Engineering group sees significant order resurgence
Engineering services firm Goodwin has seen a 68% increase in order intake compared to the last year, resulting in an order book of £271m.
Pre-tax profit for the Stoke-on-Trent for the last year was £18.9m (2022: £17.2m) with an increase of 10% on revenue of £186m (2022: £144m).
The order resurgence occurred predominantly at the firm’s foundry, Goodwin Steel Castings, which has the capability to pour high performance alloy castings up to 35 tonnes, radiograph and also its sister company Goodwin International where it can finish CNC machine and fabricate castings.
The supply of heavy duty submersible pumps, primarily to the mining industry, is also 19% up on last year. Goodwin says that the pump companies in India, Brazil, Australia and South Africa are converting customers from competitors’ pumps that are not as reliable and robust as the Goodwin pump.
Net debt reduced to finish at £33m which equates to a gearing of 26.3%.
The major areas of expenditure relate to a second calciner at the Duvelco polymer production plant and extending the melt shop at the foundry to enable a higher level of production capacity.
In addition, the board approved a 7,690 sq m building in India to increase capacity for both the refractory and pump businesses
Goodwin has recently renewed a £10m revolving credit facility, as well as securing an additional £25m of committed banking facilities on a four year term.
The total value of facilities now available to fund the group is £75.5m, of which at the year end, Goodwin only utilised 48%.
