City Briefs: Goodwin; Solid State; Hummingbird Resources
STOKE-ON-TRENT engineering group, Goodwin has seen first quarter declines in revenue and profit following continued volatility in the oil and gas sector.
In an interim management statement for the period May 1 to July 31, 2016, the company reported revenue of £33,010,000 (Q1 2015: £33,493,000) and pre-tax profit of £3,046,000 (Q1 2015: £3,800,000).
Chairman John Goodwin said: “Sales orders shipped in the first quarter reflect the continued lack of capital project release in the energy industry, oil and gas in particular. The company remains confident its products and technology will in the long term produce growth in profitability but the current workload is similar to that seen last year.”
He made no comment on the impact Brexit had had on the business.
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REDDITCH-based electronics group, Solid State, has announced the appointment of Paul Dale to its Supplies division.
Mr Dale has worked in the specialist electronics field for over 25 years. During this time he has developed a reputation for his expertise in obsolescent component sourcing, anti-counterfeit testing solutions, component up-screening and high reliability applications in the Military, Aerospace, Rail and Oil & Gas markets.
In his new role he will work with the company’s blue-chip OEM contact base across specialist component supply and developing bespoke manufactured solutions.
Commenting on the appointment, Gary Marsh, chief executive of Solid State, said: “We are very pleased to welcome Paul to Solid State. His approach to the industry mirrors Solid State’s commitment to working with clients on a consultative basis to achieve solution-led outcomes.
“With a broader offering in the group to include displays and battery solutions, as well as the core component range and our design and manufacturing capability, we are confident that Paul can continue to develop Solid State’s presence in key growth sectors such as Military, Aerospace and Transportation.”
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BIRMINGHAM-registered gold exploration company, Hummingbird Resources has updated the market on the latest progress of its Yanfolila Gold Project in Mali.
Dan Betts, CEO of Hummingbird Resources, said: “Development at Yanfolila continues on-schedule and budget, as we target initial production of 130,000oz gold from the first full year of production.
“The appointment of the civil contractor and mobilisation of equipment is a pivotal undertaking in the project’s evolution into a producing mine. IMAGRI’s local experience, which includes working for Randgold in Mali, will be invaluable as we advance Yanfolila.
“I look forward to reporting on additional progress over the coming months as Hummingbird gets closer to delivering one of Africa’s newest and highest margin gold mines.”
The mine could yield in excess of $70m free cash flow in its first full year of production at current gold prices, added Mr Betts.
