Profits have plunged by almost 85% at Nottinghamshire engineering company Goodman Metalworks after what directors described as a “quieter marketplace”.<\/p>\n
The fabricated metals specialist, based in Colwick, saw pre-tax profits fall from \u00a3646,000 to just \u00a398,000 in the year to March 31, 2026.<\/p>\n
Turnover also dropped by 9.3%, from \u00a39.3m to \u00a38.4m, according to newly-filed accounts.<\/p>\n
Employee numbers decreased from 86 to 79 during the year.<\/p>\n
Goodman Metalworks said tougher trading conditions had particularly affected the second half of its financial year, while problems associated with a specific contract added to the pressure on profitability.<\/p>\n
In its strategic report, the company said: “The company has experienced a quieter marketplace during the year. These more difficult trading conditions have led to a reduction in both sales and profitability, especially over the latter half of the year.<\/p>\n
“This reduction has also been further compounded by technical issues with a particular non repeating contract, now resolved.”<\/p>\n
Despite the sharp fall in profits, the company said previous investment in manufacturing machinery and its focus on engineering and operational efficiency left it well placed to deal with tougher economic conditions.<\/p>\n
The director added that the company’s “established financial strength” meant it remained in a strong position to respond to the challenges expected over the coming year.<\/p>\n","protected":false},"excerpt":{"rendered":"
Quieter market and contract problems hit sales as workforce falls seven<\/p>\n","protected":false},"author":25,"featured_media":2114198,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[79,7,78],"coauthors":[95],"class_list":["post-2114197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-creative","category-manufacturing","category-sponsored","tag-featured-story","tag-nottinghamshire"],"yoast_head":"\n