AGM Trading Update
23/05/2023 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230523:nRSW2513Aa&default-theme=true
RNS Number : 2513A Epwin Group PLC 23 May 2023
23 May 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.
Epwin Group Plc
AGM trading update
Epwin Group Plc (AIM: EPWN) ("Epwin" or the "Group"), 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 announces that the Company's Chairman, Andrew
Eastgate, will make the following statement in respect of current trading at
today's Annual General Meeting:
"The Group has continued to trade well and in line with the Board's
expectations, with revenues to date 3% ahead of a strong 2022 comparative. The
Board remains confident of delivering Underlying Operating Profit for the year
in line with its expectations.
"The inflationary pressures that have significantly impacted raw material
costs, particularly PVC resin, over the last two years have eased, although
PVC resin prices remain at elevated levels, with labour and other inflationary
cost pressures continuing to be managed by the businesses.
"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 against short-term macroeconomic
headwinds.
"Whilst cognisant of these macroeconomic headwinds and their potential effect,
the Group remains confident of delivering a year of further strategic and
operational progress as well as meeting the Board's financial performance
expectations.
"Net debt remains low; the Group has delivered a further strong cashflow
performance to date in 2023 and has in excess of £50m of headroom on its
banking facilities.
"The medium and long-term drivers of the Group's end markets remain positive,
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 which have a clear role to play in
the decarbonisation of the UK housing stock which will be required to meet net
zero ambitions.
"The Board will update shareholders further in our half year trading update in
August."
Contact information
Epwin Group Plc 0203 128 8168
Jon Bednall, Chief Executive
Chris Empson, Group Finance Director
Shore Capital (Nominated Adviser and Joint Broker) 0207 408 4090
Corporate Advisory
Daniel Bush / Iain Sexton
Corporate Broking
Fiona Conroy
Zeus Capital Limited (Joint Broker) 0203 829 5000
Dominic King / Nick Searle
MHP Communications 0203 128 8540
Reg Hoare / Charlie Barker / Pauline Guenot epwin@mhpc.com
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/
(http://www.epwin.co.uk/investors/)
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END AGMSEFFMEEDSEEI