REG - Goodwin PLC - Final Results
03/08/2022 07:15
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RNS Number : 6925U Goodwin PLC 03 August 2022
PRELIMINARY ANNOUNCEMENT
Goodwin PLC today announces its preliminary results for the year ended 30(th)
April, 2022.
CHAIRMANS STATEMENT
The "Trading" pre-tax profit for the Group for the twelve month period ended
30th April, 2022, was £17.2 million (2021: £16.5 million) an increase of 4%
despite the Group having to contend with £3.8 million of additional energy
costs versus the prior year. The revenue was £144 million (2021: £131
million).
Trading profit for this purpose is defined as the Group pre-tax reported
profit of £19.9 million less the impact of our £2.74 million interest rate
swap valuation. The £2.74 million relates to the 30th April, 2022 valuation
of our £30 million debt interest rate swap derivative that expires in August
2031 whereby we have fixed our interest rate for ten years at less than 1% for
the full term. In our view, this derivative is an effective hedge and should
not go through the profit and loss account. The Board's view was that it was
highly probable that we would still have 25% gearing in ten years' time,
having secured the interest rate swap to fix interest rates at less than 1% on
£30 million debt for this period. Our auditor was unconvinced that it could
meet the highly probable criteria and that other requirements under IFRS9 for
hedge accounting were not met. The reason the Board considers the level of
debt to be highly probable is due to the Board having a responsibility to
invest in a responsible manner to grow the business for all the
stakeholders. The Board has, however, complied with the auditor's view and
has shown the £2.74 million unrealised mark to market gain within the profit
before taxation figure. As the £2.74 million gain is a non-cash item, it
has been excluded for dividend purposes. The Directors propose an increased
dividend of 107.80p (2021: 102.24p) per share.
Given that we believe turnover and profitability are projected to rise in
future years, the level of dividend payments in line with the current policy
is also set to rise. In view of this, coupled with the significant capital
expenditure needed to fund the Duvelco activity, the Directors are of the
opinion that it will be of long-term benefit for the Group to ease pressures
on the Group cash flows by paying the current and future dividends
bi-annually. It is proposed that dividend payments will be made in equal
instalments on 7th October, 2022 and 12th April, 2023.
Refractory Engineering Division
The increase in Group profits achieved in the year having just ended can
largely be attributed to the growing Refractory Engineering Division activity,
whose year-on-year operating profits have grown a further 37% following the
40% growth that was achieved in the prior year. The Division has continued
to maximise its position with sales of jewellery casting consumable products
(investment casting powder, waxes, natural and silicone rubbers) and to
construction markets that have seen a surge in activity globally.
The Division has also benefited from strong demand for its newer products, AVD
being Dupré Minerals' vermiculite-based solution for lithium-ion battery
fires that is still in its product life cycle infancy, and has delivered in
excess of 100% year-on-year growth, along with Castaldo rubber, which has
achieved 45% year-on-year growth.
The challenges faced by companies from the ongoing global supply chain and
energy market disruption have been well reported in the news over the past
year and the Refractory Division has acted dynamically to ensure cost
increases are passed on to our customers to ensure the impact to our margin is
minimised. Whilst the success of the Division has been seen across all
companies, special mention should be made of our jewellery investment casting
powder companies in China and in India having generated record profits in the
year, even though the domestic market in China is still depressed due to the
prolonged lockdowns and travel restrictions.
Mechanical Engineering Division
Whilst not always being outwardly visible, the Mechanical Engineering Division
has had a very difficult seven years. Over this period the product offerings
pretty much across all the companies have had to evolve to the changing
conditions in the markets from which the companies generate their turnover and
gross margin.
The fact that the companies within the Division have managed to evolve is a
credit to them and their management teams. Contending with huge energy and
commodity increases within the year has not been straightforward. The metal
pricing volatility has been extreme at its highs with nickel trebling in price
and iron more than doubling in price at times. As a matter of course, our
long term contracts have variation clauses to adjust for annual inflationary
costs. However, the volatility of metals and energy costs has been so
extreme that these clauses have proved to be totally ineffective. Therefore,
across the board every contract where this could have posed significant issues
has been successfully re-negotiated with our customers. If we were not a
high quality, critical supplier to our customers, then this could have been
more problematic, but that is not the case.
Despite the decline of the workload in our traditional markets over the prior
years associated with the demise of our product sales to the non green oil and
coal sectors, our re-aligned business offerings are more in demand than they
ever have been, which is seen by the growing workload that customers are
booking up to be delivered now years in advance. With the confidence of a
solid and growing forward order book the tide has turned; all things being
equal, the next few years should see the Mechanical Engineering Division
returning to its former glory with even higher levels of turnover than at the
peak of the oil and gas industry in 2014.
Notably within the year, expanding on the nuclear decommissioning front,
Goodwin International Limited has successfully tendered and been awarded 50%
of the initial phase of the multi year multi million pound Sellafield Hybrid
2, 63 Can Racks as reported on the OJEU website in October last year.
Gaining initial process and documentation approvals to proceed with
manufacture will take time, but once ramped up, the initial production rate
will be 20 racks per year, with 80 racks currently committed. Our customer
has the option within the contract to make further commitment(s) of up to an
additional 160 racks, as well as increasing the demand to 40 racks per year.
It is also pleasing to report that in addition to Goodwin Steel Castings
Limited having completed its transition away from a reliance on the oil and
gas market, the company has also managed to successfully settle the two
commercial disputes that were referenced in my Chairman's Statement of year
ending 30th April, 2020. Part of the settlement is reflected in these
results, with the balance being realised in the current financial year.
On top of its base load, with the excellent work done at getting on to new
programmes, Goodwin Steel Castings Limited will build on its workload and
expect to finish the current year with forward order levels in excess of the
levels the Group experienced when it was really busy a decade ago. However,
it will not be for oil and coal industries as it was previously; it will be
for nuclear decommissioning; or nuclear power station castings; or surface
ship and aircraft carrier castings as well as submarine hull castings.
With these successes, and the hard work and perseverance of the Group in
achieving a positive conclusion to prior years' contractual claims we have
been pursuing; the successful re-negotiation of multiple contracts for
unforeseeable energy and raw materials pricing volatility whilst at the same
time growing, it has resulted in an excellent Group workload of £175 million
as at the time of writing. It is pleasing to report that the bulk of the
increased workload relates to contracts to supply products that the Group has
successfully and consistently delivered before, and is a workload figure that
is likely to grow over the coming years even with the knowledge that the Group
is likely to achieve record activity levels within this current year.
What is not visible yet in the workload figure is an appropriate workload for
Easat Radar Systems Limited. Once up to speed (which still may be another
year away) the Board and I believe there will be a workload for Easat, the
likes of which readers of their accounts for the past thirty years have never
seen. Easat order input has been hampered by lack of cash generation at
civilian airports globally, and military airports being starved of cash as a
result of Covid-19 over the past two years hampering their purchasing
decisions. However, it would appear that the radar market is starting to
wake up again. We have considerably more firm buy quotations due for
decision in the next six months, and, in order to give a flavour of what we
are seeing, in the week following the latest ATM Madrid exhibition in June
2022, an additional £47 million of firm buy radar systems were quoted.
Energy
As initially reported in our 31st October, 2021 Interim Statement, over the
course of the year the most significant headwind that the Group has faced has
been the increased energy costs. Nonetheless, the Group managed to deliver
the more than respectable profits reported above, after having incurred a
total of £3.8 million of additional energy costs due to price increases
versus the year ended 30th April, 2021. Goodwin Steel Castings Limited and
Hoben International Limited were the most affected due to their energy
intensive operations, melting metal and high temperature treatment of
refractories. However, now armed with a multitude of short and long-term
hedges in place the Group is set to deliver substantially higher profitability
in the current year, partly as a result of not having to absorb the price
volatility of the energy markets that have been seen over the past twelve
months, irrespective of the improving performance.
Green Investments
We recognise the importance of adopting a strategy to transition to lower
carbon manufacturing. We have put in place a separate £10 million finance
line to fund a range of 'green' investments which were approved at the
beginning of the financial year ended 30th April, 2022. A total of 4.8 MWp
of solar panels have been installed and commissioned as at the time of
writing. Each individual system has been designed specifically to match the
power demand at each facility, subject to available roof space. The payback
of each system varies dependent on the size and roof configuration and all
were between three and six years; however, that payback was calculated prior
to energy costs more than doubling, so at current market prices the payback
time has halved from the original plan, with all the solar systems having an
insurance backed 20 year minimum lifespan. There are other solar projects
and plant control modification projects that, subject to us obtaining the
agreement from the Electricity Supplier ( District Network Operator ), for the
former we expect to bring on line over the next two years. This will provide
a further 7.8 MWp of green electricity generation and so further reduce our
consumption. Over the course of the year a total of £8.2 million has been
invested in green projects.
We are also looking at schemes that would reduce our carbon footprint in
instances where we cannot reduce or eliminate CO(2) production without ceasing
the operation in its entirety. Typically this is where we utilise natural
gas in a process, and it is not economically viable or possible to change the
process. I look forward to updating you further on this in twelve months'
time.
Capital expenditure / cash flow
With the Group's intrinsically strong cash flows, the Group's net debt stands
in line with the Board's expectations at £29.8 million as at 30th April,
2022, which is a £2 million improvement since the half year despite having
proceeded with our substantial investment programme. As mentioned earlier we
are making full use of the ten year duration £30 million interest swap that
was executed at the height of Covid-19 in light of our planned activities,
whereby the SONIA interest chargeable to the Company is capped at less than 1%
on £30 million of borrowings.
The headline investments that the Board has authorised and the Group has been
getting on with are four fold, and whilst these activities all commenced in
year ended 30th April, 2022, due to the timescales the latter three are still
in the course of construction.
Firstly nearly £10 million relates to green investments, with the majority
being spent on CO(2) offsetting projects.
Secondly, due to the outstanding performance of the Refractory Engineering
Division in growing sales by winning market share so impressively, for both
capacity and business continuity requirements, as we are running dangerously
close to full capacity, authorisation has been given to spend £4.5 million
installing a second calciner at Hoben International Limited, as without it, we
would have two problems. We would be limiting the Refractory Division the
opportunity to grow further investment powder sales, and in the eventuality of
a breakdown we would struggle to ever catch up with the demand again, and
would lose market share to competitors who could deliver product to keep our
customers operational. This was why the Board deemed this a necessary
investment as it is underpinning substantial Group profitability.
Thirdly, for Goodwin Steel Castings Limited, despite allocating a significant
amount of Group capital expenditure on infrastructure there in recent years,
to enable the foundry to deliver what will be required of the foundry, there
have been additional planning applications approved and work commenced on
additional casting pit space which will allow further increased activity.
Such modifications would likely be impossible to carry out in a couple of
years' time with the envisaged activity levels there.
Finally for Duvelco Limited, part of the Mechanical Engineering Division,
which was incorporated in January 2020. Over the Company's 139 years
existence to date, as well as designing or buying bolt on complimentary
products and companies, it has occasionally branched out into totally new
product lines whilst utilising skill-sets within the organisation. After
working on this idea for some time, Duvelco Limited was set up as a business
to channel the Company's ambition to become a specialist polymer manufacturer,
one that we hope will truly excel over the coming decades. We will
manufacture high performance polyimide polymer resins that can be moulded into
parts and shapes for high temperature and critical applications that very few
polymers can be used for.
With the development work that was done before and since the incorporation of
Duvelco Limited, utilising a bespoke pilot scale plant the team designed, we
have developed the product and a process that will allow us to deliver a
higher performing directly comparable polyimide polymer than the market
leader. With an annual addressable, and growing, market size bigger than any
product that the Group has supplied to before, the Board believes that, with
limited existing market competition, a very high technology barrier, coupled
with the fact we have a patent pending process that gives us markedly better
high temperature performance than anybody else for directly comparable
chemistry product, this should hopefully give Duvelco Limited, as a market
invader, good prospects of long term success, so that one day it should be a
major contributor to Group profitability.
The initial, custom designed and bespoke plant the Group is building should be
coming into operation in the first half of the calendar year 2024, after which
we will start growing the sales internationally as we have done with our other
products over the years. Our initial investment inclusive of R&D costs
and working capital for materials is forecast to come in at £12.5 million;
from this we would have an initial annual capacity in excess of £40 million
of material. The reason I have elaborated about this is because costs are
being incurred now, and it will be a long time until the plant will be in
commission. With the effort being put into this by the Group, it should
deliver a new niche market, high technology product to the Group with a long
life cycle ahead of it, thus providing the Group with long-term benefit, which
the Board believes is in the best interest of all stakeholders.
For both Hoben International Limited and Duvelco Limited, most supplier
purchase orders were placed in Q3 Financial Year 2022, giving suppliers large
down payments to have fixed price contracts. If the start of placing orders
for either project had been delayed by several months the prices would have
been significantly more with labour and materials increasing, as we ourselves
have experienced and have had to mitigate and manage. The Board estimates
that by getting on with the projects and contracting when we did, the saving
versus starting either project today is in excess of 25%.
As contracts within the Mechanical Engineering Division become larger and span
longer periods, the engineering companies are being targeted to ensure
contracts incorporate down payments / stage payments to allow their execution
with as neutral overall cash flow status as can be obtained over the life of a
contract, so that work in progress does not consume a disproportionate amount
of cash as we get busier.
With the profitability, positive outlook and strong understanding of the
various subsidiaries' cash flows the Board believes it is appropriate to
continue to follow the Group's investment plans and pay the proposed dividend
that is in line with the dividend policy with 50% being paid on 7th October,
2022 and 50% on 12th April, 2023.
We are once again extremely grateful to our UK and overseas Directors,
managers and employees for their hard work in driving forward the performance
of the Group, which will likely improve again in the new financial year with
the strong foundations that have been put in place in many areas around the
Group.
3(rd) August 2022
T.J.W Goodwin
Chairman
Alternative performance measures mentioned above are defined in Note 6.
OBJECTIVES, STRATEGY AND BUSINESS MODEL
The Group's main OBJECTIVE is to have a sustainable long-term engineering
based business with good potential for profitable growth while providing a
fair return to our shareholders.
The Board's STRATEGY to achieve this is:
· to supply a range of technically advanced products to growth markets
in the Mechanical Engineering and Refractory Engineering segments in which we
have built up a global reputation for engineering excellence, quality,
efficiency, reliability, competitive price and delivery;
· to manufacture advanced technical products profitably, efficiently
and economically;
· to maintain an ongoing programme of investment in plant, facilities,
sales and marketing, research and development with a view to increasing
efficiency, reducing costs, increasing performance, delivering better products
for our customers, expanding our global customer base and keeping us at the
forefront of technology within our markets, whilst at all times taking
appropriate steps to ensure the health and safety of our employees and
customers;
· to control our working capital and investment programme to ensure a
safe level of gearing;
· to maintain a strong capital base to retain investor, customer,
creditor and market confidence and so help sustain future development of the
business;
· to support a local presence and a local workforce in order to stay
close to our customers;
· to invest in training and development of skills for the Group's
future;
· to manage the environmental and social impacts of our business to
support its long-term sustainability.
BUSINESS MODEL
The Group's focus is on manufacturing within two sectors, Mechanical
Engineering and Refractory Engineering, and through this division of our
manufacturing activities, our overseas business facilities and our global
sales and marketing activities, the Group benefits from market diversity.
Further details of our business and products are shown on our website
www.goodwin.co.uk (http://www.goodwin.co.uk)
Mechanical Engineering
The Group specialises in supplying precision engineered solutions and
industrial goods into critical applications, generally on a project basis,
more often than not involving the complementary skill set of other group
companies to deliver the requirement. The projects normally involve
international procurement, high integrity castings, forgings or wrought high
alloy steels, carbon fibre composite structures, precision CNC machining,
complex welding and fabrication, and other operations as are required. In
addition to specialist projects, the Group manufactures and sells a wide range
of dual plate check valves, axial nozzle check valves and axial piston control
and isolation valves. These solutions and products typically form part of
large construction projects, including the construction of naval vessels,
nuclear waste treatment, nuclear power generation, liquefied natural gas
(LNG), gas, oil, petrochemical, mining, and water markets.
We generate value by creating leading edge technology designs, globally
sourcing the best quality raw material at good prices, manufacturing in highly
efficient facilities using up to date technology to provide very reliable
products to the required specification, at competitive prices and with timely
deliveries.
The Group through its foundry, Goodwin Steel Castings Limited, has the
capability to pour high performance alloy castings up to 35 tonnes, radiograph
and also finish CNC machine and fabricate them at the foundry's sister
company, Goodwin International Limited. This capability is targeting the
defence industry and nuclear decommissioning, the oil and gas industry, as
well as large, global projects requiring high integrity machined castings.
Goodwin International Limited, the largest company in the Mechanical
Engineering Division, not only designs and manufactures dual plate check
valves, axial nozzle check valves and axial piston control and isolation
valves but also undertakes specialised CNC machining and fabrication work for
nuclear decommissioning projects. Goodwin International Limited also has a
division that is focused on manufacturing / machining high precision, high
integrity components for naval marine vessels. Noreva GmbH also designs,
manufactures and sells axial nozzle check valves. Both Goodwin
International Limited and Noreva GmbH purchase the majority of the value of
their sand mould castings from Goodwin Steel Castings Limited for their ranges
of check valves and this vertical integration gives rise to competitive
benefits, increased efficiencies and timely deliveries.
At Goodwin Pumps India Private Limited we manufacture a superior range of
submersible slurry pumps for end users in India, Brazil, Australia and Africa.
Easat Radar Systems Limited and its subsidiary, NRPL Aero Oy, design and build
bespoke high-performance radar surveillance systems for the global market of
major defence contractors, civil aviation authorities and coastal border
security agencies. Easat has a sister company, Easat Radar Systems India
Private Limited, that also manufactures, sells and maintains radar systems for
air traffic control. We create value on these by innovative design, assembly
and testing in our own facilities using bought in or engineered in-house
components.
Refractory Engineering
Within the Refractory Engineering Division, Goodwin Refractory Services
Limited (GRS) generates value primarily from designing, manufacturing and
selling investment casting powders, injection moulding rubbers and waxes to
the jewellery casting industry. GRS also manufactures and sells these
products to the tyre mould and aerospace industries. The Refractory
Engineering Division has five other investment powder manufacturing companies
located in China, India and Thailand which sell the casting powders directly
and through distributors to the jewellery casting industry and also directly
to tyre mould and aerospace industries.
These companies are vertically integrated with another of our UK companies,
Hoben International Limited, which manufactures cristobalite, which it sells
to the six casting powder manufacturing companies as well as producing ground
silica that also goes into casting powders and other UK uses of silica.
Hoben now also manufactures different grades of perlite, and a patented range
of biodegradable bags, known as Soluform, for use inside traditional hessian /
jute bags for the placement of concrete in or around rivers.
The other UK refractory company is Dupré Minerals Limited (Dupré) which
focuses on producing exfoliated vermiculite that is used in insulation, brake
linings and fire protection products, including technical textiles that can
withstand exposure to high temperatures and for lithium-ion battery fire
extinguishers. Dupré also sells consumable refractories to the shell
moulding precision casting industry. Dupré has designed, patented and is
now selling a range of fire extinguishers and an extinguishing agent for
lithium-ion battery fires that utilises a vermiculite dispersion as the fire
extinguishing agent.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
for the year ended 30th April, 2022
2022 2021
£'000 £'000
CONTINUING OPERATIONS
Revenue 144,108 131,231
Cost of sales (101,404) (92,230)
GROSS PROFIT 42,704 39,001
Other income ‒ 763
Distribution expenses (3,743) (2,988)
Administrative expenses (20,654) (19,682)
OPERATING PROFIT 18,307 17,094
Finance costs (net) (1,169) (640)
Share of profit of associate company 63 60
PROFIT BEFORE TAXATION AND MOVEMENT IN FAIR VALUE OF INTEREST RATE SWAP 17,201 16,514
Unrealised gain on 10 year interest rate swap derivative 2,740 ‒
PROFIT BEFORE TAXATION 19,941 16,514
Tax on profit (6,321) (3,508)
PROFIT AFTER TAXATION 13,620 13,006
ATTRIBUTABLE TO:
Equity holders of the parent 12,980 12,494
Non-controlling interests 640 512
PROFIT FOR THE YEAR 13,620 13,006
BASIC EARNINGS PER ORDINARY SHARE (in pence) 169.14 167.82
DILUTED EARNINGS PER ORDINARY SHARE (in pence) 169.14 164.23
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 30th April, 2022
2022 2021
£'000 £'000
PROFIT FOR THE YEAR 13,620 13,006
OTHER COMPREHENSIVE (EXPENSE) / INCOME
ITEMS THAT MAY BE RECLASSIFIED SUBSEQUENTLY TO PROFIT OR LOSS:
Foreign exchange translation differences 1,493 (1,371)
Effective portion of changes in fair value of cash flow hedges (3,834) 1,296
Ineffectiveness in cash flow hedges transferred to profit or loss (339) (657)
Change in fair value of cash flow hedges transferred to profit or loss (1,432) 1,932
Effective portion of changes in fair value of cost of hedging 275 (37)
Ineffectiveness in cost of hedging transferred to profit or loss (23) 631
Change in fair value of cost of hedging transferred to profit or loss (75) 381
Tax credit / (charge) on items that may be reclassified subsequently to profit 1,114 (673)
or loss
OTHER COMPREHENSIVE (EXPENSE) / INCOME FOR THE YEAR, NET OF INCOME TAX (2,821) 1,502
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 10,799 14,508
ATTRIBUTABLE TO:
Equity holders of the parent 10,089 14,081
Non-controlling interests 710 427
10,799 14,508
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 30th April, 2022
Share capital Translation reserve Share-based payments reserve Cash flow hedge reserve Cost of hedging reserve Retained earnings Total attributable to equity holders of the parent Non-controlling interests Total equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
YEAR ENDED 30TH APRIL, 2022
Balance at 1st May, 2021 753 (852) 5,244 1,601 (1) 106,396 113,141 4,887 118,028
Total comprehensive income:
Profit for the year ‒ ‒ ‒ ‒ ‒ 12,980 12,980 640 13,620
Other comprehensive income:
Foreign exchange translation differences ‒ 1,315 ‒ ‒ ‒ ‒ 1,315 178 1,493
Effective portion of changes in fair value ‒ ‒ ‒ (3,790) 275 ‒ (3,515) (44) (3,559)
Ineffectiveness transferred to profit or loss ‒ ‒ ‒ (333) (23) ‒ (356) (6) (362)
Change in fair value transferred to profit or loss ‒ ‒ ‒ (1,359) (64) ‒ (1,423) (84) (1,507)
Tax ‒ ‒ ‒ 1,135 (47) ‒ 1,088 26 1,114
TOTAL COMPREHENSIVE INCOME / (EXPENSE) FOR THE YEAR ‒ 1,315 ‒ (4,347) 141 12,980 10,089 710 10,799
Transactions with owners:
Issue of shares 16 ‒ ‒ ‒ ‒ ‒ 16 ‒ 16
Acquisition of NCI without a change in control ‒ ‒ ‒ ‒ ‒ (74) (74) (356) (430)
Dividends paid ‒ ‒ ‒ ‒ ‒ (7,862) (7,862) (808) (8,670)
BALANCE AT 30TH APRIL, 2022 769 463 5,244 (2,746) 140 111,440 115,310 4,433 119,743
GOODWIN PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)
for the year ended 30th April, 2021
Share capital Translation reserve Share-based payments reserve Cash flow hedge reserve Cost of hedging reserve Retained earnings Total attributable to equity holders of the parent Non-controlling interests Total equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
YEAR ENDED 30TH APRIL, 2021
Balance at 1st May, 2020 736 361 5,244 (499) (743) 99,918 105,017 4,585 109,602
Total comprehensive income:
Profit for the year ‒ ‒ ‒ ‒ ‒ 12,494 12,494 512 13,006
Other comprehensive income:
Foreign exchange translation differences ‒ (1,255) ‒ ‒ ‒ ‒ (1,255) (116) (1,371)
Effective portion of changes in fair value ‒ ‒ ‒ 1,252 (42) ‒ 1,210 49 1,259
Ineffectiveness transferred to profit or loss ‒ ‒ ‒ (617) 596 ‒ (21) (5) (26)
Change in fair value transferred to profit or loss ‒ ‒ ‒ 1,957 362 ‒ 2,319 (6) 2,313
Tax ‒ ‒ ‒ (492) (174) ‒ (666) (7) (673)
TOTAL COMPREHENSIVE INCOME / (EXPENSE) FOR THE YEAR ‒ (1,255) ‒ 2,100 742 12,494 14,081 427 14,508
Transactions with owners:
Issue of shares 17 ‒ ‒ ‒ ‒ ‒ 17 ‒ 17
Dividends paid ‒ ‒ ‒ ‒ ‒ (6,016) (6,016) (125) (6,141)
Recycling of translation reserve on the disposal of subsidiary ‒ 42 ‒ ‒ ‒ ‒ 42 ‒ 42
BALANCE AT 30TH APRIL, 2021 753 (852) 5,244 1,601 (1) 106,396 113,141 4,887 118,028
CONSOLIDATED BALANCE SHEET
at 30th April, 2022
2022 2021
£'000 £'000
NON-CURRENT ASSETS
Property, plant and equipment 87,594 77,063
Right-of-use assets 6,191 3,691
Investment in associate 896 829
Intangible assets 24,817 24,813
Long-term trade receivables 1,191 ‒
Derivative financial assets 2,741 191
123,430 106,587
CURRENT ASSETS
Inventories 40,364 34,547
Contract assets 12,331 15,844
Trade receivables and other financial assets 23,717 20,540
Other receivables 6,277 5,627
Derivative financial assets 1,211 4,106
Cash and cash equivalents 11,651 15,160
95,551 95,824
TOTAL ASSETS 218,981 202,411
CURRENT LIABILITIES
Borrowings 2,764 1,607
Contract liabilities 14,749 14,332
Trade payables and other financial liabilities 23,004 21,730
Other payables 4,256 4,025
Derivative financial liabilities 2,393 2,016
Liabilities for current tax 1,886 1,174
Provisions for liabilities and charges 205 608
49,257 45,492
NON-CURRENT LIABILITIES
Borrowings 40,376 33,066
Derivative financial liabilities 1,643 ‒
Provisions for liabilities and charges 251 251
Deferred tax liabilities 7,711 5,574
49,981 38,891
TOTAL LIABILITIES 99,238 84,383
NET ASSETS 119,743 118,028
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT
Share capital 769 753
Translation reserve 463 (852)
Share-based payments reserve 5,244 5,244
Cash flow hedge reserve (2,746) 1,601
Cost of hedging reserve 140 (1)
Retained earnings 111,440 106,396
TOTAL EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT 115,310 113,141
NON-CONTROLLING INTERESTS 4,433 4,887
TOTAL EQUITY 119,743 118,028
CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 30th April, 2022
2022 2021
£'000 £'000
CASH FLOW FROM OPERATING ACTIVITIES
Profit from continuing operations after tax 13,620 13,006
Adjustments for:
Depreciation of property, plant and equipment 6,202 5,696
Depreciation of right of use assets 1,192 972
Amortisation and impairment of intangible assets 1,572 1,566
Finance costs (net) 1,169 640
Currency (gains) / losses net of unhedged derivative movements (1,535) 292
Profit on sale of property, plant and equipment (18) (745)
Profit on disposal of subsidiary ‒ (32)
Unrealised gain on 10 year interest rate swap derivative (2,740) ‒
Share of profit of associate company (63) (60)
UK tax incentive credit on research and development (675) ‒
Tax expense 6,321 3,508
OPERATING CASH FLOW BEFORE CHANGES IN WORKING CAPITAL AND PROVISIONS 25,045 24,843
(Increase) / decrease in inventories (5,175) 10,344
Decrease / (increase) in contract assets 3,498 (9,242)
(Increase) / decrease in trade and other receivables (3,341) 2,885
Increase / (decrease) in contract liabilities 472 (4,428)
Increase in trade and other payables 804 1,047
Decrease / (increase) in unhedged derivative balances ‒ (438)
CASH GENERATED FROM OPERATIONS 21,303 25,011
Interest received 157 111
Interest paid (1,415) (845)
Corporation tax paid (2,051) (3,068)
NET CASH INFLOW FROM OPERATING ACTIVITIES 17,994 21,209
CASH FLOW FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment 341 1,958
Acquisition of property, plant and equipment (16,215) (11,738)
Additional investment in existing subsidiaries (430) ‒
Acquisition of intangible assets (282) (719)
Development expenditure capitalised (1,505) (1,420)
NET CASH OUTFLOW FROM INVESTING ACTIVITIES (18,091) (11,919)
CASH FLOW FROM FINANCING ACTIVITIES
Issue of shares 16 17
Payment of capital element of lease liabilities (1,153) (1,635)
Dividends paid (7,862) (6,016)
Dividends paid to non-controlling interests (808) (125)
Proceeds from new loans 6,702 35,048
Repayment of loans and committed facilities (683) (30,772)
NET CASH OUTFLOW FROM FINANCING ACTIVITIES (3,788) (3,483)
NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS (3,885) 5,807
Cash and cash equivalents at beginning of year 15,160 9,449
Effect of exchange rate fluctuations on cash held 376 (96)
CASH AND CASH EQUIVALENTS AT END OF YEAR 11,651 15,160
PRINCIPAL RISKS AND UNCERTAINTIES
The Group's operations expose it to a variety of risks and uncertainties.
The Directors confirm that they have carried out a robust assessment of the
principal risks the Company faced, including those that would threaten its
business model, future performance, solvency or liquidity.
Market risk: The Group provides a range of products and services, and there
is a risk that the demand for these products and services will vary from time
to time because of competitor action or economic cycles or international trade
friction or even wars. As shown in note 3 to the financial statements to be
published shortly, the Group operates across a range of geographical regions,
and its turnover is split across the UK, Europe, USA, the Pacific Basin and
the Rest of the World.
Operating in many territories helps spread market risk. Similarly, the Group
operates in both Mechanical Engineering and Refractory Engineering sectors,
mitigating the impact of a downturn in any one product area as has been seen
in recent financial years.
The potential risk of the loss of any key customer is limited as, typically,
no single customer accounts for more than 10% of annual turnover.
As described in the Business Model, the Group generates significant sales not
only from valves it supplies to LNG, oil, chemical and water markets, but
increasingly significant amounts from nuclear new build and decommissioning,
naval propulsion marine applications and ship hull components. The
Mechanical Engineering Division also supplies submersible pumps that are
supplied to the mining industries and radar systems that are supplied for
civil and defence applications. The Refractory Engineering Division sells
vermiculite and perlite to the insulating and fire prevention industry and our
investment casting powder companies indirectly selling to the jewellery
consumer market through the supply of investment casting moulding powders,
waxes, silicone and natural rubber.
Technical risk: The Group develops and launches new products as part of its
strategy to enhance the long-term value of the Group. Such development
projects carry business risks, including reputational risk, abortive
expenditure and potential customer claims which may have a material impact on
the Group. The potential risk here is seen as manageable given the Group is
developing products in areas in which it is knowledgeable and new products are
tested as far as possible prior to their release into the market.
Product failure / Contractual risk: The risks that the Group supplies
products that fail or are not manufactured to specification are risks that all
manufacturing companies are exposed to but we try to minimise these risks
through the use of highly skilled personnel operating within robust quality
control system environments, using third party accreditations where
appropriate. With regard to the risk of failure in relation to new products
coming on line, the additional risks here are minimised at the research and
development stage, where prototype testing and the deployment of a robust
closed loop product performance quality control system provides feedback to
the design department for the products we manufacture and sell. The risk of
not meeting safety expectations, or causing significant adverse impacts to
customers or the environment, is countered by the combination of the controls
mentioned within this section and the purchase of product liability
insurance. The risk of product obsolescence is countered by research and
development investment.
Supply chain and equipment risk: Failure of a major supplier or essential
item of equipment presents a constant risk of disruption to the manufacturing
in progress, especially in these post Covid-19 pandemic times. Where
reasonably possible, management mitigates and controls the risk with the use
of dual sourcing, continual maintenance programmes, and by carrying adequate
levels of stocks and spares to reduce any disruption.
Health and safety: The Group's operations involve the typical health and
safety hazards inherent in manufacturing and business operations. The Group is
subject to numerous laws and regulations relating to health and safety around
the world. Hazards are managed by carrying out risk assessments and
introducing appropriate controls, as well as attending safety training
courses.
Acquisitions: The Group's growth plan over recent years has included a
number of acquisitions. There is the risk that these, or future
acquisitions, fail to provide the planned value. This risk is mitigated
through financial and technical due diligence during the acquisition process
and the Group's inherent knowledge of the markets they operate in.
Financial risk: The principal financial risks faced by the Group are changes
in market prices (interest rates, foreign exchange rates and commodity
prices). As reported elsewhere within these financial statements, the
Company, on 2nd July ,2021, signed a contract to mitigate the impact of
interest rate risk by taking out an interest rate swap derivative fixing £30
million of notional debt at less than 1% versus the variable SONIA rate for a
period of ten years, commencing 1st September, 2021. Detailed information on
the financial risk management objectives and policies is set out in note 26 to
the financial statements to be published shortly. The Group has in place
risk management policies that seek to limit the adverse effects on the
financial performance of the Group by using various instruments and
techniques, including credit insurance, stage payments, forward foreign
exchange contracts, secured and unsecured credit lines.
Regulatory compliance: The Group's operations are subject to a wide range of
laws and regulations. Both within Goodwin PLC and its subsidiaries, the
Directors and Senior Managers within the companies make best endeavours to
ensure we comply with the relevant laws and regulations.
IT security: The Group performs regular and remote off site backups of its IT
systems, from time to time engaging external companies to test and report any
weaknesses and deficiencies found to enable solutions to be put in place to
mitigate and minimise the risk of an IT security breach. The Group is in the
process of re-evaluating the need to invest further in this area over the next
12 months, but for security reasons we will not be disclosing the details of
what we do.
Covid-19 risk: The Covid-19 pandemic continues to have a global impact in
varying degrees that has been seen during the year through labour shortages,
supply chain disruption, shipping availability and inflationary pressures.
The impact of labour shortages has been eased by the strength of our employee
retention and our apprentice school continuing to feed the Group's
requirements with eager engineers. The supply chain issues have been
mitigated by the Group's ability to dynamically acquire and hold appropriate
levels of stock so as to avoid disruption to the manufacturing processes.
Furthermore, the continuation of the post lock down exceptionally high
activity levels within the Refractory Division, in addition to the significant
workload within the Mechanical Division have meant that the Group has
continued to operate as normal across all of its 23 sites around the world for
the past twenty-four months.
Energy: The recent geopolitical tensions, with the current conflict in
Ukraine, combined with the UK Government's energy policy over the last few
years to reduce carbon emissions has left the country exposed to the fragile
global energy system which has driven significant increases in the cost of
power. Following the impact this has had on the Group earlier on in the year,
the Group has amended its strategy to manage the risk through hedging
strategies, incorporating price escalation clauses into the longer term
contracts, aided by the coming on stream of increasing levels of low cost
solar power around the Group. We also have two significant programmes of
enhancing the control of plant and utilising more inverter drives around the
Group, which within 24 months should save an additional 6% of the Group's
electricity and gas consumption.
FORWARD-LOOKING STATEMENTS
The Group Strategic Report contains forward-looking type statements and
information based on current expectations, and assumptions and forecasts made
by the Group. These expectations and assumptions are subject to various
known and unknown risks, uncertainties and other factors, which could lead to
substantial differences between the actual future results, financial
performance and the estimates and historical results given in this report.
Many of these factors are outside the Group's control. The Group accepts no
liability to publicly revise or update these forward-looking statements or
adjust them for future events or developments, whether as a result of new
information, future events or otherwise, except to the extent legally
required.
Directors' statement pursuant to the Disclosure and Transparency Rules
Each of the Directors, whose names are listed below, confirm that to the best
of each person's knowledge:
a. the financial statements, prepared in accordance with the applicable
set of accounting standards, give a true and fair view of the assets,
liabilities, financial position and profit of the Company and the undertakings
included in the consolidation taken as a whole; and
b. the Strategic Report contained in the Annual Report includes a fair
review of the development and performance of the business and the position of
the Company and the undertakings included in the consolidation taken as a
whole, together with a description of the principal risks and uncertainties
that they face.
Directors
The Directors of the Company who have served during the year are set out
below.
M.S. Goodwin
S.R. Goodwin
T.J.W. Goodwin
J. Connolly
B.R.E. Goodwin
N. Brown
J.E. Kelly (Non-Executive Director)
Accounting policies
Goodwin PLC (the "Company") is incorporated in England and Wales.
The Group financial statements consolidate those of the Company and its
subsidiaries (together referred to as the "Group") and equity account the
Group's interest in associates. The parent Company financial statements
present information about the Company as a separate entity and not about its
Group.
The Group's financial statements have been prepared in accordance with UK
adopted International Accounting Standards (IAS) and interpretations issued by
the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting
under UK adopted IFRS.
The financial statements for the year ended 30th April, 2021 were prepared in
accordance with international
accounting standards in conformity with the requirements of the Companies Act
2006 and IFRS adopted pursuant to Regulation (EC) No 1606/2002 as it applies
in the European Union. There is no difference for the Group in applying each
of these accounting frameworks or on the recognition, measurement or
disclosure in the period reported as a result of the change in framework.
The Company has elected to prepare its financial statements in accordance with
Financial Reporting Standard (FRS) 101 issued in the UK. These are presented
on pages 95 to 107 to the financial statements to be published shortly.
The accounting policies set out below have been applied consistently to all
periods presented in these Group financial statements.
Judgements made by the Directors, in the application of these accounting
policies that have significant effect on the financial statements and
estimates with a significant risk of material adjustment in the next year are
discussed in note 2 of to the financial statements to be published shortly.
New IFRS standards and interpretations adopted during 2021 / 2022
The IASB and IFRIC issued the following amendments:
· Amendments to IFRS 9, IAS39, IFRS 7, IFRS 4 and IFRS 16 -
Interest rate benchmark reform phase 2, which is effective for annual periods
beginning on or after 1st January, 2021.
· Amendment to IFRS 16 'Leases' - Covid 19 rent concession
extensions, which is effective for annual periods beginning on or after 1st
June, 2020
The implementation of these amendments has not had a material impact on the
Group's financial statements
The financial information previously set out does not constitute the Company's
statutory accounts for the years ended 30th April, 2022 or 2021 but is derived
from those accounts. Statutory accounts for 2021 have been delivered to the
Registrar of Companies, and those for 2022 will be delivered in due course.
The auditors have reported on those accounts; their report was:
i. unqualified;
ii. did not include references 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 498(2) or
(3) of the Companies Act 2006.
Copies of the 2022 accounts are expected to be posted to shareholders within
the next two weeks and will also be available on the Company's website:
www.goodwin.co.uk (http://www.goodwin.co.uk) and from the Company's Registered
Office: Ivy House Foundry, Hanley, Stoke-on-Trent ST1 3NR.
Note 1
Segmental information
Products and services from which reportable segments derive their revenues
For the purposes of management reporting to the chief operating decision
maker, the Board of Directors, the Group is organised into two reportable
operating divisions: mechanical engineering and refractory engineering.
Segment assets and liabilities include items directly attributable to segments
as well as those that can be allocated on a reasonable basis. Associates are
included in refractory engineering. In accordance with the requirements of
IFRS 8, information regarding the Group's operating segments is reported
below.
2022 2021
Mechanical Engineering Refractory Engineering Total Mechanical Engineering Refractory Engineering Total
£'000 £'000 £'000 £'000 £'000 £'000
Revenue
External sales 87,605 56,503 144,108 86,616 44,615 131,231
Inter-segment sales 17,784 15,523 33,307 20,871 11,526 32,397
Total revenue 105,389 72,026 177,415 107,487 56,141 163,628
Reconciliation to consolidated revenue:
Inter-segment sales (33,307) (32,397)
Consolidated revenue for the year 144,108 131,231
2022 2021
Mechanical Engineering Refractory Total Mechanical Engineering Refractory Total
Engineering Engineering
Profits
Segment operating profit 9,139 12,657 21,796 10,823 9,280 20,103
% of operating profit 42% 58% 100% 54% 46% 100%
Group centre (3,489) (3,009)
Group operating profit 18,307 17,094
Share of profit of associate company ‒ 63 63 ‒ 60 60
Unrealised gain on 10 year Interest Rate Swap Derivative 2,740 ‒
Group finance expenses (net) (1,169) (640)
Consolidated profit before tax for the year 19,941 16,514
Tax (6,321) (3,508)
Consolidated profit after tax for the year 13,620 13,006
2022 2021
Mechanical Engineering Refractory Engineering Total Mechanical Engineering Refractory Engineering Total
£'000 £'000 £'000 £'000 £'000 £'000
Net assets
Total assets 93,049 48,843 141,892 92,929 44,114 137,043
Total liabilities (71,950) (22,643) (94,593) (66,909) (20,591) (87,500)
Subtotal 21,099 26,200 47,299 26,020 23,523 49,543
Goodwin PLC net assets 88,595 83,998
Elimination of Goodwin PLC investments (25,822) (25,392)
Goodwill 9,671 9,879
Consolidated total net assets 119,743 118,028
2022 2021
Goodwin PLC Mechanical Engineering Refractory Engineering Total Goodwin PLC Mechanical Engineering Refractory Engineering Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Segmental capital expenditure
Property, plant and 9,326 5,396 1,631 16,353 5,315 4,952 1,570 11,837
equipment
Right-of-use assets 441 2,401 881 3,723 1,180 1,146 74 2,400
Intangible assets 237 1,121 429 1,787 151 1,123 456 1,730
Total 10,004 8,918 2,941 21,863 6,646 7,221 2,100 15,967
Segmental depreciation, amortisation and impairment
Depreciation 3,808 2,200 1,386 7,394 2,970 2,346 1,352 6,668
Amortisation and impairment 1,195 47 330 1,572 1,106 20 440 1,566
Total 5,003 2,247 1,716 8,966 4,076 2,366 1,792 8,234
Geographical segments
The Group operates in the following principal locations. In presenting the
information on geographical segments, revenue is based on the location of its
customers and assets on the location of the assets.
2022 2021
Revenue Net assets Non-current assets Capital expenditure Revenue Net assets Non-current assets Capital expenditure
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
UK 38,599 77,447 104,995 19,670 39,755 81,982 89,944 13,634
Rest of Europe 21,388 8,648 3,728 1,009 21,473 8,309 3,264 279
USA 14,046 ‒ ‒ ‒ 8,027 ‒ ‒ ‒
Pacific Basin 31,085 15,867 6,703 278 28,255 13,708 6,499 719
Rest of World 38,990 17,781 8,004 906 33,721 14,029 6,880 1,335
Total 144,108 119,743 123,430 21,863 131,231 118,028 106,587 15,967
Note 2
Dividends
The Board proposes to pay a dividend of 107.80 pence per share, up 5% on the
previous year (2021: 102.24p). The proposed dividend has been calculated
using the Group's profit after taxation figure, plus depreciation and
amortisation for the year ending 30th April 2022.
The Board proposes to smooth the Group's cash flow by splitting the payment of
the proposed ordinary dividends of 107.80 pence per share into equal
instalments of 53.9 pence per share on 7th October, 2022 and on or around 12th
April, 2023 to shareholders on the register on 16th September, 2022 and on or
around 24th March, 2023 respectively.
Note 3
Earnings per share
2022 2021
Number Number
Ordinary shares in issue
Opening shares in issue 7,526,400 7,363,200
Shares issued in the year 163,200 163,200
7,689,600 7,526,400
Outstanding ordinary share options ‒ 163,200
Total ordinary shares (issued and options) 7,689,600 7,689,600
Weighted average number of ordinary shares in issue 7,673,951 7,445,024
Weighted average number of outstanding ordinary share options ‒ 162,651
Denominator used for diluted earnings per share calculation 7,673,951 7,607,675
2022 2021
£'000 £'000
Relevant profits attributable to ordinary shareholders 12,980 12,494
Note 4
Going concern
The Directors, after having reviewed the projections and possible challenges
that may lie ahead, believe that there is a reasonable expectation that the
Group has adequate resources to continue in operational existence for at least
twelve months from the date of approval of these financial statements, and
have continued to adopt the going concern basis in preparing the financial
statements.
As at 30th April 2022, the Group's gearing ratio stood at 25.8% (2021: 15.4%)
against a substantial shareholders' net worth of £115 million (2021: £113
million). The retained reserves of the Group put it in a strong position to
deal with unforeseen material adverse issues.
In previous years we have reported on the potential impact of Covid-19 and its
limited impact on the business. As you might expect given our previous
comments, our pandemic risk profile is low and whilst there are minor Covid-19
impacts we do not see the pandemic as a cause for concern for the Group moving
forwards.
The reported results for the year are after having incurred what have been
unprecedented increases in energy costs. Whilst the Group is not complacent
and there is work to be done here, we do not see the impact of energy costs
giving rise to a going concern issue.
Within our severe but plausible stress test model, it is demonstrable that the
Group has sufficient funds to cover the Group's and the Company's financial
commitments during the forecast period whilst remaining compliant with its
financial covenants. The stress test model starts with the forecasts
generated by the subsidiary directors and reflects their specific knowledge of
the market conditions, strategy and outlook. Each of these subsidiary level
forecasts is then reviewed, challenged and approved by the relevant Group
Managing Director who themselves are immersed in each of the businesses. The
stress test model then predicts the impact of a severe but plausible reduction
in the pre-tax profit forecast without pulling back on our capital expenditure
forecast. The results of the stress test modelling did not highlight any
going concern issues.
Whilst our carrying values of trade debtors and contract assets are
significant, we see little risk here in terms of recovery. Where possible,
we credit insure the majority of our debtors and our pre credit risk (work in
progress), and for significant contracts where credit insurance is not
available, we ensure, where possible, that these contracts are backed by
letters of credit or cash positive milestone payments.
As discussed elsewhere within these accounts, the Mechanical Engineering order
book remains high and the Refractory Engineering segment continues to be
buoyant.
The Directors are confident that the Group and Company will have sufficient
funds to continue to meet their liabilities as they fall due for at least
twelve months from the date of approval of the financial statements and
therefore have prepared the financial statements on a going concern basis.
Note 5
Annual General Meeting
The Annual General Meeting will be held at 10.30 a.m. on 5th October, 2022 at
Crewe Hall, Weston Road, Crewe, Cheshire CW1 6UZ.
Note 6
ALTERNATIVE PERFORMANCE MEASURES
Measure 2022 2021
Gross profit (£'000) 42,704 39,001
Revenue (£'000) 144,108 131,231
Gross profit as percentage of revenue (%) 29.6 29.7
Profit before tax (£'000) 19,941 16,514
Unrealised gain on 10 year interest rate swap derivative (2,740) ‒
Trading profit (£'000) 17,201 16,514
Operating profit (£'000) 18,307 17,094
Capital employed (£'000) 145,095 130,572
Return on capital employed (%) 12.6 13.1
Net debt (£'000) 29,785 17,431
Net assets attributable to equity holders of the parent(£'000) 115,310 113,141
Gearing (%) 25.8 15.4
Net profit attributable to equity holders of the parent (£'000) 12,980 12,494
Net assets attributable to equity holders of the parent(£'000) 115,310 113,141
Return on investment (%) 11.3 11.0
Revenue (£'000) 144,108 131,231
Average number of employees 1,112 1,129
Sales per employee (£'000) 130 116
Annual post tax profit (£'000) 13,620 13,006
Interest rate SWAP mark to market net of tax @ 19% (£'000) (2,219) ‒
Deferred tax rate change (£'000) 2,012 ‒
Depreciation owned assets (£'000) 6,202 5,696
Depreciation right-of-use assets (£'000) 1,192 972
Amortisation and impairment (£'000) 1,572 1,566
Exclude operating lease depreciation (£'000) (508) (550)
Annual post tax profit + depreciation+amortisation (£'000) 21,871 20,690
END
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