Goodwin PLC (LSE:GDWN) shares fell almost 8% to 19,950p after the engineer reported results for the six months to 31 October.
First-half trading profit of £37.2 million was more than double the £17.1 million posted in the same period last year, as revenues climbed 27.4% to £135.6 million.
Chairman TJW Goodwin called it a "solid trading performance", with the group's workload as at the time of writing standing at £330 million.
Growth was supported by robust demand across the defence, nuclear, and LNG sectors, alongside consistent results in the pump businesses and resilient activity in refractories.
Net debt stood at £5.8 million at the period end, rising to £53 million in November after the group paid a special interim dividend of 532p per share.
Goodwin said it remains well positioned, with a strong workload pipeline and expects full-year profitability to exceed £71 million.
Shares in the FTSE 250-listed group rose to an all-time high early last month after the special dividend was declared and the board expressed confidence in profits doubling in the year to April 2026.