UK's Goodwin board mulls dividend cut as Iran war hits orders; shares sink (updated)

Goodwin

23/03/2026 10:05

Recasts with dividend cut possibility, adds details and background throughout, updates shares

March 23 (Reuters) - Goodwin GDWN.L shares tumbled nearly 35% on Monday after the British mechanical engineering firm said it was considering cutting dividend payouts as the Iran conflict led to order delays in the Middle East.

The board will decide whether to revert to limiting dividend payout to 38% or lower, given the escalating situation in the Middle East, the firm said.

"On certain large Middle East contracts, the Group has been requested to delay the dispatch of valves," Goodwin said, adding that the delay may affect the timing of its revenues.

Goodwin, a manufacturer of valve systems used across oil and gas, petrochemical and LNG plants, said none of its many orders for LNG facilities in the Middle East or the U.S. has been cancelled or placed on manufacturing hold.

The firm said it was trading in line with its expectations of logging about 71 million pounds in pre-tax profit for the year ending April.

Shares were down 34.5% at about 154 pounds as of 0957 GMT.

(Reporting by Prerna Bedi in Bengaluru; Editing by Harikrishnan Nair)

((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))