Goodwin profits suffer but assures oil industry conditions "easing"

13th Mar 2015 12:42

Smallcap engineer Goodwin Plc disappointed with third-quarter results despite assuring that difficult conditions in the oil and gas industry were "starting to ease".A sharp fall in profits in the third quarter pushed pre-tax profit in the nine months to 31 January down 3.9% to £17.3m on revenue up 5.2% to £108.5m.Third-quarter PBT fell 38.5% compared the the second quarter.In December's interim results, the company had boasted a 9.5% year-on-year PBT gain but warned that the depressed oil price had resulted in reduced investment by the major oil and gas companies.But as part of Friday's update, the company said: "There have been no significant adverse events and the trading situation as advised at last year end and at the end of the first half of this year is starting to ease down associated with reduced capital expenditure by the oil and gas companies and tighter market pricing."Basic earnings per share were down 7.6% to 180.75p.