Goodwin (GDWN) H2 2026 earnings summary

Executive summary

• Achieved record trading profit of £77.5m, up 118% year-over-year, on revenue of £280m, a 27% increase from the prior year.

• Proposed ordinary dividend of 330p per share, up 18%, with a special interim dividend of 532p paid in November 2025.

• Board committed to a strategic review and initiated the sale process for the Mechanical Engineering Division, targeting completion within 12 months.

• Post-disposal, the Group will focus on Refractory and Technological divisions, with a simpler, growth-oriented portfolio.

Financial highlights

• Trading profit: £77.5m (2025: £35.5m), up 118% year-over-year.

• Revenue: £280m (2025: £220m), up 27% year-over-year.

• Gross profit margin: 50.1% (2025: 41.7%).

• Net debt: £29m, with gearing at 22.4% (2025: 9.9%).

• Return on capital employed: 49% (2025: 24%).

• Basic EPS: 738.44p (2025: 327.17p).

Outlook and guidance

• Board expects a substantial part of cash proceeds from the Mechanical Division sale to be paid to shareholders.

• Focus will shift to accelerating growth in Duvelco and AVD Fire, and expanding Refractory businesses.

• Dividend policy to be reviewed post-disposal, aiming to maintain a sustainable payout aligned with revised Group structure.