Goodwin PLC Directorate Change (7252X)
01 May 2019 - 7:03PM
UK Regulatory
TIDMGDWN
RNS Number : 7252X
Goodwin PLC
01 May 2019
1(st) May 2019
Goodwin PLC
Directorate Change
As of 6.00 p.m. on 30(th) April 2019 Richard S Goodwin (aged 65
this year) stepped down from his role as Managing Director of
Goodwin PLC having completed 27 years in this role. During this
time annual pre-tax profits have grown from GBP402,000 (1992) to
GBP13.3 million (2018), an annual compound growth of 14% per year
equating to a 33 fold increase in profitability over the period.
The Group annual turnover has gone from GBP3.6 million to GBP124.8
million.
During this 27 year period the Company has gone from having
seven trading subsidiaries (three Mechanical Engineering companies
and four Refractory Engineering companies) to having 24 trading
subsidiaries (15 Mechanical Engineering companies and nine
Refractory Engineering companies) with the current split of
profitability being approximately 50 / 50 between the two
divisions. Currently 50 % of profits are made outside the UK by the
16 overseas subsidiaries that the Company now has.
Due to the diversity of the business (both in products and
global locations), which is in part an advantage as we are able to
benefit from carrying out business in countries around the world
that have had and will have higher GDP growth than there is in
Europe, the Board has decided to split the role of Group Managing
Director into "Managing Director of the Mechanical Engineering
Division" and "Managing Director of the Refractory Engineering
Division" such that appropriate focus and energy can be applied to
continue growing these two important but quite different
divisions.
Accordingly, as from the 1(st) May 2019, Matthew S Goodwin is
appointed Managing Director of the Goodwin PLC Mechanical
Engineering Division and Simon R Goodwin is appointed Managing
Director of the Goodwin PLC Refractory Engineering Division.
Matthew has worked in the Company for the past sixteen years and
has been a Director of Goodwin International Ltd (our largest
mechanical engineering company) for the past 15 years and has been
a Director of Goodwin PLC for the past 13 years. Matthew is also
Managing Director of Goodwin International Ltd.
Simon R Goodwin has worked for the company for the past fourteen
years. He has worked for our largest Refractory Engineering
company, Goodwin Refractory Services Ltd, for the past thirteen
years and has been a Director of Goodwin PLC for the past nine
years. Simon has been managing our UK and overseas refractory
companies for the last few years.
As of 6.00 p.m. on 30(th) April 2019, John W Goodwin (aged 68
this year) stepped down from his role as Chairman of Goodwin PLC
having completed 27 years in this role. John with his brother
Richard trained the 6(th) Generation of Goodwin family engineers
and accountant, such that they would be able to carry on the task
of growing Goodwin PLC and avoiding high risks and large debt.
John's son, Timothy Goodwin, is as of the 1(st) May 2019
appointed as Chairman of Goodwin PLC. Whilst he is the youngest of
the four sons of the 6(th) generation, Timothy attended university
as all four sons did achieving honours degrees and he has
subsequently obtained his ACA accountancy qualification. Timothy
joined Goodwin eight years ago and has been a Director of Goodwin
PLC for the past four years. During his time with the Company he
has spent time working across the Group and is a Director of
several Goodwin companies, both in the UK and overseas. This has
enabled him to gain knowledge of both the Mechanical and Refractory
Engineering Divisions and provided him with a broad perspective of
the Group as a whole.
John and Richard Goodwin will no longer be Directors of Goodwin
PLC as they are keen for the Board of Goodwin PLC including the
6(th) Generation of Goodwin family members, to feel and take
responsibility for continuing to take the company forward in a
responsible manner.
John and Richard will continue to sit on the Audit Committee of
Goodwin PLC as well as having numerous roles in subsidiaries of
Goodwin PLC both in the UK and overseas subsidiaries, but they will
no longer be responsible for providing the drive and direction of
the Goodwin Group as it is considered important by the Board that
it be given its head and allowed to make its own judgements. It is
considered that the some 90 years of knowledge of world markets,
products and lifecycles that John and Richard have will aid the
Audit Committee to comment better on business risks, as is more
recently being stated to be important, rather than committee
members being totally independent with little or no day to day
involvement in the business and with no equity in the Company.
All of the above appointments and the composition of the Audit
Committee will be subject to re-affirmation by the shareholders at
the AGM in October 2019 where each matter will be voted on
separately.
John, Richard and the remainder of the Board, that includes John
Connolly, Steven Birks, Bernard Goodwin and Jennifer Kelly as a
Non-Executive Director, are very confident that these new
appointments will result in robust, stable and strong leadership,
which will successfully take the Company forward over the coming
decades.
The Company also reports that it increased its equity holding in
three overseas investment casting powder manufacturing subsidiaries
(Jewelry Plaster, Thailand, Ultratec China and SRS Qingdao, China)
to 75% after buying out the 25 % equity of one of our partners, Mr
Prasert Hongsrichinda. We take the opportunity of thanking Prasert
for his hard and collaborative work over the past eleven years that
has helped these companies be successful.
For further information, please contact
Mrs Jenny Martin
Company Secretary
Goodwin PLC
jmartin@goodwingroup.com
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END
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