Goodwin (GDWN) Trading Update summary

Order book and contract wins

• Forward order book reached a record £300 million, driven by long-term contracts and robust business activities.

• Noreva secured its largest-ever order: a $15 million contract for LNG project valves, to be delivered over two years.

• Vertical integration enables Goodwin Steel Castings to supply major components for Noreva and military contracts, with capacity for more work.

Divisional performance and investments

• Mechanical Division expects most new orders to impact next fiscal year, supported by decade-long investments in facilities and workforce.

• Goodwin Engineering Training Centre has trained over 300 apprentices, strengthening the skilled workforce.

• Refractory Division benefits from >10% growth in investment casting markets, with record results in China, India, and Thailand.

Financial position and capital expenditure

• Capital expenditure has decreased significantly, with the main ongoing project being a new 1,200 m² building at Noreva for CNC press operations.

• Group net debt reduced by £10 million since the half-year, aided by improved profitability and lower capex.