Profits more than double at submarine parts maker Goodwin

Defence supplier Goodwin said profits more than doubled as a global rise in military spending boosted demand for its radar equipment and submarine parts. For the year to April, trading profit jumped 118% to £77.5 million, after revenues increased 27% to £280 million. The company, based in Stoke-on-Trent, Staffordshire, said stronger performance from its mechanical engineering division drove growth, supported by demand for UK and US navy and submarine programmes. Founded in 1883 and majority owned and managed by the Goodwin family, the group has shares listed on the London Stock Exchange. Goodwin is assessing a potential sale of parts of its mechanical engineering arm supplying components to major defence and nuclear programmes, with a process it described as “progressing well.” It plans to raise its annual dividend by 18% to 330p and expects operations to continue uninterrupted during the disposal process.