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Goodwin (GDWN) investor relations material
Goodwin H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record trading pre-tax profit of £35.5m, up 47% year-over-year, on revenue of £220m, a 15% increase from last year.
Gross margin rose to 42%, reflecting high-quality nuclear and defence contracts.
Net debt reduced from £42.9m to £13.6m, lowering gearing from 35.1% to 9.9%.
Proposed final dividend of 280p per share, up 111% from prior year, with payout ratio increased to 58% of post-tax profits plus depreciation and amortisation.
Strong cash generation from operations at £67m, supporting capital investment and dividend policy.
Financial highlights
Revenue: £219.7m (2024: £191.3m), up 15% year-over-year.
Trading profit: £35.5m (2024: £24.1m), up 47%.
Operating profit: £37.1m (2024: £26.9m).
Profit after tax: £26.2m (2024: £17.7m).
Basic and diluted EPS: 327.17p (2024: 224.53p).
Gross profit: £91.6m (2024: £77.9m); gross margin: 41.7% (2024: 40.7%).
Return on capital employed: 24.4% (2024: 16.3%).
Outlook and guidance
Mechanical Division's order book and multi-decade defence and nuclear contracts provide strong long-term growth visibility.
Refractory Division expected to benefit from new capacity in India and continued demand in China and Thailand.
Major capital projects anticipated to be customer-funded, supporting ongoing profitability with modest future capex.
Stress testing indicates robust finances even under severe scenarios; no going concern issues identified.
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