Engineering specialist Goodwin plc has seen revenue and profits increase for another year.
For the 12 months to April 30, the Hanley company – which includes Goodwin International and Goodwin Steel Castings – saw pre-tax profits rise to £14.7 million – 11 per cent up from £13.3 million in 2018.
Revenue also increased – by almost two per cent – to £127 million from £125 million the previous year.
More notably, however, the company’s forward order book now stands at a record £165 million – a 94 per cent increase on last year’s £85 million.
The company is attributing its financial success over the last year to a ‘significant’ increase in sales.
Chairman Timothy Goodwin said: “I am delighted to confirm that we have seen a significant rise in the level of sales order input within our mechanical engineering division and that the total forward order book stands at a record £165 million, with yet more large long-term contracts, that we have been targeting over the past few years, still to be placed.
“Due to contractual requirements the company cannot divulge all successes in relation to the significant increase in order intake. However we can confirm that several orders have multi-year delivery requirements and the board sees little risk in executing them.”
Other operational highlights for the company over the last 12 months include an increased equity holding – of 75 per cent – in three overseas investment casting powder manufacturing subsidiaries - Jewelry Plaster, Thailand, Ultratec China and SRS Qingdoa, China – after buying out the 25 per cent stake of one of its partners.
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And in May, brothers as managing director and chairman after almost 30 years with the business.
Going forward, Goodwin has pledged to maintain an ongoing programme of investment in plant, facilities, sales and marketing and research and development as well as supporting a local workforce.
And as part of its investment in training and development, Goodwin will welcome 25 trainees to the business before the end of the year.
Timothy – who took up the role following his father John’s departure earlier this year, added: “We continue to retain, train and develop our employees, with a new cohort of 25 apprentices starting in the Goodwin Engineering Training Centre later this year.
“The training centre is now on the 海角视频 register of learning providers as well as being approved by the necessary exam boards.
“We recognise the importance of nurturing talent and bringing highly capable people either through or into the business, as with record low unemployment levels in the 海角视频, we are continuing with our strategy to ensure that we have the right people with the right skill sets to competently execute the work as we grow.”