StockMarketWire.com - Mechanical and refractory engineering group Goodwin reported a rise in first-half profit as revenue was boosted by strong performance in its refractory engineering business.

For the six months ended 31 October, pre-tax profit rose to £7.7 million from £5.8 million year-on-year as revenue increased to £68.9 million from £62.6 million.

'The refractory engineering division has delivered a strong performance and its activity continues to travel on an upward trajectory, delivering like-for-like sales growth of 40%,' the company said.

Looking ahead, pre-tax profit in the second half of the year was expected to be possibly 'slightly better' than the first half, the company said.

'[W]hilst we continue to experience inflationary pressures, the offsetting benefit of increased selling prices will be recognised within the next financial year,' it added.


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