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Goodwin shares jump on major submarine partnership
(Sharecast News) - Goodwin's stock price surged on Wednesday after the engineering conglomerate reported a big increase in activity and announced a "major" collaboration agreement with US defence group Northrop Grumman International Trading Inc. (NGIT). The partnership covers four key defence programmes, starting with an initial $16m order. However, as US submarine programmes have funding releases, expected orders through the agreement will "likely" develop to over $200m.
NGIT has also signed an exclusivity agreement which will see Goodwin's Steel Castings division serve as the sole supplier for a critical programme component which would account for approximately 25-30% of the total deal value.
"This collaboration strengthens the Group's position in core defence sectors and reflects our growing reputation as a trusted partner in delivering technically advanced components for mission-critical applications. The Board believes this partnership will create further opportunities for collaboration on future defence programmes," the company said.
Goodwin also announced in a trading update that its workload totalled £357m by 31 August, up 24% from April, which was being matched by a similar increase in levels of activity.
Shares were 16.3% higher at 12,961.74p before the close of play.
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