Goodwin Plc

GDWN · Main Market · Industrial Goods and Services · mcap £1,068m · 14080.0p

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Financials · balance sheet 30 Apr 26 · last twelve months · today’s market value

Source: results 28 Aug 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,057m
Owner’s net cash: £12.7m
Net cash / market cap: 1%
EV ex leases: £1,049m
Revenue: £280.0m
Operating profit: £56.0m
Free cash flow after leases: £44.2m
EV / EBIT: 18.7×
FCF yield: 4.2%
Price / tangible book: 7.77×
Net income (owners): £55.5m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: FY Apr 26 (twelve months to 30 Apr 26), published 28 Aug 26 · read the results ↗

Source ↗


External revenu e	64,856	3,922	84	68,862	211,154	280,016
Cost of sales	(32,666)	(3,212)	(240)	(36,118)	(103,620)	(139,738)
Gross profit	32,190	710	(156)	32,744	107,534	140,278
Selling and distribution costs	(5,803)	(572)	(71)	(6,446)	(6,380)	(12,826)
Administrative expenses	(10,674)	(3,593)	(2,094)	(16,361)	(32,487)	(48,848)
Operating profit / (loss)	15,713	(3,455)	(2,321)	9,937	68,667	78,604
Finance income ‒	944	970	91	1,061	–	–
Finance costs	(41)	(34)	(12)	(87)	(2,140)	(2,227)
Share of profit of associate company ‒ ‒ ‒	64	64	64	–	–	–
Unrealised (loss) / gain on 10 year interest rate swap derivative ‒ ‒ ‒	49	49	49	–	–	–
Profit /loss) before tax	15,762	(3,489)	(1,340)	10,933	66,618	77,551
Taxation	(3,498)	740	(190)	(2,948)	(16,658)	(19,606)
Profit after tax	12,264	(2,749)	(1,530)	7,985	49,960	57,945
	2025	–	–	–	–	–

Source ↗

	£'000
NON-CURRENT ASSETS
Property, plant and equipment	116,832
Right-of-use assets	6,055
Investment in associate	775
Intangible assets	27,670
Derivative financial assets	6,061
Total non-current assets	157,393
CURRENT ASSETS
Inventories	39,096
Contract assets	24,310
Trade and other receivables	42,390
Corporation tax receivable ‒	1,583
Derivative financial assets	4,457
Cash and cash equivalents	16,643
Total current assets	128,479
ASSETS CLASSIFIED AS HELD FOR SALE ‒	205,725
TOTAL ASSETS	285,872
CURRENT LIABILITIES
Borrowings	16,420
Contract liabilities *	34,750
Trade and other payables	37,159
Corporation tax payable	1,092
Derivative financial liabilities	256
Provisions for liabilities and charges ‒	223
Total current liabilities	89,900
LIABILITIES CLASSIFIED AS HELD FOR SALE ‒	160,233
NON-CURRENT LIABILITIES
Borrowings	15,707
Contract liabilities * ‒	20,412
Derivative financial liabilities	428
Provisions for liabilities and charges ‒	269
Deferred tax liabilities	16,948
Total non-current liabilities	53,764
TOTAL LIABILITIES	143,664
NET ASSETS	142,208
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT
Share capital	751
Translation reserve	(4,223)
Cash flow hedge reserve	3,657
Cost of hedging reserve ‒	(317)
Retained earnings	138,295
TOTAL EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT	138,163
NON-CONTROLLING INTERESTS	4,045
TOTAL EQUITY	142,208

Source ↗

	2026 £'000	2025 £'000
CONTINUING AND DISCONTINUED OPERATIONS
CASH FLOW FROM OPERATING ACTIVITIES
Profit after tax	57,945	26,178
Adjustments for
Depreciation of property, plant and equipment	7,646	6,663
Depreciation of right - of - use assets	733	1,346
Amortisation and impairment of intangible assets	1,415	1,580
Finance costs (net)	1,167	1,660
Currency losses	(37)	1,371
(P rofit ) / loss on sale of property, plant and equipment	(73)	126
Unrealised gain / (loss) on 10 year interest rate swap derivative	(49)	1,257
Share of profit of associate company	(64)	(65)
UK tax incentive credit on research and development	(704)	(573)
Tax expense	19,606	8,082
OPERATING CASH FLOW BEFORE CHANGES IN WORKING CAPITAL AND PROVISIONS	87,585	47,625
(Increase) / decrease in inventories	(14,300)	6,743
(In crease ) in contract assets	(7,365)	(2,121)
(Increase) in trade and other receivables	(11,941)	(12,095)
Increase in contract liabilities	15,376	20,990
In crease in trade and other payables	4,008	6,100
CASH GENERATED FROM OPERATIONS	73,363	67,242
Interest received	1,069	1,340
Interest paid	(2,790)	(3,822)
Corporation tax paid	(9,846)	(6,566)
NET CASH INFLOW FROM OPERATING ACTIVITIES	61,796	58,194
CASH FLOW FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment	385	125
Acquisition of property, plant and equipment	(13,307)	(13,176)
Acquisition of intangible assets	(260)	(283)
Development expenditure capitalised	(1,606)	(2,832)
Dividend from associate company	126	156
NET CASH OUTFLOW FROM INVESTING ACTIVITIES	(14,662)	(16,010)
CASH FLOW FROM FINANCING ACTIVITIES
Payment of capital element of lease liabilities	(2,702)	(6,073)
Dividends paid	(60,978)	(9,988)
Dividends paid to non-controlling interests	(1,295)	(1,973)
Proceeds from new loans	66,000	12,000
Repayment of loans	(46,822)	(49,837)
Change in bank overdrafts ‒	(48)	–
NET CASH OUTFLOW FROM FINANCING ACTIVITIES	(45,797)	(55,919)
NET IN CREASE / (DE CREASE ) IN CASH AND CASH EQUIVALENTS	1,337	(13,735)
Cash and cash equivalents at beginning of year	16,643	30,678
Effect of exchange rate fluctuations on cash held	179	(300)
CASH AND CASH EQUIVALENTS AT END OF YEAR	18,159	16,643

Source ↗

	Unaudited Half Year to 31st October 2025 £'000	Unaudited Half Year to 31st October 2024 £'000	Audited Year ended 30th April 2025 £'000
Continuing operations
Revenue	135,608	106,392	219,709
Cost of sales	(68,688)	(60,666)	(128,100)
Gross profit	66,920	45,726	91,609
Selling and distribution costs	(6,106)	(5,498)	(10,903)
Administrative expenses	(23,651)	(22,001)	(43,594)
Operating profi t	37,163	18,227	37,112
Finance income *	559	696	1,305
Finance costs *	(549)	(1,843)	(2,965)
Share of profit of associate company	31	27	65
Profit before taxation and movement in fair value of interest rate swap	37,204	17,107	35,517
Unrealised loss on 10 year interest rate swap derivative	(400)	(394)	(1,257)
Profit before taxation	36,804	16,713	34,260
Tax on profit	(9,319)	(4,215)	(8,082)
Profit after taxation	27,485	12,498	26,178
Attributable to
Equity holders of the parent	26,411	11,333	24,569
Non -controlling interests	1,074	1,165	1,609
Profit for the period	27,485	12,498	26,178
Basic and diluted earnings per ordinary share	351.70 p	150.91 p	327.17 p

Source ↗

	Unaudited as at 31st October 2025 £'000	Unaudited as at 31st October 2024 £'000	Audited as at 30th April 2025 £'000
Non-current assets
Property, plant and equipment	124,989	106,894	116,832
Right-of-use assets	2,488	11,013	6,055
Investment in associate	775	863	775
Intangible assets	28,391	25,902	27,670
Derivative financial assets	4,350	5,597	6,061
Deferred tax assets	490	199	498
Total non-current assets	161,483	150,468	157,891
Current assets
Inventories	43,297	44,486	39,096
Contract assets	29,094	24,050	24,310
Trade receivables and other financial assets	34,832	45,293	37,747
Corporation tax receivable	302	709	1,583
Other receivables	7,100	4,312	4,145
Derivative financial assets	2,807	2,636	4,457
Cash and cash equivalents	19,891	15,057	16,643
Total current assets	137,323	136,543	127,981
Total assets	298,806	287,011	285,872
Current liabilities
B orrowings	1,507	20,892	16,420
Contract liabilities *	34,500	20,998	34,750
Trade payables and other financial liabilities	30,333	29,129	36,801
Other payables	386	627	358
Dividends payable ‒	50,465	4,994	–
Derivative financial liabilities	1,570	1,262	256
Corporation tax payable	2,800	3,857	1,092
Provisions for liabilities and charges	209	241	223
Total current liabilities	121,770	82,000	89,900
Non-current liabilities
Borrowings	26,827	35,053	15,707
Contract liabilities *	25,283	26,735	20,412
Derivative financial liabilities	1,521	493	428
Provisions for liabilities and charges	291	275	269
Deferred tax liabilities	17,221	14,107	16,948
Total non-current liabilities	71,143	76,663	53,764
Total liabilities	192,913	158,663	143,664
Net assets	105,893	128,348	142,208
Equity attributable to equity holders of the parent
Share capital	751	751	751
Translation reserve	(3,084)	(2,579)	(4,223)
Cash flow hedge reserve	241	1,009	3,657
Cost of hedging reserve	(399)	(375)	(317)
Retained earnings	103,728	125,059	138,295
Total equity attributable to equity holders of the parent	101,237	123,865	138,163
Non-controlling interests	4,656	4,483	4,045
Total equity	105,893	128,348	142,208

Source ↗

	Unaudited 31st October £'000	Audited 30th April £'000
Cash flow from operating activities
Profit from continuing operations after tax	12,498	26,178
Adjustments for
Depreciation of property, plant and equipment	3,340	6,663
Depreciation of right-of-use assets	761	1,346
Amortisation and impairment of intangible assets	708	1,580
Financ e costs (net)	1,147	1,660
Currency (gains) / losses	955	1,371
(P rofit ) /loss on sale of property, plant and equipment	(15)	126
Unrealised loss on 10 year interest rate swap derivative	394	1,257
Share of profit of associate compan y	(27)	(65)
UK tax incentive credit on research and development ‒ ‒	(573)	–
Tax expense	4,215	8,082
Operating cash flow before changes in working capital and provisions	23,976	47,625
(I ncrease ) / decrease in inventories	2,075	6,743
(In crease ) in contract assets	(2,060)	(2,121)
Decrease / (i ncrease ) in trade and other receivables	(17,983)	(12,095)
In crease in contract liabilities	13,636	20,990
(De crease ) / increase i n trade and other payables	(1,384)	6,100
Cash generated from operations	18,260	67,242
Interest received	563	1,340
Interest paid	(2,104)	(3,822)
Corporation tax paid	(1,307)	(6,566)
Net cash inflow from operating activities	15,412	58,194
Cash flows from investing activities
Proceeds from sale of property, plant and equipment	38	125
Acquisition of property, plant and equipment	(4,388)	(13,176)
Acquisition of intangible assets	(8)	(283)
Development expenditure capitalised	(510)	(2,832)
Dividend from associate company	63	156
Net cash outflow from investing activities	(4,805)	(16,010)
Cash flows from financing activities
Payment of capital element of lease obligations	(1,476)	(6,073)
Dividends paid	(4,994)	(9,988)
Dividends paid to non-controlling interests	(1,103)	(1,973)
Proceeds from new loans	8,000	12,000
Repayment of loans	(26,549)	(49,837)
Change in bank overdrafts ‒	(48)	(48)
Net cash outflow from financing activities	(26,170)	(55,919)
Net increase / (decrease) i n cash and cash equivalents	(15,563)	(13,735)
Cash and cash equivalents at beginning of year	30,678	30,678
Effect of exchange rate fluctuations on cash held	(58)	(300)
Closing cash and cash equivalents at period end	15,057	16,643

	FY Apr 26	FY Apr 25
Revenue to operating profit
Revenue	280.0	219.7
Gross profit	–	91.6
Operating profit	–	37.1
Depreciation (owned assets)	7.6	6.7
Depreciation (right-of-use)	0.7	1.3
Amortisation	1.4	1.6
Operating profit to net income
Fair value gains / losses	–	(1.3)
Finance costs	–	(3.0)
Profit before tax	–	34.3
Tax	19.6	8.1^r
Net income (owners)	55.5	24.6
Per share
EPS basic	738.4p	327.2p
EPS diluted	738.4p	327.2p
Dividend per share	330.0p	280.0p

	H2 Apr 26	H1 Oct 25	H2 Apr 25	H1 Oct 24
Revenue to operating profit
Revenue	144.4	135.6	113.3	106.4
Gross profit	–	66.9	45.9	45.7
Operating profit	–	37.2	18.9	18.2
Depreciation (owned assets)	4.2	3.5	3.3	3.3
Depreciation (right-of-use)	0.3	0.4	0.6	0.8
Amortisation	0.8	0.7	0.9	0.7
Operating profit to net income
Fair value gains / losses	–	(0.4)	(0.9)	(0.4)
Finance costs	–	(0.5)	(1.1)	(1.8)
Profit before tax	–	36.8	17.5	16.7
Tax	28.9	(9.3)	12.3	(4.2)
Net income (owners)	29.0	26.4	13.2	11.3
Per share
EPS basic	386.7p	351.7p	176.3p	150.9p
EPS diluted	386.7p	351.7p	176.3p	150.9p

	FY Apr 26	FY Apr 25
Operating activities
Cash from operations	61.8	58.2
Interest paid	(2.8)	(3.8)
Tax paid	(9.8)	(6.6)
Investing activities
Capex (PP&E)	(13.3)	(13.2)
Capex (intangibles)	(1.6)	(2.8)
Financing activities
Lease principal paid	(2.7)	(6.1)
Dividends paid	(61.0)	(10.0)

	H2 Apr 26	H1 Oct 25	H2 Apr 25	H1 Oct 24
Operating activities
Cash from operations	34.5	27.3	42.8	15.4
Interest paid	(1.8)	(1.0)	(1.7)	(2.1)
Tax paid	(4.9)	(4.9)	(5.3)	(1.3)
Investing activities
Capex (PP&E)	(5.9)	(7.4)	(8.8)	(4.4)
Capex (intangibles)	(0.5)	(1.1)	(2.3)	(0.5)
Financing activities
Lease principal paid	(0.3)	(2.4)	(4.6)	(1.5)
Dividends paid	(50.5)	(10.5)	(5.0)	(5.0)

	30 Apr 26	30 Apr 25
Non-current assets
Other intangibles	–	27.7
Property, plant & equipment	50.9	116.8
Associates & JVs	0.7	0.8
Current assets
Inventories	14.9	39.1
Trade receivables	14.2	42.4
Cash	14.1	16.6
Total assets	323.5	285.9
Current liabilities
Trade payables	12.5	37.2
Borrowings, current	0.3	16.4
Non-current liabilities
Borrowings, non-current	1.1	15.7
Total liabilities	187.5	143.7
Equity
Non-controlling interests	5.4	4.0
Total equity	136.0	142.2
Net cash and other figures
Shares in issue	7.5m	7.5m

	30 Apr 26	31 Oct 25	30 Apr 25	31 Oct 24
Non-current assets
Other intangibles	–	28.4	27.7	25.9
Property, plant & equipment	50.9	125.0	116.8	106.9
Associates & JVs	0.7	0.8	0.8	0.9
Current assets
Inventories	14.9	43.3	39.1	44.5
Trade receivables	14.2	–	42.4	–
Cash	14.1	19.9	16.6	15.1
Total assets	323.5	298.8	285.9	287.0
Current liabilities
Trade payables	12.5	–	37.2	–
Borrowings, current	0.3	1.5	16.4	20.9
Non-current liabilities
Borrowings, non-current	1.1	26.8	15.7	35.1
Total liabilities	187.5	192.9	143.7	158.7
Equity
Non-controlling interests	5.4	4.7	4.0	4.5
Total equity	136.0	105.9	142.2	128.3
Net cash and other figures
Net cash / (debt) ex leases	–	(5.8)	–	(38.8)
Shares in issue	7.5m	–	7.5m	–

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