Final Results

Goodwin PLC
26 August 2005



Goodwin PLC - Final Results

Goodwin PLC today announces its preliminary results for the year to 30th April
2005.

I am pleased to report annual pre-tax profits for the Group for the year to 30th
April 2005 of £3.53 million (2004: £2.80 million), an increase of 26% on a
turnover of £45 million (2004: £34 million), up 32%. The directors propose that
a dividend of 13.889p per share (2004: 11.806p) be paid. This would result in
shareholders' remaining funds increasing by £1.45 million, 13.8% (2004: 10.7%).

Record sales figures reflect exports of UK manufactured goods into the growing
energy markets. The planned increase in efficiency from investment in machine
tools and better processing plant, together with longer term forward order
commitments, has enabled the Group to remain competitive. This has been achieved
despite rising raw material and energy costs, not all of which could be passed
on to our customers. All Group UK companies traded profitably with Goodwin
International, 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 valve
company substantially higher than the same time last year which, again, should
provide the opportunity for a further increase in annual turnover and profit.
Our manufacture of valves, both check valves for the petrochemical, oil, gas and
LNG industries as well as steam valves for the power generation industries,
should ensure we remain busy for the foreseeable future due to demand in the
developing world from where 80% of our sales growth has come, despite the
strength of sterling during the period.

As the Group continues to grow further, the factory space that was built last
year has been fully utilised in catering for the increased demand. This demand
is reflected by the increase in sales, work in progress and corresponding
down-payments resulting in a healthy net cash inflow from operating activities.

J W Goodwin
Chairman

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       3,103
Interest payable and similar charges                          (553)       (299)
                                                             -------     -------

PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION                3,532       2,804
Tax on profit on ordinary activities                        (1,016)       (854)
                                                           ---------     -------

PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION                 2,516       1,950
Minority interests - equity                                    (42)        (31)
                                                              ------      ------

PROFIT FOR THE FINANCIAL YEAR                                2,474       1,919
Proposed 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          £000
FIXED 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        10,505
MINORITY 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        3,103
Depreciation and Amortisation Charges                       1,549        1,075
Loss on Disposal of Fixed Assets                               43           13
Increase 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