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Epwin Group PLC (EPWN)

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Wednesday 22 August, 2018

Epwin Group PLC

Half Year Trading Update and Notice of Results

RNS Number : 4929Y
Epwin Group PLC
22 August 2018
 

22 August 2018

 

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014.  Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

 

Epwin Group Plc

("Epwin" or the "Group")

 

Half Year Trading Update and Notice of Results

 

 

Epwin Group Plc, a leading manufacturer of low maintenance building products, supplying businesses in the Repair, Maintenance and Improvement ("RMI"), new build and social housing sectors, announces its half year trading update and notice of its half year results announcement.

 

Trading update

 

Revenues in the first half year of £142.4m (H1 2017: £149.9m) were better than anticipated, despite the impact of the adverse weather experienced in the early part of 2018, demonstrating the Group's resilience after the loss of its two largest customers in the second half of 2017.

 

The Board anticipates adjusted profit before tax for the full year to be in line with market expectations.  As reported in the AGM statement in May, there is a greater weighting of profit towards the seasonally busier second half of the year than in more recent years and materials cost inflation has continued to be an issue for the industry.  Additionally, there have been some modest delays as we seek to maximise the benefits from the site consolidation programmes.

 

Market conditions, particularly in the key RMI market, remain lacklustre, with depressed consumer confidence and weak demand for big ticket purchases, however, the medium-term drivers for the Group's products remain positive with under investment in RMI and continued demand for new homes.   The Group's financial position remains strong with good cash generation in the half year and net debt of £28.6m representing less than one times 2017 EBITDA.  This gives the Group significant funding headroom to continue to invest in the business and progress with its strategy.   

 

Notice of results

 

The Group will announce its half year results for the six months ended 30 June 2018 on Wednesday 12 September 2018.

 

Jon Bednall, CEO of Epwin, commented:

"Despite challenging market conditions continuing, the Group delivered a solid financial performance in the first half. The Group continues to make good progress in pursuit of its broader strategic objectives and remains confident in the medium-term drivers in the RMI market."

 

 

 

Contact information

 

Epwin Group Plc

Jon Bednall, Chief Executive

Chris Empson, Group Finance Director

 

020 3128 8100

Zeus Capital Limited (Nomad and Joint Broker)

Nick Cowles /  Jamie Peel

John Goold / Dominic King

 

Panmure Gordon (UK) Limited (Joint Broker)

Erik Anderson / Andrew Potts

 

0161 831 1512

0203 829 5000

 

 

0207 886 2500

 

MHP Communications

Reg Hoare / Charlie Barker / Florence Mayo

 

 

0203 128 8100

 


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