Goodwin dips on lower full-year profits

24th Jul 2015 15:07

(ShareCast News) - Shares in engineering firm Goodwin took a hit after the company revealed its full year pre-tax profit was down 16.6% from the year before.At 1413 BST shares were down 4.3% to 2488.15p after the firm said pre-tax profits dipped from £24.1m to £20.1m.Revenue had dropped by 2.9% to £127m, from £130m.The company attributed the weaker result to the contraction seen in the oil and gas engineering sector, and noted first quarter orders were down 32% compared with the same period one year ago."This situation progressively recovered by the close of the year such that the order input for the full twelve months was only 19% down as compared to the previous financial year," the company said in a statement.The company maintained a dividend of 42.348p per share payable on 9th October 2015 to shareholders on the register at the close of business on 11th September 2015.