GOODWIN PLC
SEPTEMBER 2024 TRADING UPDATE
Trading
The Group's profitability and cash
generation is continuing to move forward, predominantly driven by
the Mechanical Engineering Division's increased activity levels of
work flowing through the shop floor. The performance within
the Refractory Engineering Division remains in line with last
year.
Radiography Facility
Goodwin Steel Castings (GSC) has
continued to win further contracts to supply naval hull components,
which has contributed to the Group workload as at the end of August
having increased to £298 million. As a direct result of the
workload at GSC to supply high integrity castings, which typically
require a high degree of radiography non-destructive testing, the
US Government has agreed to fully fund the capital and training
elements for a quantity of four High Power 9 Mev radiographic
facilities that will be installed on GSC's site and in doing so has
awarded GSC $14.5 million of grant funding.
This award allows us to increase our
capacity to process and test the increased volume of castings that
have already been placed, along with additional components that are
expected to be ordered and delivered within their desired
timeframes. The facilities will be owned and operated by GSC
and are expected to be fully operational by the end of 2025.
These compliment the two existing radiography facilities on GSC's
site that currently operate 24 hours a day, 7 days a
week.
Duvelco
Commissioning of the polyimide
production plant is methodically underway and progressing. This is
a couple of months behind the internal schedule set 4 years ago. To
date the system has been fully tested with water where it can be
and is now being charged with solvents that will enable the testing
of the back end of the system. A further update will be provided
within the half year statement in December.
Appointment of Non-Executive
Director
To further support the growth of the
Group, it is a pleasure to announce the appointment of Christine
McNamara as a Non-Executive Director with effect from the 2nd
October 2024 following the Annual General Meeting.
Christine comes with an extensive
and varied career within the energy and power sector. As a
qualified accountant she has held multiple FD/CFO roles within
large corporates, including Powergen, National Grid PLC and BG
Group plc (purchased by Shell plc in 2016). In addition to
sitting on multiple boards and committees, Christine's executive
career has been hands on with her having spent over 17 years
overseas growing regional businesses in Asia and the Middle
East. Christine's responsibilities during her 25 years'
experience have included financial strategy, business performance,
governance, audit and risk management.
Following a thorough induction to
the business over the last 4 months, we are confident that her
extensive listed company experience and exposure to a variety of
business aspects will be of significant benefit to the
Company.
There is no information to be
disclosed pursuant to Listing Rule UKLR 6.4.8 in respect of the
appointed Director.
T.J.W. Goodwin
Chairman
END
LEI: 213800N4T1NMSJ57B322