LONDON (ShareCast) - Engineering and steel castings firm Goodwin has reported strong growth in profits but has restricted its dividend to allow for greater investment.

In the 12 months to the end of April, pre-tax profits at the Stoke headquartered firm were £12.3m an increase of 51% on 2010/11.

Revenues for the full year came in at £107.9m, up 16.15% on the prior year.

The dividend has been announced at 32.082p per share, a rise of 10% on the previous year, with the Chairman, JW Goodwin, explaining this caution will help the firm invest create a “much larger” apprentice training pool, expand the foundry and develop two super nickel alloys for use in high temperature gas and steam turbines.

The market clearly buys the story, the shares were up 6.3% at 11:26.

BS

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