Goodwin travels upwards despite price pressure and supply chain issues
Mechanical manufacturing company Goodwin has had positive financial results despite being affected by prices pressure and supply chain issues. The company’s shares registered today a 9.25 per cent dive, going down to 3,140p.
In its half year results to 31 October, the group’s profits, before and after tax, have gone up to £7.7m and £6m respectively, with revenues hiking from £62.6m to £68.9m – a 10 per cent increase compared with the same period last year.
Just like everyone else in the business, the group suffered from price pressures and supply chain issues. Its mechanical engineering division experienced especially low levels of activity which impacted both sales and profitability.
Following an increased order input, Goodwin expects the second half of the year to be slightly better in terms of pre-tax profits, realising profitability over the next 18 months.
“Whilst we continue to experience inflationary pressures, the offsetting benefit of increased selling prices will be recognised within the next financial year,” the group’s chairman T.J.W. Goodwin said.