Interim Results

Goodwin PLC
23 January 2004

23rd January 2003

Goodwin PLC

UNAUDITED INTERIM RESULTS

The attached statement is sent to you on 23rd January confirming approval of the
Interim Report at the Board Meeting held on 23rd January 2004. 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 2003


                                  Half year ended   Half year ended   Year ended
                                     31st October      31st October   30th April 
                                             2003              2002         2003  
                                             £000              £000         £000

TURNOVER                                   17,535            16,122      33,179
                                           -------           ------      -------
                                   
OPERATING PROFIT                            1,251             1,331       2,831
Share of loss of associated undertaking         0               (34)        (59)
Interest payable                              (78)              (93)       (196)
                                            ------            ------     -------

PROFIT ON ORDINARY ACTIVITIES 
BEFORE TAXATION                              1,173            1,204       2,576
Tax on profit on ordinary activities          (360)            (361)       (754)
                                             ------           ------     -------

PROFIT ON ORDINARY ACTIVITIES AFTER
TAXATION                                       813              843       1,822
Minority interests - equity                    (11)               0          (1)
                                             ------            -----      ------

PROFIT FOR THE FINANCIAL PERIOD                802              843       1,821
Proposed ordinary dividend                       0                0        (750)
                                              -----            -----      ------

RETAINED PROFIT FOR THE FINANCIAL              802              843       1,071
PERIOD                                        -----            -----      ------


EARNINGS PER ORDINARY SHARE - basic          11.14p          11.71p       25.29p
and diluted


                          GROUP BALANCE SHEET
                          at 31st October 2003

                                  Half year ended   Half year ended   Year ended
                                     31st October      31st October   30th April 
                                             2003              2002         2003
                                             £000              £000         £000
FIXED ASSETS
  Intangible assets                           182               189         202
  Tangible assets                           8,542             6,917       7,513
  Investments                                   0                 2           0
                                            -----             -----       ------
                                            8,724             7,108       7,715

CURRENT ASSETS
  Stocks                                    5,843             5,196       4,444
  Debtors                                  10,769             8,038       7,709
  Cash at bank and in hand                    247               364         367
                                            -----             -----       ------
                                           16,859            13,598      12,520

CREDITORS: AMOUNTS FALLING DUE            (13,539)          (10,014)     (9,415)
WITHIN ONE YEAR                            -------          -------      -------

NET CURRENT ASSETS                          3,320             3,584       3,105
                                           -------          -------      -------

TOTAL ASSETS LESS CURRENT                  12,044            10,692      10,820
LIABILITIES

CREDITORS: AMOUNTS FALLING DUE AFTER         (768)             (561)       (404)
MORE THAN ONE YEAR

PROVISIONS FOR LIABILITIES AND                (813)            (718)       (768)
CHARGES                                      ------           ------      ------

NET ASSETS                                   10,463            9,413       9,648
                                             ------           ------       -----
 
CAPITAL AND RESERVES
  Called up share capital                       720              720        720
  Profit and loss account                     9,575            8,575      8,772
                                             -------         -------     -------

SHAREHOLDERS FUNDS - EQUITY                  10,295            9,295      9,492
MINORITY INTERESTS - EQUITY                     168              118        156
                                             ------           ------     -------
                                             10,463           9,413       9,648
                                             ------           ------     -------     
                       

                         GROUP CASH FLOW STATEMENT
                 for the half year ended 31st October 2003

                                  Half year ended   Half year ended   Year ended
                                     31st October      31st October   30th April 
                                             2003              2002         2003
                                             £000              £000         £000
NET CASH (OUTFLOW)/INFLOW FROM
OPERATING ACTIVITIES (Note 1)              (2,293)              229       4,373

RETURNS ON INVESTMENT AND SERVICING
OF FINANCE                                    (78)              (93)       (196)
TAXATION                                     (547)             (232)       (390)
CAPITAL EXPENDITURE                        (1,689)             (387)     (1,023)
EQUITY DIVIDENDS PAID                           0                 0        (400)
ACQUISITIONS                                    0                 0         (84)
                                            ------            ------      ------

CASH (OUTFLOW)/INFLOW BEFORE               (4,607)             (483)      2,280
FINANCING
FINANCING                                     439              (201)       (392)
                                            ------            ------     -------

(DECREASE) IN CASH IN THE PERIOD           (4,168)             (684)     (1,888)
                                            ------             ------    -------
  
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
                                             2003              2002         2003
                                             £000              £000         £000

Operating Profit                            1,251             1,331       2,831
Depreciation and Amortisation Charges         564               623       1,191
Loss on Disposal of Fixed Assets                9                 4          10
Increase in Stocks                         (1,399)             (819)        (67)
(Increase)/Decrease in Debtors             (3,060)             (453)          8
Increase/(Decrease) in Creditors              342              (457)        400
                                            ------           -------      ------

NET CASH (OUTFLOW)/INFLOW FROM             (2,293)              229       4,373
OPERATING ACTIVTIES                         ------           -------      ------
 
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 £802,000 (October
     2002: £843,000) 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 2003 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 profit for the six months was £1.173 million, a decrease of 2.6%. This does
not reflect the success that has been achieved in winning overseas engineering
contracts which will allow the Group to further increase sales and profits over
the next two years. Our forward order book is at record levels and it is the
initial sampling of so many long running new parts that has detracted from an
increase in profit as compared to the 9% sales increase for the half year.

Easat Antennas Ltd is now a significant contributor to the Group profit.

J. W. GOODWIN, Chairman

Ivy House Foundry
Hanley
Stoke-on-Trent

23rd January, 2004





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