|
Goodwin PLC on Wednesday reported forward momentum in its workload and activity during the first half of 2026, alongside a new collaboration with a subsidiary of Northrop Grumman Corp. The Stoke-on-Trent, Staffordshire-based engineering and manufacturing company said its workload amounted to £357 million at August 31, up 24% from £287 million at the end of April. Goodwin noted ‘a similar increase’ in activity levels. The firm pointed to success in its Refractory Engineering business, which is currently seeing ‘profitability significantly ahead of the prior year’, according to Goodwin, ‘driven by the continued global market share and margin gains by our investment casting powder companies,’ such as Hoben International Ltd. In Mechanical Engineering, Goodwin expects its heavy duty submersible pump companies to increase activity by 30% on-year by the end of the first half on October 31. Goodwin Pumps India Private Ltd has increased production in line with higher global demand, according to the firm. Earlier this month, Goodwin International Ltd received a follow-on order under a framework with the Sellafield nuclear power site, which is in the process of being decommissioned. ‘Further call-offs are expected in the coming months,’ Goodwin added. The firm also noted that contracts awarded to Easat Radar Systems Ltd during the first half are expected to improve profit ‘materially’ in financial 2026 and beyond. Goodwin added on Wednesday that Goodwin Steel Castings Ltd has signed a memorandum of understanding with Northrop Grumman International Trading Inc, part of the US aerospace and defence firm’s Mission Systems division. The MoU is for an initial $16 million order which covers four defence programmes, though Goodwin said: ‘As the USA submarine programmes have funding releases, the expected orders will likely develop to over $200 million.’ In addition, Goodwin Steel Castings, supported by Goodwin International, has secured an exclusivity agreement with its US partner, to be ‘the sole supplier for a critical programme component’. This is expected to account for between 25% and 30% of the MoU value and is eligible for UK patent box relief, Goodwin said, adding: ‘The group has successfully delivered this component before using our metallurgical and large precision machining skillset, where overseas suppliers have been unable to do so, and as such has become NGIT’s supplier of choice for this and other components as a result.’ ‘The board believes this partnership will create further opportunities for collaboration on future defence programmes,’ commented Chair Timothy Goodwin. Goodwin shares were up 15% to £12,800.00p on Wednesday morning in London. Northrop Grumman shares closed 0.2% higher at $577.08 on Tuesday in New York. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
