Epwin Group PLC Half-year trading update and notice of results (6330H)
31 Julho 2023 - 3:00AM
UK Regulatory
TIDMEPWN
RNS Number : 6330H
Epwin Group PLC
31 July 2023
This announcement contains inside information for the purposes
of Regulation 11 of the Market Abuse (Amendment) (EU Exit)
Regulations 2019/310 (as amended). Upon the publication of this
announcement via a Regulatory Information Service, this inside
information is now considered to be in the public domain.
31 July 2023
Epwin Group Plc
("Epwin" or the "Group")
Half-year trading update and notice of results
Trading ahead of a strong 2022 comparative; confident of
achieving full year expectations
Epwin Group Plc (AIM: EPWN) ("Epwin" or the "Group"), the
leading manufacturer of energy efficient and low maintenance
building products, supplying the Repair, Maintenance and
Improvement ("RMI"), new build and social housing sectors , is
pleased to announce its half-year trading update in respect of the
year ended 31 December 2023.
Trading update
Trading during the first half of 2023 was in line with the
Board's expectations. R evenues increased to approximately GBP180
million, with the Group continuing to trade ahead of a strong 2022
comparative.
After a robust start to the year, trading moderated slightly in
the second quarter as macroeconomic factors and fiscal tightening
impacted demand, however trading in the Group's core markets
remains resilient. The inflationary pressures that have
significantly impacted raw material costs over the last two years
have continued to ease, although PVC resin prices remain at
elevated levels. Labour, power and other inflationary cost
pressures continue to be managed through pricing.
The Group retains a strong balance sheet with covenant net debt
at 30 June 2023 remaining low at GBP16.1 million (31 December 2022:
GBP17.9 million), which is approximately 0.6x adjusted EBITDA. This
provides the Group with over GBP60 million of headroom on its
facilities to support its strategic objectives, including value
enhancing acquisitions.
Outlook
The Board remains confident of the Group delivering underlying
operating profit for the full year in line with market consensus
expectations* .
The Board is cognisant of the potential effect of short-term
macro-economic headwinds, however, the Group's broad product range,
diverse customer base, well-invested operations, longstanding
supplier relationships and strong balance sheet provide a large
measure of resilience.
The medium and long-term drivers of the market remain positive
for the Group, with a shortage of new and affordable housing, an
ageing and poorly maintained housing stock and increasing concern
about the quality of social housing all helping to bolster future
demand . Additionally, the Group's products have inherently strong
environmental credentials and a clear role to play in the
decarbonisation of the UK housing stock which will be required to
meet net zero ambitions.
Notice of results
The Group expects to announce its results for the half-year
ended 30 June 2023 on 20 September 2023.
Jon Bednall, Chief Executive Officer, said:
"I am pleased to report that trading in the first half was in
line with the Board's expectations and ahead of a strong 2022. This
is testament to the combined efforts of all my Epwin colleagues and
I would like to thank them for consistently delivering a strong
post-covid performance.
We remain confident of achieving our full year expectations and
have a positive view of our future prospects despite the short-term
macroeconomic headwinds. Looking further ahead, the medium and
long-term drivers for the Group's products remain positive."
*Company collated analyst consensus for FY23 underlying
operating profit is GBP24.0m
Contact information
Epwin Group Plc
Jon Bednall, Chief Executive
Chris Empson, Group Finance Director 0203 128 8168
Shore Capital (Nominated Adviser and
Joint Broker)
Corporate Advisory 0207 408 4090
Daniel Bush / Iain Sexton
Corporate Broking
Fiona Conroy
Zeus Capital Limited (Joint Broker)
Dominic King / Nick Searle 0203 829 5000
MHP 078 3462 3818
Reg Hoare / Charlie Barker / Pauline epwin@mhpgroup.com
Guenot
About Epwin
Epwin is the leading manufacturer of energy efficient and low
maintenance building products, with significant market shares,
supplying the Repair, Maintenance and Improvement (" RMI"), new
build and social housing sectors.
The Company is incorporated, domiciled and operates principally
in the United Kingdom.
Information for investors can be accessed
www.epwin.co.uk/investors/
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