REG - Goodwin PLC - Trading Update

GoodwinAnnouncement

Yesterday 09:30

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260323:nRSW6954Xa&default-theme=true

RNS Number : 6954X  Goodwin PLC  23 March 2026

Goodwin PLC

 

 

Trading Update

March 2026

 

It is encouraging that the Group's trading performance remains in line with
expectations, as outlined in the October 2025 trading update. Activity within
the Mechanical Engineering Division continues to track broadly in line with
the first six months of the financial year.

The Group's firm fixed orderbook stood at £288 million at the end of
February, reflecting the procurement cycles typical of the capital goods
markets we serve. The Mechanical Engineering Division has been disappointed by
the outcome of two significant tenders during the period. Easat lost a tender
for 20 off 7.5 metre Coastal Radar Antenna and Transceivers, with a contract
value of approximately €18 million, relating to installations off the coast
of Estonia. In addition, Goodwin International unexpectedly lost a tender with
Sellafield in the last quarter, with a bid value in excess of £45 million,
despite the strength of the Group's technical proposal and its ongoing
delivery of compliant Self Shielded Boxes and 63 Element Racks in line with
production schedules.

Within the Refractory Engineering Division, trading conditions remain broadly
unchanged. Persistently elevated gold and silver prices continue to weigh on
confidence in the jewellery casting markets, and there have been no other
material developments influencing trading activity during the period other
than the lack of confidence by the general public starting to colour their
spending habits.

We feel it appropriate to advise that as of the time of writing, none of the
many valves we currently have on order for LNG facilities in the Middle East
or the USA have been cancelled or placed on manufacturing hold. However, on
certain large Middle East contracts, the Group has been requested to delay the
dispatch of valves, reflecting the current geopolitical environment in the
Gulf . While these requests have not resulted in cancellations, they may
affect the timing of revenues.

The Group has proceeded with the construction of an extension to the foundry
facility; the development is intended to support an automated moulding line.
The company has undertaken the work to date at its own risk, however we are
expecting final planning approval for the project imminently and any
significant progression or purchase of capital equipment is subject to the
securing a purchase order by Goodwin Steel Castings Ltd.

For Duvelco high technology products, still no commercial sales have been made
to date, the business has progressed to a stage where market engagement is
expected to lead to initial contributions to Group sales in the financial year
ending 2027. Any such contribution is not expected to be substantial in the
early years, as the rate of increase in sales is anticipated to be progressive
as with any new product launch and dependent on technical approval timelines
specific to individual end‑markets, which can vary in length and, in some
cases, extend over multiple years.

Considering the payment of a special interim dividend in November 2025,
together with highly increased global geopolitical uncertainty, the Board
continues to take a prudent approach to capital allocation and financial
resilience. Accordingly, the Board is considering whether to revert to its
previous dividend policy, under which distributions were limited to 38% of
post‑tax profit plus depreciation and amortisation, or to a lower level
should this be considered appropriate given the escalating Gulf situation and
the broader economic environment.

Finally, we are proud to announce the return of the Steelman statue to the
front of Goodwin House, our head office. Originally manufactured by Goodwin
Steel Castings in 1974 to honour the workers of the Shelton Bar Steelworks
prior to its closure, the Steelman has been kindly loaned by the Potteries
Museum on a long-term basis. To see an image of the Steelman in its new
location, please visit our homepage at www.goodwin.co.uk
(http://www.goodwin.co.uk) .

T.J.W. Goodwin

Chairman

 

END

LEI: 213800N4T1NMSJ57B322

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTKXLBLQXLFBBE



            Copyright 2019 Regulatory News Service, all rights reserved