)
------ ------ -------
(DECREASE) IN CASH IN THE PERIOD (4,168) (684) (1,888)
------ ------ -------
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
2003 2002 2003
£000 £000 £000
Operating Profit 1,251 1,331 2,831
Depreciation and Amortisation Charges 564 623 1,191
Loss on Disposal of Fixed Assets 9 4 10
Increase in Stocks (1,399) (819) (67)
(Increase)/Decrease in Debtors (3,060) (453) 8
Increase/(Decrease) in Creditors 342 (457) 400
------ ------- ------
NET CASH (OUTFLOW)/INFLOW FROM (2,293) 229 4,373
OPERATING ACTIVTIES ------ ------- ------
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 £802,000 (October
2002: £843,000) 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 2003 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 profit for the six months was £1.173 million, a decrease of 2.6%. This does
not reflect the success that has been achieved in winning overseas engineering
contracts which will allow the Group to further increase sales and profits over
the next two years. Our forward order book is at record levels and it is the
initial sampling of so many long running new parts that has detracted from an
increase in profit as compared to the 9% sales increase for the half year.
Easat Antennas Ltd is now a significant contributor to the Group profit.
J. W. GOODWIN, Chairman
Ivy House Foundry
Hanley
Stoke-on-Trent
23rd January, 2004
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