- Engineering company Goodwin proposed to cut its dividend after reporting a fall in profit as the pandemic halted activity.

For the 12 month period ending 30th April, pre-tax profit fell 26% to £12.1m on-year, while revenue rose 14% to £145m.

The company proposed a reduced dividend of 81.71p, down from 96.21p.

'As with the majority of companies around the world, Covid-19 has stalled our progress in the last quarter of the financial year, and we have seen a slower start to the new financial year than we would have expected without the pandemic,' the company said.

'Despite this and the disruption due to trade frictions between the USA and China, the underlying progression of the business remains robust and resilient.'

At 9:10am: [LON:GDWN] Goodwin PLC share price was -110p at 3080p

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