Half-year trading update and notice of results
28/07/2022 07:00
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RNS Number : 9906T Epwin Group PLC 28 July 2022
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28 July 2022
Epwin Group Plc
("Epwin" or the "Group")
Half-year trading update and notice of results
Good half year trading performance, confident of achieving 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, announces its half-year trading update in respect of the year ended
31 December 2022.
Trading update
Trading conditions remained robust during the first half of 2022 with the
Group performing well with revenues 13% ahead of a strong 2021 comparative
period at £178.0 million, predominantly driven by pricing to recover input
costs.
Raw material costs continued to increase in the first half, with PVC resin
hitting an all-time high in April, although this has subsequently plateaued.
Despite disruption to the supply chains in the wider market, the Group has
been able to secure sufficient raw materials to meet demand and expects to be
able to continue to do so. The Group continues to work with its customers to
pass-on heightened costs in an equitable manner through price increases and
surcharges.
The Group retains a strong balance sheet to support its strategic objectives,
including value enhancing acquisitions. Covenant net debt at 30 June 2022
has reduced to £7.3 million (31 December 2021: £9.4m) which is 0.3x adjusted
EBITDA, providing the Group with in excess of £65 million of headroom on its
facilities.
Outlook
Whilst trading conditions have moderated slightly in June and July, and
although also mindful of the wider macro-economic conditions, the Board
remains confident of achieving expectations in 2022.
Notice of results
The Group expects to announce its results for the half-year ended 30 June 2022
on 14 September 2022.
Jon Bednall, Chief Executive Officer, said:
"I am pleased to report a good trading performance in the first half. We
remain confident of achieving our expectations in 2022, underpinned by ongoing
proactive management of the raw material cost. Looking further ahead, the
medium and long-term drivers for the Group's products remain positive."
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 8168
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/)
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