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    Half-year Report

    Picture of Goodwin logoGoodwin
    16/12/2025 07:00
    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
    Chairman15 December 2025
    

 

MANAGEMENT REPORT

Financial Highlights


    UnauditedUnauditedAudited
    Half Year toHalf Year toYear ended
    31st October31st October30th April
    202520242025
    £'m£'m£'m
    Consolidated Results
    Revenue135.6106.4219.7
    Operating profit37.218.237.1
    Trading profit *37.217.135.5
    Unrealised loss on 10 year interest rate swap derivative(0.4)(0.4)(1.3)
    Profit before tax36.816.734.3
    Profit after tax27.512.526.2
    Capital additions
    Property, plant and equipment (PPE) owned7.25.315.0
    Property, plant and equipment (PPE)right-of-use assets1.00.10.1
    Intangible assets1.10.53.1
    Capital expenditure for KPI purposes9.35.918.2
    Earnings per share - basic and diluted351.70p150.91p327.17p
    

 

* 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


    UnauditedUnauditedAudited
    Half Year to 31st OctoberHalf Year to 31st OctoberYear ended 30th April
    202520242025
    Trading profit (£'m)37.217.135.5
    Post tax profit + depreciation + amortisation (£'m)32.017.336.1
    Gross profit % of revenue49.3%43.0%41.7%
    Trading profit % of revenue27.4%16.1%16.2%
    Gearing %5.8%31.4%9.9%
    Non-cash charges (£'m)
    Depreciation3.94.18.0
    Amortisation and impairment0.70.71.6
    Total non-cash charges4.64.89.6
    

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
    Chairman15 December 2025
    

 

Condensed Consolidated Statement of Profit or Loss

for the half year to 31st October 2025


    UnauditedUnauditedAudited
    Half Year toHalf Year toYear ended
    31st October31st October30th April
    202520242025
    £'000£'000£'000
    Continuing operations
    Revenue135,608106,392219,709
    Cost of sales(68,688)(60,666)(128,100)
    Gross profit66,92045,72691,609
    Selling and distribution costs(6,106)(5,498)(10,903)
    Administrative expenses(23,651)(22,001)(43,594)
    Operating profit37,16318,22737,112
    Finance income559*6961,305
    Finance costs(549)*(1,843)(2,965)
    Share of profit of associate company312765
    Profit before taxation and movement in fair value of interest rate swap37,20417,10735,517
    Unrealised loss on 10 year interest rate swap derivative(400)(394)(1,257)
    Profit before taxation36,80416,71334,260
    Tax on profit(9,319)(4,215)(8,082)
    Profit after taxation27,48512,49826,178
    Attributable to:
    Equity holders of the parent26,41111,33324,569
    Non-controlling interests1,0741,1651,609
    Profit for the period27,48512,49826,178
    Basic and diluted earnings per ordinary share(note12)351.70p150.91p327.17p
    

 

* 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

 


    UnauditedUnauditedAudited
    Half Year toHalf Year toYear ended
    31st October31st October30th April
    202520242025
    £'000£'000£'000
    Profit for the period27,48512,49826,178
    Other comprehensive (expense) / income
    Items that may be reclassified subsequently to profit or loss:
    Foreign exchange translation differences1,371(240)(1,852)
    Cash flow hedges - effective portion of changes in fair value(3,364)745,513
    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)1,15066(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 loss180226209
    Cost of hedging- deferred taxcredit / (charge)26(17)(33)
    Other comprehensive (expense) / income for the period, net of income tax(2,164)2911,341
    Total comprehensive income for the period25,32112,78927,519
    Attributable to:
    Equity holders of the parent24,05211,57225,870
    Non-controlling interests1,2691,2171,649
    25,32112,78927,519
    

 

Condensed Consolidated Balance Sheet


    UnauditedUnauditedAudited
    as at 31stas at 31stas at 30th
    October2025October2024April2025
    £'000£'000£'000
    Non-current assets
    Property, plant and equipment124,989106,894116,832
    Right-of-use assets2,48811,0136,055
    Investment in associate775863775
    Intangible assets28,39125,90227,670
    Derivative financial assets4,3505,5976,061
    Deferred tax assets490**199**498
    161,483150,468157,891
    Current assets
    Inventories43,29744,48639,096
    Contract assets29,09424,05024,310
    Tradereceivablesand otherfinancial assets34,83245,29337,747
    Corporation tax receivable3027091,583
    Other receivables7,1004,3124,145
    Derivative financial assets2,8072,6364,457
    Cash and cash equivalents19,89115,05716,643
    137,323136,543127,981
    Total assets298,806287,011285,872
    Current liabilities
    Borrowings1,50720,89216,420
    Contract liabilities *34,50020,99834,750
    Trade payables and other financial liabilities30,33329,12936,801
    Other payables386627358
    Dividends payable50,4654,994‒
    Derivative financial liabilities1,5701,262256
    Corporation tax payable2,8003,8571,092
    Provisions for liabilities and charges209241223
    121,77082,00089,900
    Non-current liabilities
    Borrowings26,82735,05315,707
    Contract liabilities *25,28326,73520,412
    

 


    Derivative financial liabilities1,521493428
    Provisions for liabilities and charges291275269
    Deferred tax liabilities17,22114,10716,948
    71,14376,66353,764
    Total liabilities192,913158,663143,664
    Net assets105,893128,348142,208
    Equity attributable to equity holders of the parent
    Share capital751751751
    Translation reserve(3,084)(2,579)(4,223)
    Cash flow hedge reserve2411,0093,657
    Cost of hedging reserve(399)(375)(317)
    Retained earnings103,728125,059138,295
    Total equity attributable to equity holders of the parent101,237123,865138,163
    Non-controlling interests4,6564,4834,045
    Total equity105,893128,348142,208
    

* 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 capitalTranslation reserveCash flow hedge reserveCost of hedging reserveRetained earningsTotal attributable to equity holders of the parentNon-controlling interestsTotal equity
    £'000£'000£'000£'000£'000£'000£'000£'000
    Half Year to 31st October 2025
    (Unaudited)
    Balance at 1st May 2025751(4,223)3,657(317)138,295138,1634,045142,208
    Total comprehensive income:
    Profit‒‒‒‒26,41126,4111,07427,485
    Other comprehensive income:
    Foreign exchange translation differences‒1,139‒‒‒1,1392321,371
    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)26,41124,0521,26925,321
    Transactions with owners:
    Dividends paid‒‒‒‒(10,513)(10,513)(658)(11,171)
    Dividends declared‒‒‒‒(50,465)(50,465)‒(50,465)
    Balance at 31st October 2025751(3,084)241(399)103,728101,2374,656105,893
    

 


    Share capitalTranslation reserveCash flow hedge reserveCost of hedging reserveRetained earningsTotal attributable to equity holders of the parentNon-controlling interestsTotal equity
    £'000£'000£'000£'000£'000£'000£'000£'000
    HalfYear to 31st October 2024
    (Unaudited)
    Balance at 1st May 2024751(2,391)633(426)123,714122,2814,369126,650
    

 


    Total comprehensive income:
    Profit‒‒‒‒11,33311,3331,16512,498
    Other comprehensive income:
    Foreign exchange translation differences‒(188)‒‒‒(188)(52)(240)
    Net movements on cash flow hedges‒‒37651‒427104531
    Total comprehensive income /(expense)for the period‒(188)3765111,33311,5721,21712,789
    Transactions with owners:
    Dividends paid‒‒‒‒(4,994)(4,994)(1,103)(6,097)
    Dividends declared‒‒‒‒(4,994)(4,994)‒(4,994)
    Balance at 31st October2024751(2,579)1,009(375)125,059123,8654,483128,348
    

 


    Share capitalTranslation reserveCash flow hedge reserveCost of hedging reserveRetained earningsTotal attributable to equity holders of the parentNon-controlling interestsTotal equity
    £'000£'000£'000£'000£'000£'000£'000£'000
    Year ended30thApril2025
    (Audited)
    Balance at 1st May 2024751(2,391)633(426)123,714122,2814,369126,650
    Total comprehensive income:
    Profit‒‒‒‒24,56924,5691,60926,178
    Other comprehensive income:
    Foreign exchange translation differences‒(1,832)‒‒‒(1,832)(20)(1,852)
    Net movements on cash flow hedges‒‒3,024109‒3,133603,193
    Total comprehensive income /(expense)for the period‒(1,832)3,02410924,56925,8701,64927,519
    Transactions with owners:
    Dividends paid‒‒‒‒(9,988)(9,988)(1,973)(11,961)
    Balance at 30th April2025751(4,223)3,657(317)138,295138,1634,045142,208
    

 

Condensed Consolidated Statement of Cash Flows

for the half year ended 31st October 2025


    UnauditedUnauditedAudited
    Half Year toHalf Year toYear ended
    31st October31st October30th April
    202520242025
    £'000£'000£'000
    Cash flow from operating activities
    Profit from continuing operations after tax27,48512,49826,178
    Adjustments for:
    Depreciation of property, plant and equipment3,4843,3406,663
    Depreciation of right-of-use assets4127611,346
    Amortisationand impairmentof intangible assets6557081,580
    Finance costs (net)(10)1,1471,660
    Currency(gains) /losses(322)9551,371
    (Profit)/losson sale of property, plant and equipment(37)(15)126
    Unrealised loss on 10 year interest rate swap derivative4003941,257
    Share of profit of associate company(31)(27)(65)
    UK tax incentive credit on research and development‒‒(573)
    Tax expense9,3194,2158,082
    Operating cash flowbefore changes in working capital and provisions41,35523,97647,625
    (Increase) / decreasein inventories(3,531)2,0756,743
    (Increase) incontract assets(4,540)(2,060)(2,121)
    

 


    Decrease / (increase)in trade and other receivables1,323(17,983)(12,095)
    Increase in contract liabilities4,45013,63620,990
    (Decrease) / increase in trade and other payables(6,402)(1,384)6,100
    Cashgeneratedfrom operations32,65518,26067,242
    Interest received5485631,340
    Interest paid(977)(2,104)(3,822)
    Corporation tax paid(4,918)(1,307)(6,566)
    Net cashinflowfrom operating activities27,30815,41258,194
    Cash flows from investing activities
    Proceeds from sale of property, plant and equipment5438125
    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 company6863156
    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 loans17,0008,00012,000
    Repayment of loans(19,498)(26,549)(49,837)
    Change in bank overdrafts‒(48)(48)
    Net cashoutflowfrom financing activities(16,036)(26,170)(55,919)
    Netincrease / (decrease) in cash and cash equivalents2,875(15,563)(13,735)
    Cash and cash equivalents at beginning of year16,64330,67830,678
    Effect of exchange rate fluctuations on cash held373(58)(300)
    Closing cash and cash equivalentsat period end19,89115,05716,643
    

 

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


    UnauditedUnauditedAudited
    Half Year to 31st October 2025Half Year to 31st October 2024Year ended 30th April 2025
    MechanicalRefractoryTotalMechanicalRefractoryTotalMechanicalRefractoryTotal
    £'000£'000£'000£'000£'000£'000£'000£'000£'000
    Revenue
    Total revenue127,23342,247169,48091,62138,380130,001193,04578,164271,209
    Inter-segment revenue(24,698)(9,174)(33,872)(17,325)(6,284)(23,609)(36,783)(14,717)(51,500)
    External revenue102,53533,073135,60874,29632,096106,392156,26263,447219,709
    Profit
    Segment operating profit30,8208,57939,39913,8266,70620,53225,40214,60640,008
    Share of profit of associate company‒3131‒2727‒6565
    Segment profit before taxation30,8208,61039,43013,8266,73320,55925,40214,67140,073
    Group centre costs(2,236)(2,305)(2,896)
    Finance income5596961,305
    Finance costs(549)(1,843)(2,965)
    Profit before taxation and movement in fair value of interest rate swap37,20417,10735,517
    Percentage of segment profit before taxation78%22%100%67%33%100%63%37%100%
    

7.      Operating segment assets and liabilities


    UnauditedUnaudited
    Half Year to 31st October 2025Half Year to 31 October 2024
    MechanicalRefractoryGroup CentreTotalMechanicalRefractoryGroup CentreTotal
    £'000£'000£'000£'000£'000£'000£'000£'000
    Net assets
    Total assets216,27165,96316,572298,806200,30669,85816,847287,011
    Total liabilities(125,006)(16,497)(51,410)(192,913)(123,194)(34,898)(571)(158,663)
    Total91,26549,466(34,838)105,89377,11234,96016,276128,348
    Audited
    Year ended30April2025
    MechanicalRefractoryGroup CentreTotal
    £'000£'000£'000£'000
    Net assets
    Total assets205,27264,17816,422285,872
    Total liabilities(125,940)(16,862)(862)(143,664)
    Total79,33247,31615,560142,208
    

8.      Operating segment capital expenditure, depreciation and amortisation


    UnauditedUnaudited
    Half Year to 31st October 2025Half Year to 31st October 2024
    MechanicalRefractoryGroup centreTotalMechanicalRefractoryGroup centreTotal
    £'000£'000£'000£'000£'000£'000£'000£'000
    Capital expenditure on:
    Property, plant and equipment5,8757006537,2284,1371,108785,323
    Right-of-use assets261728‒989‒65561
    Intangible assets1,06839‒1,10748641‒527
    Total capital expenditure7,2041,4676539,3244,6231,1551335,911
    Depreciation - property, plant and equipment2,3077524253,4842,2666853893,340
    Depreciation - right-of-use assets2361751412298239224761
    Amortisation - intangible assets2523594465522843050708
    Total2,7951,2864704,5512,7921,3546634,809
    

 


    Audited
    Year ended 30th April 2025
    MechanicalRefractoryGroup centreTotal
    £'000£'000£'000£'000
    Capital expenditure on
    Property, plant and equipment12,8491,45770415,010
    

 

 


    Right-of-use assets86655147
    Intangible assets2,611504‒3,115
    Totalcapital expenditure15,5461,96775918,272
    Depreciation - property, plant and equipment4,5801,4516326,663
    Depreciation - right-of-use assets5944373151,346
    Amortisation- intangible assets654828981,580
    Total5,8282,7161,0459,589
    

 

9.      Geographical segments

 


    UnauditedUnaudited
    Half Year to 31st October 2025Half Year to 31st October 2024
    RevenueNet assetsNon-current assets *Capital expenditureRevenueNet assetsNon-current assets *Capital expenditure
    £'000£'000£'000£'000£'000£'000£'000£'000
    UK38,30549,125126,0976,80531,01181,203118,5954,846
    Rest of Europe14,36314,56410,1251,47910,7417,3215,138310
    USA33,993‒‒‒16,437‒‒‒
    Pacific Basin19,63416,6137,10889122,83116,5636,908161
    Rest of World29,31325,59113,31314925,37223,26114,031594
    Total135,608105,893156,6439,324106,392128,348144,6725,911
    

 


    Audited
    Year ended 30th April2025
    RevenueNet assetsNon-current assets*Capital expenditure
    £'000£'000£'000£'000
    UK63,90494,113122,58512,469
    Rest of Europe26,6719,8688,6274,186
    USA35,426‒‒‒
    Pacific Basin42,72615,2466,290171
    Rest of World50,98222,98113,8301,446
    Total219,709142,208151,33218,272
    

 

* 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.


    UnauditedUnauditedAudited
    Half Year to 31st October 2025Half Year to 31st October 2024Year ended 30th April 2025
    MechanicalRefractoryTotalMechanicalRefractoryTotalMechanicalRefractoryTotal
    £'000£'000£'000£'000£'000£'000£'000£'000£'000
    Primary geographical markets:
    UK29,8568,44938,30523,3047,70731,01148,99514,90963,904
    Rest of Europe10,5213,84214,3636,4704,27110,74118,6688,00326,671
    USA33,70329033,99316,14329416,43734,90252435,426
    Pacific Basin6,44813,18619,63410,71912,11222,83118,21124,51542,726
    Rest of World22,0077,30629,31317,6607,71225,37235,48615,49650,982
    Total102,53533,073135,60874,29632,096106,392156,26263,447219,709
    

 

 

 


    Product lines:
    Standard products and consumables7,65933,07340,7326,34732,09638,44314,25363,44777,700
    Bespoke engineered products - point in time13,430‒13,43010,408‒10,40821,382‒21,382
    Total point in time revenue21,08933,07354,16216,75532,09648,85135,63563,44799,082
    Minimum period contracts for goods and services3,151‒3,1512,520‒2,5204,701‒4,701
    Bespoke engineered products - over time78,295‒78,29555,021‒55,021115,926‒115,926
    Total over time revenue81,446‒81,44657,541‒57,541120,627‒120,627
    Total revenue102,53533,073135,60874,29632,096106,392156,26263,447219,709
    

11.   Dividends


    UnauditedUnauditedAudited
    Half Year toHalf Year toYear ended
    31st October31st October30th April
    202520242025
    £'000£'000£'000
    Equity dividends paid during the period:
    Ordinary dividends paid in respect of the year ended 30th April 202510,513‒‒
    Ordinary dividends paid in respect of the year ended 30th April 2024‒4,9949,988
    Total10,5134,9949,988
    

 

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


    UnauditedUnauditedAudited
    as atas atas at
    31st October31st October30th April
    202520242025
    Number of ordinary shares
    Ordinary shares in issue
    Opening and closing balance7,509,6007,509,6007,509,600
    Weighted average number of ordinary shares in issue7,509,6007,509,6007,509,600
    £'000£'000£'000
    Relevant profits attributable to shareholders26,41111,33324,569
    

13.   Property, plant and equipment and intangible assets


    UnauditedUnaudited
    Half Year to 31st October 2025Half Year to 31st October 2024
    Property, plant and equipmentRight-of-use assetsIntangible assetsProperty, plant and equipmentRight-of-use assetsIntangible assets
    £'000£'000£'000£'000£'000£'000
    Net book value at the beginning of the period116,8326,05527,670105,33711,74425,900
    

 

 


    Additions7,2289891,1075,32361527
    Disposals (at net book value)(17)‒‒(13)(10)‒
    Transfers4,198(4,198)‒‒‒‒
    Depreciation(3,484)(412)‒(3,340)(761)‒
    Amortisation‒‒(655)‒‒(708)
    Exchange adjustment23254269(413)(21)183
    Net book value at the end of the period124,9892,48828,391106,89411,01325,902
    

 

14.   Borrowings

 


    UnauditedUnauditedAudited
    as atas atas at
    31st October31st October30th April
    202520242025
    £'000£'000£'000
    Due within one year
    Bank loans - repayable by instalments8561,116893
    Bank loans - rolling credit facilities‒17,00014,000
    Lease liabilities6512,7761,527
    1,50720,89216,420
    Dueafter more thanone year
    Bank loans - repayable by instalments8725,3961,303
    Bank loans - rolling credit facilities24,00024,00012,000
    Lease liabilities1,9555,6572,404
    26,82735,05315,707
    Total borrowings
    Bank loans - repayable by instalments1,7286,5122,196
    Bank loans - rolling credit facilities24,00041,00026,000
    Lease liabilities2,6068,4333,931
    28,33455,94532,127
    

 

15.   Capital management

As at 31st October 2025 the capital employed was £107,084,000, as shown below:

 


    UnauditedUnauditedAudited
    As atAs atAs at
    31st October31st October30th April
    202520242025
    Note£'000£'000£'000
    Cash and cash equivalents(19,891)(15,057)(16,643)
    Bank loans and committed facilities1425,72847,51228,196
    Lease liabilities142,6068,4333,931
    Net debt in accordance with IFRS 168,44340,88815,484
    Operating lease debt (former IAS 17 definition)(2,596)(2,048)(1,859)
    Relevant net debt for KPI purposes5,84738,84013,625
    Total equity attributable to equity holders of the parent101,237123,865138,163
    Capital employed107,084162,705151,788
    

 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 instrumentsFair value through profit and lossAmortised costTotal carrying amount / fair value amount
    £'000£'000£'000£'000
    Financial assets measured at fair value
    Forward exchange contracts used for hedging2,470‒‒2,470
    Other forward exchange contracts‒299‒299
    Interest rateswap‒4,388‒4,388
    2,4704,687‒7,157
    Financial assets not measured at fair value
    Cash and cash equivalents‒‒19,89119,891
    Contract assets‒‒29,09429,094
    Trade receivables and other financial assets‒‒34,83234,832
    Corporation tax receivable‒‒302302
    ‒‒84,11984,119
    Financial liabilities measured at fair value
    Forward exchange contracts used for hedging2,932‒‒2,932
    Other forward exchange contracts‒159‒159
    2,932159‒3,091
    Financial liabilities not measured at fair value
    Bank loans‒‒25,72825,728
    Lease liabilities‒‒2,6062,606
    Contract liabilities‒‒59,78359,783
    Trade payables and other financial liabilities‒‒22,57522,575
    Dividends payable‒‒50,46550,465
    Corporation tax payable‒‒2,8002,800
    ‒‒163,957163,957
    

 

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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