Interim Results

Goodwin PLC 25 January 2002 Goodwin PLC - Unaudited Interim Results The attached statement is sent to you on 25 January confirming approval of the Interim Report at the Board Meeting held on 25 January 2002. The Interim Report is to be sent to shareholders today and will be made available to the public at the company's registered office. J. W. GOODWIN Chairman Group Profit and Loss Account for the half year ended 31 October 2001 Half year ended Half year ended Year ended 31 October 31 October 30 April 2001 2000 2001 £000 £000 £000 Turnover 14,335 11,433 24,892 --------------- --------------- -------------- Operating Profit 1,354 773 1,882 Share of loss of associated undertaking (17) (12) (30) Net interest payable (127) (124) (291) --------------- -------------- -------------- Profit on ordinary activities before taxation 1,210 637 1,561 Tax on profit on ordinary activities (367) (193) (510) --------------- --------------- -------------- Profit on ordinary activities after taxation 843 444 1,051 Minority interests - equity 5 0 5 --------------- --------------- -------------- Profit for the financial period 848 444 1,056 Proposed ordinary dividend 0 0 (300) --------------- -------------- -------------- Retained profit for the financial period 848 444 756 --------------- -------------- -------------- Earnings per ordinary share 11.78p 6.17p 14.67p Group Balance Sheet at 31 October 2001 Half year ended Half year ended Year ended 31 October 31 October 30 April 2001 2000 2001 £000 £000 £000 Fixed assets Tangible assets 7,024 6,012 6,641 Investments 30 59 44 -------------- ------------- ------------- 7,054 6,071 6,685 Current assets Stocks 4,362 3,747 3,669 Debtors 7,462 5,493 6,387 Cast at bank and in hand 97 122 235 ---------------- --------------- -------------- 11,921 9,362 10,291 Creditors: amounts falling due within one year (9,473) (7,506) (8,260) ---------------- --------------- -------------- Net current assets 2,448 1,856 2,031 ---------------- --------------- -------------- Total assets less current liabilities 9,502 7,927 8,716 Creditors: amounts falling due after more than (587) (272) (706) one year Provisions for liabilities and charges (629) (542) (592) --------------- --------------- ------------- Net assets 8,286 7,113 7,418 --------------- --------------- ------------ Capital and reserves Called up share capital 720 720 720 Profit and loss account 7,525 6,367 6,677 ---------------- -------------- ------------- Shareholders funds - Equity 8,245 7,087 7,397 Minority Interests - Equity 41 26 21 ---------------- -------------- ------------- 8,286 7,113 7,418 ---------------- -------------- ------------- Group Cash Flow Statement for the half year ended 31 October 2001 Half year ended Half year ended Year ended 31 October 31 October 30 April 2001 2000 2001 £000 £000 £000 Net cash (outflow)/inflow from operating (27) (177) 2,258 activities (Note 1) Returns on investment and servicing of finance (128) (124) (291) Taxation (170) (47) (144) Capital expenditure (963) (1,064 (1,124) Equity dividends paid 0 0 (106) ---------------- ---------------- --------------- Cash (outflow)/inflow before financing (1,288) (1,412) 593 Financing (128) 219 (259) ---------------- ---------------- -------------- (Decrease)/increase in cash in the period (1,416) (1,193) 334 ---------------- ---------------- -------------- Note 1: Reconciliation of Operating Profit to Net Cash Flow from Operating Activities Half year ended Half year ended Year ended 31 October 31 October 30 April 2001 2000 2001 £000 £000 £000 Operating profit 1,354 773 1,882 Depreciation charges 535 478 1,023 Loss/(profit) on disposal of fixed assets 2 0 (17) Increase in stocks (693) (338) (268) Increase in debtors (1,147) (582) (1,401) (Decrease)/Increase in Creditors (78) (508) 1,039 --------------- -------------- ------------- Net cash (outflow)/inflow from operating (27) (177) 2,258 activities --------------- -------------- ------------- 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 £848,000 (October 2000: £444,000) 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 30 April 2001 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 The half year results show a twenty five per cent increase in turnover and an improved profit compared to the previous half year, reflecting greater activity within the power and energy sectors to 11 September. Demand for the more efficient energy plant for which the Group supplies components is expected to continue, although some short term cutbacks have been seen since September. J W Goodwin Chairman End This information is provided by RNS The company news service from the London Stock Exchange

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