Interim Results

Goodwin PLC 24 January 2003 Goodwin PLC UNAUDITED INTERIM RESULTS The attached statement is sent to you on 24th January confirming approval of the Interim Report at the Board Meeting held on 24th January 2003. 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. GOODWIN PLC UNAUDITED INTERIM RESULTS GROUP PROFIT AND LOSS ACCOUNT for the half year ended 31st October 2002 Half year ended 31st Half year ended Year ended 30th October 2002 31st October 2001 April 2002 £000 £000 £000 TURNOVER 16,122 14,335 29,712 --------- --------- --------- OPERATING PROFIT 1,331 1,354 2,345 Share of loss of associated undertaking (34) (17) (30) Net interest payable (93) (127) (225) --------- --------- --------- PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 1,204 1,210 2,090 Tax on profit on ordinary activities (361) (367) (628) --------- --------- --------- PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 843 843 1,462 Minority interests - equity 0 5 3 PROFIT FOR THE FINANCIAL PERIOD 843 848 1,465 Proposed ordinary dividend 0 0 (400) --------- --------- --------- RETAINED PROFIT FOR THE FINANCIAL PERIOD 843 848 1,065 EARNINGS PER ORDINARY SHARE 11.71p 11.78p 20.35p GOODWIN PLC UNAUDITED INTERIM RESULTS GROUP BALANCE SHEET at 31st October 2002 Half year ended 31st Half year ended Year ended 30th October 2002 31st October 2001 April 2002 £000 £000 £000 FIXED ASSETS Intangible assets 189 0 201 Tangible assets 6,917 7,024 7,145 Investments 2 30 20 --------- --------- --------- 7,108 7,054 7,366 CURRENT ASSETS Stocks 5,196 4,362 4,377 Debtors 8,038 7,462 7,585 Cash at bank and in hand 364 97 189 --------- --------- --------- 13,598 11,921 12,151 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (10,014) (9,473) (9,554) NET CURRENT ASSETS 3,584 2,448 2,597 --------- --------- --------- TOTAL ASSETS LESS CURRENT LIABILITIES 10,692 9,502 9,963 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR (561) (587) (753) PROVISIONS FOR LIABILITIES AND CHARGES (718) (629) (707) --------- --------- --------- NET ASSETS 9,413 8,286 8,503 --------- --------- --------- CAPITAL AND RESERVES Called up share capital 720 720 720 Profit and loss account 8,575 7,525 7,727 --------- --------- --------- SHAREHOLDERS FUNDS - EQUITY 9,295 8,245 8,447 MINORITY INTERESTS - EQUITY 118 41 56 9,413 8,286 8,503 --------- --------- --------- GOODWIN PLC UNAUDITED INTERIM RESULTS GROUP CASH FLOW STATEMENT for the half year ended 31st October 2002 Half year ended 31st Half year ended Year ended 30th October 2002 31st October 2001 April 2002 £000 £000 £000 NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES (Note 229 (27) 2,912 1) RETURNS ON INVESTMENT AND SERVICING OF FINANCE (93) (128) (225) TAXATION (232) (170) (673) CAPITAL EXPENDITURE (387) (963) (1,484) EQUITY DIVIDENDS PAID 0 0 (300) --------- --------- --------- CASH (OUTFLOW)/INFLOW BEFORE FINANCING (483) (1,288) 230 FINANCING (201) (128) (277) --------- --------- --------- (DECREASE) IN CASH IN THE PERIOD (684) (1,416) (47) Note 1: RECONCILIATION OF OPERATING PROFIT TO NET CASH FLOW FROM OPERATING ACTIVITIES Half year ended 31st Half year ended Year ended 30th October 2002 31st October 2001 April 2002 £000 £000 £000 Operating Profit 1,331 1,354 2,345 Depreciation Charges 623 535 1,144 Loss on Disposal of Fixed Assets 4 2 33 Increase in Stocks (819) (693) (1,176) Increase in Debtors (453) (1,147) (730) (Decrease)/Increase in Creditors (457) (78) 1,296 --------- --------- --------- NET CASH INFLOW/(OUTFLOW) FROM OPERATNG ACTIVTIES 229 (27) 2,912 GOODWIN PLC UNAUDITED INTERIM RESULTS 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 £843,000 (October 2001: £848,000) 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 2002 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 Concerted overseas sales activity resulted in a further growth in turnover for the half year and a pre-tax profit of £1.2 million. Prior years' investment has resulted in an increased depreciation charge in the period, the benefit of which will be seen in future periods. The forward order book of the group overall remains strong despite the difficult business climate in the U.K. J. W. GOODWIN, Chairman Ivy House Foundry Hanley Stoke-on-Trent 24th January, 2003 This information is provided by RNS The company news service from the London Stock Exchange

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