Goodwin PLC on Wednesday reported a slight decline in half-year profit as costs increased and unrealised gain contracted.

The Stoke-on-Trent-based engineer said pretax profit fell slightly to £12.1 million in the six months to October 31, from £12.2 million a year prior.

Revenue grew 9.3% to £97.6 million from £89.3 million.

Cost of sales increased 8.9% to £71.5 million from £65.6 million, while finance costs ballooned 78% to £1.4 million from £761,000.

Further, Goodwin had an unrealised gain on a 10-year interest rate swap derivative of £938,000, down from £3.1 million a year prior.

Looking ahead, the company said that increased levels of activity that occurred in the first half are expected to continue in the second half. Goodwin expects a similar level of profitability in the second financial half as in the first.

Goodwin added: ‘In the second half of the year, we will also see the completion of the 7,690 square metre new building in India that will substantially increase the manufacturing capacity of both the investment powders and the submersible slurry pump businesses.’

Goodwin shares fell 5.0% to 5,605.00 pence each on Wednesday morning in London.

Copyright 2023 Alliance News Ltd. All Rights Reserved.