Goodwin Regulatory News (GDWN)

26 Aug 2005 15:00

Goodwin PLC26 August 2005 Goodwin PLC - Final Results Goodwin PLC today announces its preliminary results for the year to 30th April2005. I am pleased to report annual pre-tax profits for the Group for the year to 30thApril 2005 of £3.53 million (2004: £2.80 million), an increase of 26% on aturnover of £45 million (2004: £34 million), up 32%. The directors propose thata dividend of 13.889p per share (2004: 11.806p) be paid. This would result inshareholders' remaining funds increasing by £1.45 million, 13.8% (2004: 10.7%). Record sales figures reflect exports of UK manufactured goods into the growingenergy markets. The planned increase in efficiency from investment in machinetools and better processing plant, together with longer term forward ordercommitments, has enabled the Group to remain competitive. This has been achieveddespite rising raw material and energy costs, not all of which could be passedon to our customers. All Group UK companies traded profitably with GoodwinInternational, the valve company, and Easat, the radar antenna company,performing particularly well again this year. The new financial year started with the order books in our foundry and our valvecompany substantially higher than the same time last year which, again, shouldprovide the opportunity for a further increase in annual turnover and profit.Our manufacture of valves, both check valves for the petrochemical, oil, gas andLNG industries as well as steam valves for the power generation industries,should ensure we remain busy for the foreseeable future due to demand in thedeveloping world from where 80% of our sales growth has come, despite thestrength of sterling during the period. As the Group continues to grow further, the factory space that was built lastyear has been fully utilised in catering for the increased demand. This demandis reflected by the increase in sales, work in progress and correspondingdown-payments resulting in a healthy net cash inflow from operating activities. J W GoodwinChairman 26th August, 2005 GOODWIN PLC GROUP PROFIT AND LOSS ACCOUNT for the year ended 30th April 2005 2005 2004 £000 £000 TURNOVER 44,945 34,018 -------- -------- OPERATING PROFIT 4,085 3,103Interest payable and similar charges (553) (299) ------- ------- PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 3,532 2,804Tax on profit on ordinary activities (1,016) (854) --------- ------- PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 2,516 1,950Minority interests - equity (42) (31) ------ ------ PROFIT FOR THE FINANCIAL YEAR 2,474 1,919Proposed ordinary dividend (1,000) (850) --------- ------- RETAINED PROFIT FOR THE FINANCIAL YEAR 1,474 1,069 ======= ======= EARNINGS PER ORDINARY SHARE - BASIC AND DILUTED 34.36p 26.65p GROUP BALANCE SHEET at 30th April 2005 2005 2004 £000 £000FIXED ASSETS Intangible assets 127 160 Tangible assets 10,920 10,391 -------- -------- 11,047 10,551 -------- -------- CURRENT ASSETS Stocks 10,004 7,339 Debtors 9,743 9,602 Cash at bank and in hand 275 229 ----- ----- 20,022 17,170 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (17,354) (15,486) --------- ---------- NET CURRENT ASSETS 2,668 1,684 ------- ------- TOTAL ASSETS LESS CURRENT LIABILITIES 13,715 12,235 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR (576) (603) PROVISIONS FOR LIABILITIES AND CHARGES (951) (940) ------- ------- NET ASSETS 12,188 10,692 ======== ======== CAPITAL AND RESERVES Called up share capital 720 720 Profit and loss account 11,239 9,785 -------- ------- SHAREHOLDERS' FUNDS - EQUITY 11,959 10,505MINORITY INTERESTS - EQUITY 229 187 ----- ----- 12,188 10,692 ======== ======== GROUP CASH FLOW STATEMENT for the year ended 30th April 2005 2005 2004 £000 £000 NET CASH INFLOW FROM OPERATING ACTIVITIES 8,965 510 RETURNS ON INVESTMENT AND SERVICING OF FINANCE (553) (299)TAXATION (753) (812)CAPITAL EXPENDITURE (2,152) (3,240)ACQUISITIONS (10) -EQUITY DIVIDENDS PAID (851) (750) ------- ------- CASH INFLOW/(OUTFLOW) BEFORE FINANCING 4,646 (4,591)FINANCING (435) (469) ------- ------- INCREASE/(DECREASE) IN CASH IN THE YEAR 4,211 (5,060) ======= ========= RECONCILIATION OF OPERATING PROFIT TO NET CASH FLOW FROM OPERATING ACTIVITIES for the year ended 30th April 2005 2005 2004 £000 £000 Operating Profit 4,085 3,103Depreciation and Amortisation Charges 1,549 1,075Loss on Disposal of Fixed Assets 43 13Increase in Work in Progress (1,461) (2,758)Increase in Other Stocks (1,204) (164)Increase in Debtors (156) (1,943)Increase/(Decrease) in Payments on Account 3,301 (137)Increase in Trade and Other Creditors 2,808 1,321 ------- ------- NET CASH INFLOW FROM OPERATING ACTIVITIES 8,965 510 ======= ===== RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT for the year ended 30th April 2005 2005 2004 £000 £000 INCREASE/(DECREASE) IN CASH IN THE YEAR 4,211 (5,060)Finance Lease Payments 435 469 ----- ----- CHANGE IN NET DEBT RESULTING FROM CASH FLOWS 4,646 (4,591)New Finance Leases (309) (690)Foreign Exchange Translation Difference (10) (27) ------ ------ MOVEMENT IN NET DEBT IN THE PERIOD 4,327 (5,308) Net Debt at Start of Year (5,888) (580) --------- ------- NET DEBT AT END OF YEAR (1,561) (5,888) ========= ========= NOTES 1. The Directors propose the payment of an ordinary dividend of 13.889p per share (2004: 11.806p) 2. The proposed dividend will be paid on 4th November 2005 to shareholders on the register at the close of business on 7th October 2005. 3. The basic earnings per ordinary share has been calculated on profit on ordinary activities after taxation (and minority interests) of £2,474,000 (2004: £1,919,000) and by reference to the 7,200,000 ordinary shares in issue throughout both years. The company has no share options or other diluting instruments and accordingly there is no diluted earnings per share. 4. The Annual General Meeting will be held at 10.30 a.m. on 2nd November 2005 at the Saxon Cross Hotel, Sandbach, Cheshire. 5. The financial information contained in this report does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985 for the years ended 30th April 2004 or 2005. Statutory accounts for 2004 have been delivered to the Registrar of Companies and those for 2005 will be delivered following the company's annual general meeting. The auditors have reported on the accounts for 2004 and 2005; their reports were unqualified and did not contain statements under Section 237(2) or (3) of the Companies Act 1985. This information is provided by RNS The company news service from the London Stock Exchange