Eurocell plc Trading Update (2456S)
13 Julio 2022 - 1:00AM
UK Regulatory
TIDMECEL
RNS Number : 2456S
Eurocell plc
13 July 2022
13 July 2022
EUROCELL PLC
("Eurocell" or the "Group")
Trading Update - Good First Half and Trading in Line with
Expectations
Eurocell plc, the market leading, vertically integrated UK
manufacturer, recycler and distributor of innovative window, door
and roofline PVC products, provides the following update for the
six months ended 30 June 2022.
Trading Performance
The repair, maintenance and improvement (RMI) market remains
robust, with a greater emphasis on project specific work, rather
than the higher levels of maintenance activity experienced last
year. A backlog in planning permissions, driven by house moves, as
well as hybrid working and changing lifestyle patterns, continue to
support sales, partly funded by elevated levels of consumer
savings. In new build, the market continues to be strong, supported
by ongoing Government initiatives.
Our sales growth rates for the six months to 30 June 2022 were
as follows:
Sales growth vs 2021 vs 2019
Total Group 13% 40%
Profiles Division 17% 39%
Building Plastics Division 11% 40%
-------- --------
We have kept pace with an exceptionally strong comparative
period and have made substantial progress compared to the
equivalent period of 2019. We continue to take effective action to
offset input cost inflation, with a dynamic approach to selling
price increases and surcharges. Price therefore remains a key
driver of sales growth, but we believe resin costs have now
plateaued.
We believe we are continuing to take market share, reflecting
the impact of maturing branches, a widening product range
(including our outdoor living range of fencing, decking and garden
rooms) and excellent customer service, supported by our recent
investments in manufacturing and warehousing capacity and
technology, where operating efficiencies are improving. Our
pipeline of potential new fabricator customers is strong.
As a result of these factors, and notwithstanding uncertainty
over how the macroeconomic backdrop may impact future demand, we
continue to trade in line with expectations.
Net debt at 30 June 2022 on a pre-IFRS 16 basis was GBP15
million (31 December 2021: GBP11 million), which includes the
substantial impact of inflation on working capital.
Half Year Results
We look forward to providing a full update when we announce our
half year results for the six months ending 30 June 2022 on 1
September 2022.
Enquiries:
Eurocell plc
Mark Kelly, Chief Executive
Officer +44 (0) 1773 842 105
Michael Scott, Chief Financial
Officer +44 (0) 1773 842 140
Teneo
Ben Foster +44 (0) 777 624 0806
Camilla Cunningham +44 (0) 746 498 2426
END
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