Goodwin Regulatory News (GDWN)

28 Jan 2005 15:00

Goodwin PLC28 January 2005 Goodwin PLC 28th January, 2005 UNAUDITED INTERIM RESULTS The attached statement is sent to you on 28th January confirming approval of theInterim Report at the Board Meeting held on 28th January 2005. The InterimReport is to be sent to shareholders today and will be made available to thepublic at the company's registered office. J. W. GOODWINChairman. GOODWIN PLC UNAUDITED INTERIM RESULTS GROUP PROFIT AND LOSS ACCOUNT for the half year ended 31st October 2004 Half year ended Half year ended Year ended 31st October 31st October 30th April 2004 2003 2004 £000 £000 £000 TURNOVER 20,462 17,535 34,018 -------- -------- --------OPERATING PROFIT 1,930 1,251 3,103Interest payable (210) (78) (299) ------- ------ -------PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 1,720 1,173 2,804Tax on profit on ordinary activities (562) (360) (854) ------- ------- -------PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 1,158 813 1,950Minority interests - equity (18) (11) (31) ------ ------ ------ PROFIT FOR THE FINANCIAL PERIOD 1,140 802 1,919Proposed ordinary dividend 0 0 (850) --- --- -------RETAINED PROFIT FOR THE FINANCIAL PERIOD 1,140 802 1,069 ======= ===== =======EARNINGS PER ORDINARY SHARE- basic and diluted 15.83p 11.14p 26.65p GROUP BALANCE SHEET at 31st October 2004 Half year ended Half year ended Year ended 31st October 31st October 30th April 2004 2003 2004 £000 £000 £000 FIXED ASSETS Intangible assets 139 182 160 Tangible assets 10,670 8,542 10,391 -------- ------- -------- 10,809 8,724 10,551 CURRENT ASSETS Stocks 9,436 5,843 7,339 Debtors 11,516 10,769 9,602 Cash at bank and in hand 242 247 229 ----- ----- ----- 21,194 16,859 17,170 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (18,714) (13,539) (15,486) ---------- ---------- ----------NET CURRENT ASSETS 2,480 3,320 1,684 ------- ------- -------TOTAL ASSETS LESS CURRENT LIABILITIES 13,289 12,044 12,235 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR (464) (768) (603) PROVISIONS FOR LIABILITIES AND CHARGES (975) (813) (940) ------- ------- -------NET ASSETS 11,849 10,463 10,692 ======== ======== ======== CAPITAL AND RESERVES Called up share capital 720 720 720 Profit and loss account 10,925 9,575 9,785 -------- ------- -------SHAREHOLDERS FUNDS - EQUITY 11,645 10,295 10,505MINORITY INTERESTS - EQUITY 204 168 187 ----- ----- ----- 11,849 10,463 10,692 ======== ======== ======== GROUP CASH FLOW STATEMENT for the half year ended 31st October 2004 Half year ended Half year ended Year ended 31st October 31st October 30th April 2004 2003 2004 £000 £000 £000 NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES (Note 1) (471) (2,293) 510 RETURNS ON INVESTMENT ANDSERVICING OF FINANCE 140 (78) (299) TAXATION (392) (547) (812) CAPITAL EXPENDITURE (1,264) (1,689) (3,240) EQUITY DIVIDENDS PAID 0 0 (750) --- --- -------CASH OUTFLOW BEFORE FINANCING (1,987) (4,607) (4,591) FINANCING (213) 439 (469) ------- ----- -------DECREASE IN CASH IN THE PERIOD (2,200) (4,168) (5,060) ========= ========= ========= Note 1: RECONCILIATION OF OPERATING PROFIT TO NET CASH FLOW FROM OPERATING ACTIVITIES Half year ended Half year ended Year ended 31st October 31st October 30th April 2004 2003 2004 £000 £000 £000 Operating Profit 1,930 1,251 3,103Depreciation and Amortisation Charges 741 564 1,075Loss on Disposal of Fixed Assets 2 9 13Increase in Stocks (2,097) (1,399) (2,922)Increase in Debtors (1,914) (3,060) (1,943)Increase in Creditors 867 342 1,184 ----- ----- -------NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVTIES (471) (2,293) 510 ======= ========= ===== NOTES 1. The Directors do not propose the payment of an interim dividend. 2. The earnings per ordinary share has been calculated on profit on ordinary activities after taxation (and minority interests) of £1,140,000 (October 2003: £802,000) 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. 3. The comparative figures for the financial year ended 30th April 2004 are not the Company'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 unqualified and did not contain a statement under section 237 (2) or (3) of the Companies Act 1985. COMMENTS Pre-tax profit of £1,720,000 is a 46.6% increase over the same period last yearand turnover increased 16.7%. Despite increased trading pressures relating tothe weak US dollar, the order book and its quality remain good. J. W. GOODWIN, ChairmanIvy House FoundryHanleyStoke-on-Trent 28th January, 2005 This information is provided by RNS The company news service from the London Stock Exchange