Goodwin Plc

GDWN · Main Market · Industrial Goods and Services · mcap £1,069m · 14340.0p 6 open situations →

Beta Briefing, track record and signals & risks are not ready for Goodwin Plc yet.

We follow 960 UK small caps and every one of their announcements – often hundreds per company. 101 companies are already wired into a briefing: browse them.

Timeline · every situation

dots = announcements

2026 FY2026 profit guidance Dividend policy review Duvelco polyimide plant ramp-up Gulf LNG valve delivery delays Foundry extension and moulding line Goodwin family share sell-down Special interim dividend

Open · 6

Disposal of a part (break-up)

FY2026 profit guidance

Agreed; awaiting regulatory approvals, completion Q1 2027

Strategic review began 7 Aug 2026; sale of GSC, GI, Noreva, Easat and Pumps to a Cerberus affiliate for up to about £1.1bn cash agreed on 9 Sep 2026. The 30 Sep update confirms completion in Q1 2027 pending regulatory approvals and that no UK corporation tax is expected on the gain. Training School transfers with the sale.

Business sold: Goodwin Steel Castings, Goodwin International, Noreva, Easat Group, Pumps; Goodwin Engineering Training School also transfers 30 Sep 2026 ↗
Adviser: N.M. Rothschild & Sons Limited acting for Goodwin
Buyer: Affiliate of Cerberus 30 Sep 2026 ↗
Timetable: Completion expected in first quarter of calendar year 2027, subject to regulatory approvals 30 Sep 2026 ↗
Use of money: Significant proportion of net cash proceeds to shareholders; quantum, timing and form at Board discretion; update in due course 9 Sep 2026 ↗
Price: Headline cash up to approximately £1.1 billion, subject to customary closing adjustments 30 Sep 2026 ↗

Next: Regulatory approvals and completion

30 Sep 2026 Agreed; awaiting regulatory approvals, completion Q1 2027
9 Sep 2026 Agreed; option deed signed, awaiting conditions
9 Sep 2026 Advanced talks with Cerberus funds, no deal agreed
28 Aug 2026 Active sale process, talks with several parties

Open the full view – chart and every step →

Capital return

Dividend policy review

Mechanism under consideration; no decision

Follows from FY2026 profit guidance – Agreed; awaiting regulatory approvals, completion Q1 2027

On 9 Sep 2026 the Board said it intends to pay a significant proportion of net sale proceeds to shareholders. The 30 Sep update says the Board is still weighing the mechanism with advisers; no decision on amount, timing or form. The expected absence of UK corporation tax on the gain at company level leaves more proceeds available.

Proposed dividend: Ordinary dividend of 330p per share (2025: 280p), up 18% (28 Aug results) 9 Sep 2026 ↗
Policy: Board considering capital allocation and dividend policy after the sale; details in financial statements to be published
Disposal proceeds: Substantial part expected to be paid to shareholders
Return intention: Significant proportion of net cash proceeds to shareholders 30 Sep 2026 ↗
Balance sheet: Intention, at least initially, to operate the Group on a zero net debt basis 9 Sep 2026 ↗
Decision status: No final decision on amount, timing or form 30 Sep 2026 ↗

Next: Board decision on amount, timing and form of return

30 Sep 2026 Mechanism under consideration; no decision
9 Sep 2026 Sale agreed; payout form still open
28 Aug 2026 Policy under review pending the disposal
23 Mar 2026 Board considering reverting to lower payout

Open the full view – chart and every step →

Project milestones

Duvelco polyimide plant ramp-up

Dryer issue; fix lead time about ten months

A mechanical issue found while commissioning Duvelco's full-scale polyimide plant limits output to about 20% of design capacity. A new dryer would take about ten months, and alternative dryers are on trial. Duvelco lost £1.7m in the four months to 31 Aug 2026, mostly depreciation.

Output: About 20% of designed plant capacity 30 Sep 2026 ↗
Constraint: Final drying stage, under 12% of the manufacturing process 30 Sep 2026 ↗
Lead time: About ten months for the proposed dryer 30 Sep 2026 ↗
Loss: £1.7m in four months to 31 Aug 2026 (£592,000 prior year) 30 Sep 2026 ↗
Presses: Noreva's German polyimide presses to move to UK site near Stoke-on-Trent 30 Sep 2026 ↗

Next: Update when dryer implementation timetable is firmer

30 Sep 2026 Dryer issue; fix lead time about ten months

Open the full view – chart and every step →

Upgrade / downgrade cycle

Gulf LNG valve delivery delays

Storage invoked, no orders cancelled

Gulf customers asked in March to delay valve dispatch, with no cancellations. The results say three months of storage was invoked on certain Noreva shipments but no orders were cancelled, and Noreva still delivered strong profits on US LNG demand.

Cancellations: No orders cancelled
Mitigation: Three months of storage invoked for certain shipments