REG - Goodwin PLC - Half-year Report
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RNS Number : 6531L Goodwin PLC 16 December 2025
GOODWIN PLC
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
for the half year ended 31st October 2025
CHAIRMAN'S STATEMENT
The Board reports a solid trading performance for the Group, with trading
profits for the six months to 31st October 2025 of £37.2 million (October
2024: £ 17.1 million). The workload as at the time of writing stands at £330
million.
Goodwin Steel Castings Ltd and Goodwin International Ltd continue to supply
high-integrity components to the defence and nuclear sectors, with demand
remaining robust. The pump businesses reported consistent results, with
performance in India and South Africa helping to balance softer trading in
Brazil and Australia. Easat Radar Systems Ltd. has achieved the award of a PSR
system for Cornwall Airport along with orders from various other customers,
and axial valve sales within Noreva GmbH are buoyant, driven primarily by the
large LNG projects that are based in the United States and Qatar.
In the Refractory Engineering Division, performance remains resilient. The
change in the purchasing dynamics of consumers, who continue to buy higher
volumes of lower cost brass and silver costume jewellery, is driving volume
requirements for our products. Dupré Minerals Ltd profits are marginally
lower versus prior periods as core markets normalise post Covid boom sales in
its industry sectors.
The Group's net debt position was £5.8 million as at 31st October 2025.
Following the payment of the one-off special interim dividend of 532 pence per
share in November 2025, net debt increased to £53 million at the end of that
month. This level is in line with expectations and represents a gearing of 46%
at the end of November 2025.
It is also pleasing to confirm that the 14th cohort of apprentices started in
September at the Goodwin Engineering Training School. The benefit of these
apprentices is being seen in all parts of the Group as they grow and are
appointed to manager and director level positions within the subsidiaries.
We wish to thank all of our employees here in the UK and overseas for the
tremendous amount of hard work and devotion that is being put in to achieve
the profits that are being reported.
T.J.W. Goodwin
Chairman 15 December 2025
MANAGEMENT REPORT
Financial Highlights
Unaudited Unaudited Audited
Half Year to Half Year to Year ended
31st October 31st October 30th April
2025 2024 2025
£'m £'m £'m
Consolidated Results
Revenue 135.6 106.4 219.7
Operating profit 37.2 18.2 37.1
Trading profit * 37.2 17.1 35.5
Unrealised loss on 10 year interest rate swap derivative (0.4) (0.4) (1.3)
Profit before tax 36.8 16.7 34.3
Profit after tax 27.5 12.5 26.2
Capital additions
Property, plant and equipment (PPE) owned 7.2 5.3 15.0
Property, plant and equipment (PPE) right-of-use assets 1.0 0.1 0.1
Intangible assets 1.1 0.5 3.1
Capital expenditure for KPI purposes 9.3 5.9 18.2
Earnings per share - basic and diluted 351.70p 150.91p 327.17p
* Trading profit is defined as profit before taxation excluding the movement
in fair value of the interest rate swap.
Revenue
Revenue of £135.6 million for the six months represents a 27.4% increase from
the £106.4 million achieved for the same period last year.
Trading profit
Trading profit for the six months was £37.2 million, compared with £17.1
million for the same period last year.
Key performance indicators
Unaudited Unaudited Audited
Half Year to 31st October Half Year to 31st October Year ended 30th April
2025 2024 2025
Trading profit (£'m) 37.2 17.1 35.5
Post tax profit + depreciation + amortisation (£'m) 32.0 17.3 36.1
Gross profit % of revenue 49.3% 43.0% 41.7%
Trading profit % of revenue 27.4% 16.1% 16.2%
Gearing % 5.8% 31.4% 9.9%
Non-cash charges (£'m)
Depreciation 3.9 4.1 8.0
Amortisation and impairment 0.7 0.7 1.6
Total non-cash charges 4.6 4.8 9.6
Alternative performance measures mentioned above are defined on page 106 of
the Group Annual Accounts to 30th April 2025.
2025/26 Outlook
The Group has delivered a pleasing first-half performance and continues to
benefit from a strong workload pipeline across its principal markets. Order
intake, ongoing programme execution and sustained demand in several specialist
areas provides visibility for the medium term. The Board continues to expect
full-year profitability to be above £71 million. Against this backdrop, and
supported by current workload levels, the Group considers itself well
positioned, with operational capacity, technical capability and order cover
underpinning activity through the remainder of the financial year and into the
medium term.
Risks and Uncertainties
The Group, mainly through its centralised management structure, makes best
endeavours to have in place internal control procedures to identify and manage
the key risks and uncertainties affecting the Group. We would refer you to
pages 14 to 15 of the Group Annual Accounts to 30th April 2025 which describe
the principal risks and uncertainties, and to note 27, starting on page 84,
which describes in detail the key financial risks and uncertainties affecting
the business.
Judging the future relationship of the major currency pairs of the US Dollar,
Sterling and the Euro continues to be a challenge.
The Group has mitigated the impact of rising interest rates by fixing the
effective base rate at less than 1% for a notional £30 million of debt until
August 2031.
Report on Expected Developments
This report describes the likely progress of the Group during the year ended
30th April 2026. The report may contain forward-looking 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 to future events or developments, whether as a result of new
information, future events or otherwise, except to the extent legally
required.
Going Concern
The Group continues to trade profitably by building on the increase in
activity seen in the second half of the previous financial year and, with the
strength of the current order book levels, this should continue in the second
half of this financial year. As at 31st October 2025, the Group's net debt
stood at £5.8 million (31st October 2024 £38.8 million) as set out in note
15 of these accounts. The net debt levels are lower than those recorded at
both October 2024 and April 2025, which is in line with the Board's
expectations and will continue to be reviewed and managed across the Group.
Given the above, the Directors, after having reviewed the Group projections
and possible challenges that may lie ahead, do not see an issue with the
continued ability of the Group to meet its financial commitments as they fall
due for at least twelve months from the date of these accounts and have
prepared these accounts on a going concern basis.
Responsibility statement of the Directors in respect of the half-yearly financial report
The Directors confirm to the best of their knowledge that:
1. this condensed set of financial statements has been prepared in
accordance with International Accounting Standard 34, 'Interim Financial
Reporting', as adopted by the United Kingdom; and
2. the Interim Management Report and condensed financial statements
include a fair review of the information required by the Disclosure and
Transparency Rules:
· 4.2.7R (being an indication of important events that have
occurred during the first six months of the year); and
· 4.2.8R (being related party transactions that have taken place in
the first six months of the financial year and that have materially affected
the financial position or performance of the entity during that period; and
any changes in the related party transactions described in the last Annual
Report that could do so).
T.J.W. Goodwin
Chairman 15 December 2025
Condensed Consolidated Statement of Profit or Loss
for the half year to 31st October 2025
Unaudited Unaudited Audited
Half Year to Half Year to Year ended
31st October 31st October 30th April
2025 2024 2025
£'000 £'000 £'000
Continuing operations
Revenue 135,608 106,392 219,709
Cost of sales (68,688) (60,666) (128,100)
Gross profit 66,920 45,726 91,609
Selling and distribution costs (6,106) (5,498) (10,903)
Administrative expenses (23,651) (22,001) (43,594)
Operating profit 37,163 18,227 37,112
Finance income 559 *696 1,305
Finance costs (549) * (1,843) (2,965)
Share of profit of associate company 31 27 65
Profit before taxation and movement in fair value of interest rate swap 37,204 17,107 35,517
Unrealised loss on 10 year interest rate swap derivative (400) (394) (1,257)
Profit before taxation 36,804 16,713 34,260
Tax on profit (9,319) (4,215) (8,082)
Profit after taxation 27,485 12,498 26,178
Attributable to:
Equity holders of the parent 26,411 11,333 24,569
Non-controlling interests 1,074 1,165 1,609
Profit for the period 27,485 12,498 26,178
Basic and diluted earnings per ordinary share (note 12) 351.70p 150.91p 327.17p
* Finance income and expense for the half year to 31 October 2024 have been
grossed up to be consistent with the current presentation.
Condensed Consolidated Statement of Comprehensive Income
for the half year to 31st October 2025
Unaudited Unaudited Audited
Half Year to Half Year to Year ended
31st October 31st October 30th April
2025 2024 2025
£'000 £'000 £'000
Profit for the period 27,485 12,498 26,178
Other comprehensive (expense) / income
Items that may be reclassified subsequently to profit or loss:
Foreign exchange translation differences 1,371 (240) (1,852)
Cash flow hedges - effective portion of changes in fair value (3,364) 74 5,513
Cash flow hedges - ineffectiveness transferred to profit or loss ‒ 806 ‒
Cash flow hedges - amounts transferred to profit or loss (1,244) (465) (1,593)
Cash flow hedges - deferred tax credit / (charge) 1,150 66 (806)
Cost of hedging - changes in fair value (283) (129) (97)
Cost of hedging - ineffectiveness transferred to profit or loss ‒ (30) ‒
Cost of hedging - amounts transferred to profit or loss 180 226 209
Cost of hedging - deferred tax credit / (charge) 26 (17) (33)
Other comprehensive (expense) / income for the period, net of income tax (2,164) 291 1,341
Total comprehensive income for the period 25,321 12,789 27,519
Attributable to:
Equity holders of the parent 24,052 11,572 25,870
Non-controlling interests 1,269 1,217 1,649
25,321 12,789 27,519
Condensed Consolidated Balance Sheet
Unaudited Unaudited Audited
as at 31st as at 31st as at 30th
October 2025 October 2024 April 2025
£'000 £'000 £'000
Non-current assets
Property, plant and equipment 124,989 106,894 116,832
Right-of-use assets 2,488 11,013 6,055
Investment in associate 775 863 775
Intangible assets 28,391 25,902 27,670
Derivative financial assets 4,350 5,597 6,061
Deferred tax assets 490 **199 **498
161,483 150,468 157,891
Current assets
Inventories 43,297 44,486 39,096
Contract assets 29,094 24,050 24,310
Trade receivables and other financial assets 34,832 45,293 37,747
Corporation tax receivable 302 709 1,583
Other receivables 7,100 4,312 4,145
Derivative financial assets 2,807 2,636 4,457
Cash and cash equivalents 19,891 15,057 16,643
137,323 136,543 127,981
Total assets 298,806 287,011 285,872
Current liabilities
Borrowings 1,507 20,892 16,420
Contract liabilities * 34,500 20,998 34,750
Trade payables and other financial liabilities 30,333 29,129 36,801
Other payables 386 627 358
Dividends payable 50,465 4,994 ‒
Derivative financial liabilities 1,570 1,262 256
Corporation tax payable 2,800 3,857 1,092
Provisions for liabilities and charges 209 241 223
121,770 82,000 89,900
Non-current liabilities
Borrowings 26,827 35,053 15,707
Contract liabilities * 25,283 26,735 20,412
Derivative financial liabilities 1,521 493 428
Provisions for liabilities and charges 291 275 269
Deferred tax liabilities 17,221 14,107 16,948
71,143 76,663 53,764
Total liabilities 192,913 158,663 143,664
Net assets 105,893 128,348 142,208
Equity attributable to equity holders of the parent
Share capital 751 751 751
Translation reserve (3,084) (2,579) (4,223)
Cash flow hedge reserve 241 1,009 3,657
Cost of hedging reserve (399) (375) (317)
Retained earnings 103,728 125,059 138,295
Total equity attributable to equity holders of the parent 101,237 123,865 138,163
Non-controlling interests 4,656 4,483 4,045
Total equity 105,893 128,348 142,208
* Contract liabilities include advance payments from customers of £57,345,000
(31st October 2024: £47,473,000), with the balance of £2,438,000 (31st
October 2024: £260,000) being costs accrued for contracts.
** The comparative figures for the deferred tax assets have been reported as
non-current assets, to be consistent with the current period presentation.
Condensed Consolidated Statement of Changes in Equity
for the half year to 31st October 2025
Share capital Translation 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
Half Year to 31st October 2025
(Unaudited)
Balance at 1st May 2025 751 (4,223) 3,657 (317) 138,295 138,163 4,045 142,208
Total comprehensive income:
Profit ‒ ‒ ‒ ‒ 26,411 26,411 1,074 27,485
Other comprehensive income:
Foreign exchange translation differences ‒ 1,139 ‒ ‒ ‒ 1,139 232 1,371
Net movements on cash flow hedges ‒ ‒ (3,416) (82) ‒ (3,498) (37) (3,535)
Total comprehensive income / (expense) for the period ‒ 1,139 (3,416) (82) 26,411 24,052 1,269 25,321
Transactions with owners:
Dividends paid ‒ ‒ ‒ ‒ (10,513) (10,513) (658) (11,171)
Dividends declared ‒ ‒ ‒ ‒ (50,465) (50,465) ‒ (50,465)
Balance at 31st October 2025 751 (3,084) 241 (399) 103,728 101,237 4,656 105,893
Share capital Translation 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
Half Year to 31st October 2024
(Unaudited)
Balance at 1st May 2024 751 (2,391) 633 (426) 123,714 122,281 4,369 126,650
Total comprehensive income:
Profit ‒ ‒ ‒ ‒ 11,333 11,333 1,165 12,498
Other comprehensive income:
Foreign exchange translation differences ‒ (188) ‒ ‒ ‒ (188) (52) (240)
Net movements on cash flow hedges ‒ ‒ 376 51 ‒ 427 104 531
Total comprehensive income / (expense) for the period ‒ (188) 376 51 11,333 11,572 1,217 12,789
Transactions with owners:
Dividends paid ‒ ‒ ‒ ‒ (4,994) (4,994) (1,103) (6,097)
Dividends declared ‒ ‒ ‒ ‒ (4,994) (4,994) ‒ (4,994)
Balance at 31st October 2024 751 (2,579) 1,009 (375) 125,059 123,865 4,483 128,348
Share capital Translation 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
Year ended 30th April 2025
(Audited)
Balance at 1st May 2024 751 (2,391) 633 (426) 123,714 122,281 4,369 126,650
Total comprehensive income:
Profit ‒ ‒ ‒ ‒ 24,569 24,569 1,609 26,178
Other comprehensive income:
Foreign exchange translation differences ‒ (1,832) ‒ ‒ ‒ (1,832) (20) (1,852)
Net movements on cash flow hedges ‒ ‒ 3,024 109 ‒ 3,133 60 3,193
Total comprehensive income / (expense) for the period ‒ (1,832) 3,024 109 24,569 25,870 1,649 27,519
Transactions with owners:
Dividends paid ‒ ‒ ‒ ‒ (9,988) (9,988) (1,973) (11,961)
Balance at 30th April 2025 751 (4,223) 3,657 (317) 138,295 138,163 4,045 142,208
Condensed Consolidated Statement of Cash Flows
for the half year ended 31st October 2025
Unaudited Unaudited Audited
Half Year to Half Year to Year ended
31st October 31st October 30th April
2025 2024 2025
£'000 £'000 £'000
Cash flow from operating activities
Profit from continuing operations after tax 27,485 12,498 26,178
Adjustments for:
Depreciation of property, plant and equipment 3,484 3,340 6,663
Depreciation of right-of-use assets 412 761 1,346
Amortisation and impairment of intangible assets 655 708 1,580
Finance costs (net) (10) 1,147 1,660
Currency (gains) / losses (322) 955 1,371
(Profit) /loss on sale of property, plant and equipment (37) (15) 126
Unrealised loss on 10 year interest rate swap derivative 400 394 1,257
Share of profit of associate company (31) (27) (65)
UK tax incentive credit on research and development ‒ ‒ (573)
Tax expense 9,319 4,215 8,082
Operating cash flow before changes in working capital and provisions 41,355 23,976 47,625
(Increase) / decrease in inventories (3,531) 2,075 6,743
(Increase) in contract assets (4,540) (2,060) (2,121)
Decrease / (increase) in trade and other receivables 1,323 (17,983) (12,095)
Increase in contract liabilities 4,450 13,636 20,990
(Decrease) / increase in trade and other payables (6,402) (1,384) 6,100
Cash generated from operations 32,655 18,260 67,242
Interest received 548 563 1,340
Interest paid (977) (2,104) (3,822)
Corporation tax paid (4,918) (1,307) (6,566)
Net cash inflow from operating activities 27,308 15,412 58,194
Cash flows from investing activities
Proceeds from sale of property, plant and equipment 54 38 125
Acquisition of property, plant and equipment (7,411) (4,388) (13,176)
Acquisition of intangible assets (45) (8) (283)
Development expenditure capitalised (1,063) (510) (2,832)
Dividend from associate company 68 63 156
Net cash outflow from investing activities (8,397) (4,805) (16,010)
Cash flows from financing activities
Payment of capital element of lease obligations (2,367) (1,476) (6,073)
Dividends paid (10,513) (4,994) (9,988)
Dividends paid to non-controlling interests (658) (1,103) (1,973)
Proceeds from new loans 17,000 8,000 12,000
Repayment of loans (19,498) (26,549) (49,837)
Change in bank overdrafts ‒ (48) (48)
Net cash outflow from financing activities (16,036) (26,170) (55,919)
Net increase / (decrease) in cash and cash equivalents 2,875 (15,563) (13,735)
Cash and cash equivalents at beginning of year 16,643 30,678 30,678
Effect of exchange rate fluctuations on cash held 373 (58) (300)
Closing cash and cash equivalents at period end 19,891 15,057 16,643
Notes
1. Reporting Entity
Goodwin PLC (the "Company") is a Company incorporated in England and Wales.
The unaudited condensed consolidated interim financial statements of the
Company as at and for the six months ended 31st October 2025 comprise the
Company, its subsidiaries, and the Group's interests in associates (together
referred to as the "Group").
The audited consolidated financial statements of the Group as at and for the
year ended 30th April 2025 are available upon request from the Company's
registered office at Ivy House Foundry, Hanley, Stoke-on-Trent, ST1 3NR or via
the Company's web site: www.goodwin.co.uk.
2. Statement of compliance
These unaudited condensed consolidated interim financial statements have been
prepared in accordance with IAS 34 Interim Financial Reporting, as adopted in
the United Kingdom. They do not include all of the information required for
full annual financial statements, and should be read in conjunction with the
audited consolidated financial statements of the Group as at and for the year
ended 30th April 2025.
The comparative figures for the financial year ended 30th April 2025 are
extracts and not the full Group'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 (i) unqualified,
(ii) did not include a reference 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.
The Audit Committee has reviewed these unaudited condensed consolidated
interim financial statements and has advised the Board of Directors that,
taken as a whole, they are fair, balanced and understandable and provide the
information necessary for shareholders to assess the Group's half year
performance. These unaudited condensed consolidated interim financial
statements were approved by the Board of Directors on 15 December 2025.
3. Significant Accounting Policies
The accounting policies applied by the Group in these unaudited condensed
consolidated financial statements are the same as those applied by the Group
in its audited consolidated financial statements as at and for the year ended
30th April 2025.
New IFRS standards, amendments and interpretations not
adopted
The IASB and IFRIC have issued additional standards and amendments which are
effective for periods starting after the date of these financial statements.
The following amendments have not yet been adopted by the Group:
· Amendments to IFRS 9 and IFRS 7 - Amendments to the
Classification and Measurement of Financial Instruments (effective for periods
beginning on or after 1st January 2026).
· Annual Improvements to IFRS Accounting Standards - volume 11
(effective for periods beginning on or after 1st January 2026).
· IFRS 18 Presentation and Disclosure in Financial Statements
(effective for periods commencing on or after 1st January 2027).
The impact of IFRS 18, which becomes effective for annual reporting periods
beginning on or after 1 January 2027, has not yet been evaluated in full.
The Group does not expect any of the other amendments above to have a material
impact on profit, earnings per share and net assets in future periods.
4. Accounting Estimates and Judgements
The preparation of interim financial statements requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets and liabilities, income
and expense. Actual results may differ from these estimates.
In preparing these unaudited consolidated interim financial statements, the
significant judgements made by management in applying the Group's accounting
policies and the key sources of estimation uncertainty were the same as those
that applied to the audited consolidated financial statements as at and for
the year ended 30th April 2025.
The tax charge in the period is based on management's estimate of the weighted
average annual income tax rate expected for the full financial year applied to
the pre-tax income of the interim period, and the impact of any disallowed
costs.
5. Operating Segments
For reporting to the chief operating decision maker, the Board of Directors,
the Group is organised into two reportable operating segments, according to
the different products and services provided by the Mechanical Engineering and
Refractory Engineering Divisions. Segment assets and liabilities include items
directly attributable to segments as well as group centre balances, which can
be allocated on a reasonable basis. The Group's associate company is included
in Refractory Engineering. In accordance with the requirements of IFRS 8,
information regarding the Group's operating segments is reported below.
There are no other reportable segments apart from those identified.
6. Operating segment revenue and profit
Unaudited Unaudited Audited
Half Year to 31st October 2025 Half Year to 31st October 2024 Year ended 30th April 2025
Mechanical Refractory Total Mechanical Refractory Total Mechanical Refractory Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Revenue
Total revenue 127,233 42,247 169,480 91,621 38,380 130,001 193,045 78,164 271,209
Inter-segment revenue (24,698) (9,174) (33,872) (17,325) (6,284) (23,609) (36,783) (14,717) (51,500)
External revenue 102,535 33,073 135,608 74,296 32,096 106,392 156,262 63,447 219,709
Profit
Segment operating profit 30,820 8,579 39,399 13,826 6,706 20,532 25,402 14,606 40,008
Share of profit of associate company ‒ 31 31 ‒ 27 27 ‒ 65 65
Segment profit before taxation 30,820 8,610 39,430 13,826 6,733 20,559 25,402 14,671 40,073
Group centre costs (2,236) (2,305) (2,896)
Finance income 559 696 1,305
Finance costs (549) (1,843) (2,965)
Profit before taxation and movement in fair value of interest rate swap 37,204 17,107 35,517
Percentage of segment profit before taxation 78% 22% 100% 67% 33% 100% 63% 37% 100%
7. Operating segment assets and liabilities
Unaudited Unaudited
Half Year to 31st October 2025 Half Year to 31 October 2024
Mechanical Refractory Group Centre Total Mechanical Refractory Group Centre Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Net assets
Total assets 216,271 65,963 16,572 298,806 200,306 69,858 16,847 287,011
Total liabilities (125,006) (16,497) (51,410) (192,913) (123,194) (34,898) (571) (158,663)
Total 91,265 49,466 (34,838) 105,893 77,112 34,960 16,276 128,348
Audited
Year ended 30 April 2025
Mechanical Refractory Group Centre Total
£'000 £'000 £'000 £'000
Net assets
Total assets 205,272 64,178 16,422 285,872
Total liabilities (125,940) (16,862) (862) (143,664)
Total 79,332 47,316 15,560 142,208
8. Operating segment capital expenditure, depreciation and
amortisation
Unaudited Unaudited
Half Year to 31st October 2025 Half Year to 31st October 2024
Mechanical Refractory Group centre Total Mechanical Refractory Group centre Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Capital expenditure on:
Property, plant and equipment 5,875 700 653 7,228 4,137 1,108 78 5,323
Right-of-use assets 261 728 ‒ 989 ‒ 6 55 61
Intangible assets 1,068 39 ‒ 1,107 486 41 ‒ 527
Total capital expenditure 7,204 1,467 653 9,324 4,623 1,155 133 5,911
Depreciation - property, plant and equipment 2,307 752 425 3,484 2,266 685 389 3,340
Depreciation - right-of-use assets 236 175 1 412 298 239 224 761
Amortisation - intangible assets 252 359 44 655 228 430 50 708
Total 2,795 1,286 470 4,551 2,792 1,354 663 4,809
Audited
Year ended 30th April 2025
Mechanical Refractory Group centre Total
£'000 £'000 £'000 £'000
Capital expenditure on
Property, plant and equipment 12,849 1,457 704 15,010
Right-of-use assets 86 6 55 147
Intangible assets 2,611 504 ‒ 3,115
Total capital expenditure 15,546 1,967 759 18,272
Depreciation - property, plant and equipment 4,580 1,451 632 6,663
Depreciation - right-of-use assets 594 437 315 1,346
Amortisation - intangible assets 654 828 98 1,580
Total 5,828 2,716 1,045 9,589
9. Geographical segments
Unaudited Unaudited
Half Year to 31st October 2025 Half Year to 31st October 2024
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 38,305 49,125 126,097 6,805 31,011 81,203 118,595 4,846
Rest of Europe 14,363 14,564 10,125 1,479 10,741 7,321 5,138 310
USA 33,993 ‒ ‒ ‒ 16,437 ‒ ‒ ‒
Pacific Basin 19,634 16,613 7,108 891 22,831 16,563 6,908 161
Rest of World 29,313 25,591 13,313 149 25,372 23,261 14,031 594
Total 135,608 105,893 156,643 9,324 106,392 128,348 144,672 5,911
Audited
Year ended 30th April 2025
Revenue Net assets Non-current assets * Capital expenditure
£'000 £'000 £'000 £'000
UK 63,904 94,113 122,585 12,469
Rest of Europe 26,671 9,868 8,627 4,186
USA 35,426 ‒ ‒ ‒
Pacific Basin 42,726 15,246 6,290 171
Rest of World 50,982 22,981 13,830 1,446
Total 219,709 142,208 151,332 18,272
* This total excludes derivative financial assets and deferred tax assets
10. Revenue
The Group's revenue is derived from contracts with customers. The Group's
revenue is not significantly impacted by seasonal or cyclical events.
The following tables provide an analysis of revenue by geographical market and
by product line.
Unaudited Unaudited Audited
Half Year to 31st October 2025 Half Year to 31st October 2024 Year ended 30th April 2025
Mechanical Refractory Total Mechanical Refractory Total Mechanical Refractory Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Primary geographical markets:
UK 29,856 8,449 38,305 23,304 7,707 31,011 48,995 14,909 63,904
Rest of Europe 10,521 3,842 14,363 6,470 4,271 10,741 18,668 8,003 26,671
USA 33,703 290 33,993 16,143 294 16,437 34,902 524 35,426
Pacific Basin 6,448 13,186 19,634 10,719 12,112 22,831 18,211 24,515 42,726
Rest of World 22,007 7,306 29,313 17,660 7,712 25,372 35,486 15,496 50,982
Total 102,535 33,073 135,608 74,296 32,096 106,392 156,262 63,447 219,709
Product lines:
Standard products and consumables 7,659 33,073 40,732 6,347 32,096 38,443 14,253 63,447 77,700
Bespoke engineered products - point in time 13,430 ‒ 13,430 10,408 ‒ 10,408 21,382 ‒ 21,382
Total point in time revenue 21,089 33,073 54,162 16,755 32,096 48,851 35,635 63,447 99,082
Minimum period contracts for goods and services 3,151 ‒ 3,151 2,520 ‒ 2,520 4,701 ‒ 4,701
Bespoke engineered products - over time 78,295 ‒ 78,295 55,021 ‒ 55,021 115,926 ‒ 115,926
Total over time revenue 81,446 ‒ 81,446 57,541 ‒ 57,541 120,627 ‒ 120,627
Total revenue 102,535 33,073 135,608 74,296 32,096 106,392 156,262 63,447 219,709
11. Dividends
Unaudited Unaudited Audited
Half Year to Half Year to Year ended
31st October 31st October 30th April
2025 2024 2025
£'000 £'000 £'000
Equity dividends paid during the period:
Ordinary dividends paid in respect of the year ended 30th April 2025 10,513 ‒ ‒
Ordinary dividends paid in respect of the year ended 30th April 2024 ‒ 4,994 9,988
Total 10,513 4,994 9,988
As noted in the Group Annual Accounts to 30th April 2025, the dividend
payments for the year ended 30th April 2025 are being made in two equal
instalments. The second payment will be made on or around 10th April, 2026 to
shareholders on the register on 20th March 2026.
On 27th October 2025, the Directors declared a special one-off interim
dividend of 532 pence per share. The interim dividend of £39,951,000 was paid
on 21st November 2025.
12. Earnings per Share
Unaudited Unaudited Audited
as at as at as at
31st October 31st October 30th April
2025 2024 2025
Number of ordinary shares
Ordinary shares in issue
Opening and closing balance 7,509,600 7,509,600 7,509,600
Weighted average number of ordinary shares in issue 7,509,600 7,509,600 7,509,600
£'000 £'000 £'000
Relevant profits attributable to shareholders 26,411 11,333 24,569
13. Property, plant and equipment and intangible assets
Unaudited Unaudited
Half Year to 31st October 2025 Half Year to 31st October 2024
Property, plant and equipment Right-of-use assets Intangible assets Property, plant and equipment Right-of-use assets Intangible assets
£'000 £'000 £'000 £'000 £'000 £'000
Net book value at the beginning of the period 116,832 6,055 27,670 105,337 11,744 25,900
Additions 7,228 989 1,107 5,323 61 527
Disposals (at net book value) (17) ‒ ‒ (13) (10) ‒
Transfers 4,198 (4,198) ‒ ‒ ‒ ‒
Depreciation (3,484) (412) ‒ (3,340) (761) ‒
Amortisation ‒ ‒ (655) ‒ ‒ (708)
Exchange adjustment 232 54 269 (413) (21) 183
Net book value at the end of the period 124,989 2,488 28,391 106,894 11,013 25,902
14. Borrowings
Unaudited Unaudited Audited
as at as at as at
31st October 31st October 30th April
2025 2024 2025
£'000 £'000 £'000
Due within one year
Bank loans - repayable by instalments 856 1,116 893
Bank loans - rolling credit facilities ‒ 17,000 14,000
Lease liabilities 651 2,776 1,527
1,507 20,892 16,420
Due after more than one year
Bank loans - repayable by instalments 872 5,396 1,303
Bank loans - rolling credit facilities 24,000 24,000 12,000
Lease liabilities 1,955 5,657 2,404
26,827 35,053 15,707
Total borrowings
Bank loans - repayable by instalments 1,728 6,512 2,196
Bank loans - rolling credit facilities 24,000 41,000 26,000
Lease liabilities 2,606 8,433 3,931
28,334 55,945 32,127
15. Capital management
As at 31st October 2025 the capital employed was £107,084,000, as shown
below:
Unaudited Unaudited Audited
As at As at As at
31st October 31st October 30th April
2025 2024 2025
Note £'000 £'000 £'000
Cash and cash equivalents (19,891) (15,057) (16,643)
Bank loans and committed facilities 14 25,728 47,512 28,196
Lease liabilities 14 2,606 8,433 3,931
Net debt in accordance with IFRS 16 8,443 40,888 15,484
Operating lease debt (former IAS 17 definition) (2,596) (2,048) (1,859)
Relevant net debt for KPI purposes 5,847 38,840 13,625
Total equity attributable to equity holders of the parent 101,237 123,865 138,163
Capital employed 107,084 162,705 151,788
16. Total financial assets and financial liabilities
The following table sets out the Group's accounting classification of its
financial assets and financial liabilities, and their carrying amounts at 31st
October 2025. The carrying amount is a reasonable approximation of fair value
for all financial assets and financial liabilities.
Fair value hedging instruments Fair value through profit and loss Amortised cost Total carrying amount / fair value amount
£'000 £'000 £'000 £'000
Financial assets measured at fair value
Forward exchange contracts used for hedging 2,470 ‒ ‒ 2,470
Other forward exchange contracts ‒ 299 ‒ 299
Interest rate swap ‒ 4,388 ‒ 4,388
2,470 4,687 ‒ 7,157
Financial assets not measured at fair value
Cash and cash equivalents ‒ ‒ 19,891 19,891
Contract assets ‒ ‒ 29,094 29,094
Trade receivables and other financial assets ‒ ‒ 34,832 34,832
Corporation tax receivable ‒ ‒ 302 302
‒ ‒ 84,119 84,119
Financial liabilities measured at fair value
Forward exchange contracts used for hedging 2,932 ‒ ‒ 2,932
Other forward exchange contracts ‒ 159 ‒ 159
2,932 159 ‒ 3,091
Financial liabilities not measured at fair value
Bank loans ‒ ‒ 25,728 25,728
Lease liabilities ‒ ‒ 2,606 2,606
Contract liabilities ‒ ‒ 59,783 59,783
Trade payables and other financial liabilities ‒ ‒ 22,575 22,575
Dividends payable ‒ ‒ 50,465 50,465
Corporation tax payable ‒ ‒ 2,800 2,800
‒ ‒ 163,957 163,957
The interest rate swap and forward exchange contract assets and liabilities
fair values in the above table are derived using Level 2 inputs as defined by
IFRS 7 as detailed in the paragraph below.
IFRS 7 requires that the classification of financial instruments at fair value
be determined by reference to the source of inputs used to derive the fair
value. This classification uses the following three level hierarchy: Level 1
- quoted prices (unadjusted) in active markets for identical assets or
liabilities; Level 2 - inputs other than quoted prices included
within Level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices); Level 3 - inputs
for the asset or liability that are not based on observable market data
(unobservable inputs).
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