Goodwin Regulatory News (GDWN)

9 Mar 2009 14:36



FOR IMMEDIATE RELEASE - Monday 9th March 2009 

Goodwin PLC today announces its third quarter Interim Management Statement for the period 1st November 2008 to 31st January 2009.

The consolidated, abbreviated and unaudited income statement below for the nine months' trading ending 31st January 2009 shows revenue of £70,128,000 and profit before tax of £9,961,000.

As at 31st January 2009, the Group still had a relatively high order backlog equating to some seven months of production and to date, whilst a few customers have extended their contract delivery schedules, contract cancellations are running at less than 2% of annual sales output. This, of course, does not guarantee any future situation and subject to there being no exceptional or material adverse events (of which there are none noted at present), there is the possibility that the profitability of the Group will be stable to the end of this calendar year at least.

We continue to pursue business opportunities with exports from our UK factories world wide as we have successfully done in the past and, with Sterling being so weak, we would expect our ability to develop existing customer business further in the future to improve. We will continue to progress our domestic manufacturing and sale activities in China, India, Thailand and Brazil where we now have eight factories and it is these parts of the globe that we expect to be the first to emerge out of the recession.

With this deep recession almost certainly going to continue through 2010, the corporate goal, as re- affirmed in the half year statement, of "reducing the corporate debt level in the near future to zero" remains in place and this is being done by suspending growth activities for a while and conserving our profits.

J. W. Goodwin

Chairman

Goodwin PLC

Consolidated, Abbreviated and Unaudited Income Statement

for the nine months ended 31st January 2009

9th March 2009