Goodwin Regulatory News (GDWN)

26 Jan 2007 09:00

Goodwin PLC26 January 2007 GOODWIN PLC INTERIM STATEMENT FOR THE HALF YEAR TO 31ST OCTOBER 2006 The Group pre-tax profit was £2.8 million for the half year ending 31st October2006, which represents a 34.2% increase over the same period last year. The halfyear turnover increased to £30.5 million from £26.9 million. The weakness of the US dollar versus the strength of sterling continues to be anobstacle to winning business from the USA and the Pacific Basin countries, butit is pleasing to report that the Group still had as at 31st October 2006 a veryhealthy forward work load for its products at respectable margins and most ofthis business has been won from the Pacific Basin countries and the USA. Tight control of cash flow remains a priority because of the Group's increasinglevels of activity. The company had as at 31st October 2006 committed tocompleting the first of two purchases. This purchase will result in a doublingof our vermiculite manufacturing and sales output of insulation products. J. W. GOODWIN, Chairman 26th January 2007 Goodwin PLC Unaudited Interim Results Group Income Statement For the half year ended 31st October 2006 Half Year Half Year Ended 31st Ended 31st Year Ended October October 30th April 2006 2005 2006 £'000 £'000 £'000 Turnover - continuing 30,509 26,977 58,180 _______ ______ ______ Operating Profit before Financial 3,108 2,278 5,533Expenses Financial Expenses (280) (171) (401) _______ _______ _______ Profit Before Tax 2,828 2,107 5,132 Tax Expense (874) (638) (1,629) _______ _______ _______Profit for the Period 1,954 1,469 3,503 _______ _______ _______ Attributable to: Equity Holders of the Parent 1,901 1,434 3,361Minority Interest 53 35 142 _______ _______ _______ 1,954 1,469 3,503 _______ _______ _______ Earnings Per Ordinary ShareBasic and Diluted 26.40p 19.91p 46.68p Goodwin PLC Unaudited Interim Results Group Balance Sheet At 31st October 2006 Half Year Half Year Ended 31st Ended 31st Year Ended October October 30th April 2006 2005 2006 £'000 £'000 £'000AssetsIntangible Assets 327 227 354Property Plant and Equipment 12,097 10,948 11,118 _______ _______ _______Total Non Current Assets 12,424 11,175 11,472 Inventories 12,512 11,716 10,270Trade and Other Receivables 15,216 11,367 13,609Cash 514 462 545 _______ _______ _______Total Current Assets 28,242 23,545 24,424 _______ _______ _______Total Assets 40,666 34,720 35,896 LiabilitiesBank Overdrafts 6,564 4,486 3,569Other Interest Bearing Loans and 396 260 291BorrowingsTrade and Other Current Payables 12,532 13,038 12,520Tax Payable 707 590 842 _______ _______ _______Total Current Liabilities 20,199 18,374 17,222 _______ _______ _______ Net Current Assets 8,043 5,171 7,202 Other Interest Bearing Loans and 677 456 520BorrowingsDeferred tax 1,429 1,060 1,427 _______ _______ _______Non Current Liabilities 2,106 1,516 1,947 Total Liabilities 22,305 19,890 19,169 ________ ________ ________Net Assets 18,361 14,830 16,727 _______ _______ _______ EquityShare Capital 720 720 720Retained Earnings 16,524 13,696 14,623Cash Flow Hedge Reserve 653 158 926Overseas Subsidiaries Translation (23) (8) 24ReserveEquity Attributable to Equity Holders 17,874 14,566 16,293of ParentMinority Interests 487 264 434 ________ ________ ________Total Equity 18,361 14,830 16,727 _______ _______ _______ Goodwin PLC Group Cash Flow Statement For the half year ended 31st October 2006 Half Year Half Year Ended 31st Ended 31st Year Ended October October 30th April 2006 2005 2006 £'000 £'000 £'000 Cash Flows from Operating Activities Profit for the period 1,954 1,469 3,503Adjustments for:Depreciation 767 732 1,590Amortisation 26 20 54Financial Expense 280 171 401Loss on Sale of Plant and Equipment 8 4 29Tax Expense 874 638 1,629 _______ _______ _______Operating Profit before Changes in 3,909 3,034 7,206Working Capital and Provisions Increase in Trade and other (1,966) (1,379) (2,543)ReceivablesIncrease in Inventories (2,242) (1,681) (222)Increase/(Decrease) in Payments on 457 (180) (2,850)Account(Decrease)/Increase in Trade and Other (537) (1,322) 769Payables _______ _______ _______Cash Generated From Operations (379) (1,528) 2,360 Interest Paid (280) (171) (401)Corporation Tax Paid (920) (642) (1,295) _______ _______ _______Net Cash From Operating Activities (1,579) (2,341) 664 Cash Flows From Investing ActivitiesProceeds from Sale of Plant and 7 5 31EquipmentAcquisition of Plant and Equipment (1,287) (739) (1,595)Acquisition of Subsidiary Interest 0 (116) (136) _______ _______ _______Net Cash From Investing Activities (1,280) (850) (1,700) Cash Flows from Financing ActivitiesPayment of Capital Element of Finance (156) (175) (325)Lease Obligations Dividends Paid - - (1,000) _______ _______ _______Net Cash from Financing Activities (156) (175) (1,325) Net Decrease in Cash and Cash (3,015) (3,366) (2,361)EquivalentsOpening Cash and Cash Equivalents (3,024) (670) (670)Effect of Exchange Rate Fluctuations (11) 12 7on Cash Held _______ _______ _______Closing Cash and Cash Equivalents (6,050) (4,024) (3,024) Goodwin PLC Unaudited Interim Results Group Statement of Recognised Income and Expense for the half year ended 31st October 2006 Half Year Half Year Ended 31st Ended 31st Year Ended October October 30th April 2006 2005 2006 £'000 £'000 £'000 Foreign Exchange Translation (47) 12 44Differences Effective portion of changes in fair 390 (3,854) (398)value of cash flow hedges Change in fair value of cash flow (780) (2,359)hedges transferred to profit and loss Tax recognised on income and expense 117 1,156 827recognised directly in equity _______ _______ _______ Net income and expense recognised (320) (2,686) (1,886)directly in equity Profit for the period 1,954 1,469 3,503 _______ _______ _______Total recognised income and expense 1,634 (1,217) 1,617 _______ _______ _______ Total recognised income and expensefor the period is attributable to: Equity Holders of the Parent 1,581 (1,252) 1,475Minority Interests 53 35 142 _______ _______ _______ 1,634 (1,217) 1,617 _______ _______ _______ Effect of Change in Accounting Policy Effect of Adoption of IAS32 and IAS39 net of tax on 1st May 2005 on:Cash Flow Hedge Reserve - 2,856 2,856 Goodwin PLC Unaudited Interim Results for the half year ended 31st October 2006 NOTES 1. Basis of preparation The income statement for the six months to 31st October 2006 and the balancesheet at that date are reported under IFRS as adopted for use in the EuropeanUnion and in accordance with the Companies Act 1985. The financial informationin these interim financial statements has been prepared in accordance with theaccounting policies expected to be used in preparing the annual financialstatements for the year ended 30th April 2007, which do not differ significantlyfrom those used in the most recent financial statements. 2. Dividends The directors do not propose the payment of an interim dividend. Half Year Half Year Ended Ended Year Ended 31st Oct 31st Oct 30th April 2006 2005 2006 £'000 £'000 £'000Equity dividends: Paid dividend (April 2005 - 13.889p 0 0 (1,000)per share) Proposed dividend (April 2006 - 15.278p 0 0 (1,100)per share) 3. Earnings per share The calculation of the earnings per ordinary share is based on the number ofordinary shares in issue during all periods of 7,200,000 and on the profit forthe period attributable to ordinary shareholders of £1,901,000 (31st October2005 £1,434,000 ). The company has no share options or diluting earnings pershare. 4. Financial Information The financial information for the six months ended 31st October 2006 and thecomparative figures for the six months ended 31st October 2005 have not beenaudited or reviewed. The summarised financial information in respect of the yearended 30th April 2006 is not the company's statutory accounts for that financialyear. Those accounts, which were prepared under IFRS as adopted by the EU, havebeen 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 theauditors drew attention by way of emphasis without qualifying their report, and(iii) did not contain a statement under section 237 (2) or section (237 (3) ofthe Companies Act 1985. This information is provided by RNS The company news service from the London Stock Exchange