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Goodwin order book hits £300m, shares jump
(Sharecast News) - Shares in Goodwin sparked on Wednesday, after the engineering specialist's order book hit a record high. The group, which owns various mechanical and refractory engineering companies, said the order book had reached £300m as at February end, leaving it on track to deliver second-half profits comparable to those in the first half.
As at 1145 GMT, shares in the FTSE 250 stock had put on 5% at 7,200p.
Driving the growth was Noreva, Goodwin's Germany-based specialist nozzle check valve company. It won a two-year $15m contract to supply valves for an LNG project, the largest in Noreva's history.
Timothy Goodwin, chair of the family-run group, said: "This contract positions us well to benefit from the expected release of further LNG projects, in light of the growing global demand for LNG.
"The board is delighted with the group's performance, and the strategic positioning we have achieved. With our record order book, expanding capabilities and strong financial foundation, we are well-placed to sustain our success and drive further growth in profitability."
Goodwin, which was founded in Stoke-on-Trent in 1883 as R Goodwin & Sons, is due to publish results for the year to April end in August.
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