Epwin Group PLC Half Year Trading Update and Notice of Results (4929Y)
22 August 2018 - 4:00PM
UK Regulatory
TIDMEPWN
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 GBP142.4m (H1 2017:
GBP149.9m) 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 GBP28.6m 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 0161 831 1512
John Goold / Dominic King 0203 829 5000
Panmure Gordon (UK) Limited (Joint
Broker)
Erik Anderson / Andrew Potts 0207 886 2500
MHP Communications
Reg Hoare / Charlie Barker /
Florence Mayo 0203 128 8100
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 or visit www.rns.com.
END
TSTUAOKRWAAWUAR
(END) Dow Jones Newswires
August 22, 2018 02:00 ET (06:00 GMT)
Epwin (LSE:EPWN)
Historical Stock Chart
From Apr 2024 to May 2024
Epwin (LSE:EPWN)
Historical Stock Chart
From May 2023 to May 2024