LONDON (ShareCast) - 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.

Basic earnings per share were down 7.6% to 180.75p.



As it announced cheaper breakfasts and free-refill coffee campaign to capture a fuller slice of the morning trade, JD Wetherspoon served up a slightly short measure of first-half profits and revealed sales began to slow in the second half.

The FTSE 250-listed pubs group said profit before tax and exceptional items fell 0.9% to £37.5m as cost pressures outweighed a 9% rise in revenues to £744.4m for the 26 weeks ended 25 January, towards the lower end of expectations.

Increased competition and increased pay and bonuses for staff saw the operating margin of 7.4% fall versus the 8.1% in the same period last year but slightly ahead of prior guidance of 7.3%.

Diluted earnings per share were ahead by 2.3% to 22.6p, reflecting the share buyback programme and a lower tax rate, while the interim dividend was only kept flat at 4.0p.

On a like-for-like basis sales frothed up 4.5% in the first half but in the six weeks since this slowed to just 1.6% growth, with total sales increasing by a lesser 5.6% in the same period.

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