Epwin Group PLC Half-year Trading Update and Notice of Results (6758G)
28 Julio 2021 - 01:00AM
UK Regulatory
TIDMEPWN
RNS Number : 6758G
Epwin Group PLC
28 July 2021
28 July 2021
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Epwin Group Plc
Half-year trading update and notice of results
Strong trading continues, ahead of previous expectations
Epwin Group Plc (AIM: EPWN) ("Epwin" or the "Group"), the
leading manufacturer of 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 2021.
Trading update
Trading has continued to be strong since the Company's last
update on 25 May 2021. Revenues for the first half of the year are
GBP157.8m, 69% ahead of 2020 (which included the first lockdown
period) and 13% ahead of 2019, predominantly driven by demand from
the RMI market.
As has been widely reported, supply chains remain under pressure
from both high market demand and shortages from global events and
supplier issues, which have continued throughout 2021.
Consequently, raw material prices have continued to increase. As
previously reported the Group is taking steps to mitigate these
equitably through price increases, surcharges and other measures,
albeit this process naturally lags the increase in input
prices.
The Group continues to retain a strong balance sheet to support
strategic investment. Covenant net debt at 30 June 2021 was GBP15.9
million which is 0.6x adjusted EBITDA (31 December 2020: GBP18.5m),
providing the Group with approximately GBP60 million of headroom on
its facilities.
Outlook
The outlook for the current year continues to be favourable as
the Group's strong trading continues, notwithstanding the raw
material cost inflation and supply chain issues, which we are
managing proactively alongside the ongoing disruption caused by the
COVID-19 pandemic.
Assuming that the Group does not experience material supply
chain or COVID-19 related impacts in H2, the Board now expects
adjusted profit before tax for the full year to be materially ahead
of its previous expectations.
Notice of results
The Group expects to announce its full year results for the
half-year ended 30 June 2021 on 15 September 2021.
Jon Bednall, Chief Executive Officer, said:
"I am pleased to report that trading in the year to date has
continued to be strong and we now expect full year PBT to be ahead
of our previous expectations.
This is underpinned by ongoing high demand in our key RMI
markets and proactive management of raw material cost inflation and
supply chain issues. Looking further ahead, the medium and
long-term drivers for the Group's products remain positive."
Contact information
Epwin Group Plc
Jon Bednall, Chief Executive
Chris Empson, Group Finance Director 0203 128 8168
Shore Capital (Nominated Adviser and
Joint Broker)
Corporate Advisory 0207 408 4090
Edward Mansfield / Daniel Bush
Corporate Broking
Fiona Conroy
Zeus Capital Limited (Joint Broker)
John Goold / Dominic King 0203 829 5000
MHP Communications
Reg Hoare / Charlie Barker / Florence
Mayo 0203 128 8540
About Epwin
Epwin is the leading manufacturer of 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/
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