Goodwin (GDWN) H1 2026 earnings summary

Executive summary

• Trading profit for the six months to 31st October 2025 reached £37.2 million, more than double the £17.1 million from the same period last year.

• Revenue increased 27.4% year-over-year to £135.6 million, supported by robust demand in defence, nuclear, and LNG sectors.

• Net debt was £5.8 million at 31st October 2025, rising to £53 million after a special interim dividend in November, with gearing at 46%.

• The order book stands at £330 million, providing strong visibility for future activity.

Financial highlights

• Revenue: £135.6 million (up from £106.4 million year-over-year).

• Operating profit: £37.2 million (up from £18.2 million year-over-year).

• Profit after tax: £27.5 million (up from £12.5 million year-over-year).

• Basic and diluted EPS: 351.70p (up from 150.91p year-over-year).

• Gross profit margin: 49.3% (up from 43.0% year-over-year).

Outlook and guidance

• Full-year profitability is expected to exceed £71 million, with a strong workload pipeline and operational capacity underpinning activity into the medium term.

• The Group is well positioned due to sustained demand and ongoing programme execution.