Epwin Group PLC Year-end trading update and notice of results (0064Z)
20 Enero 2022 - 1:00AM
UK Regulatory
TIDMEPWN
RNS Number : 0064Z
Epwin Group PLC
20 January 2022
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 which is part of UK law
by virtue of the European Union (Withdrawal) Act 2018. Upon the
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20 January 2022
Epwin Group Plc
("Epwin" or the "Group")
Year-end trading update and notice of results
Strong performance in FY 2021, confident outlook
Epwin Group Plc (AIM: EPWN) ("Epwin", "the Company" 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
year-end trading update in respect of the year ended 31 December
2021 ("FY 2021").
Trading update
The Group is pleased to report that trading remained strong
through to the end of the year, with revenues for FY 2021 expected
to be approximately GBP330m, up by 37% compared to 2020 and 17%
compared to 2019. This has been driven by a combination of the
ongoing strength of demand in the RMI market, price increases and
recent bolt-on acquisitions.
The Group has continued to successfully navigate its way through
the sector-wide operational, inflationary and supply chain
pressures caused by the ongoing impact of Covid-19 and heightened
demand levels. Accordingly, the Group now expects to report
adjusted profit before tax for FY 2021 modestly ahead of current
expectations(1) , subject to audit.
Cash generation remained strong in the second half of the year,
with covenant net debt (pre-IFRS 16) as at 31 December 2021
significantly reduced to approximately GBP9m (2020: GBP18.5m; 2019:
GBP16.4m), better than the Board's expectations. This was achieved
despite the Group completing several bolt-on acquisitions during
the year, totalling GBP5.3m, including one acquisition in the
second half of the year. Year-end leverage was less than 0.5 x
adjusted EBITDA.
Current trading
Trading in the first two weeks of 2022 has remained strong and
has been in line with the Board's expectations. The Board continues
to monitor the development of the Covid-19 pandemic whilst managing
the impact of absences across the workforce during the early part
of 2022.
Notice of results
The Group will announce its full year results for the year ended
31 December 2021 on Wednesday 6 April 2022.
Jon Bednall, Chief Executive Officer, said:
"I am pleased to report that our trading performance in the
second half and for the year as a whole was strong, despite the
well-reported supply chain and inflationary pressures. This is
testament to the hard work of our people in a year which has seen
many challenges for businesses and individuals.
We are optimistic for the Group's trading prospects in 2022 and
remain confident in the strength of the medium and long-term
drivers of our markets."
Contact information
Epwin Group Plc
Jon Bednall, Chief Executive
Chris Empson, Group Finance Director 0203 128 8540
Shore Capital (Nominated Adviser and Joint
Broker)
Corporate Advisory 0207 408 4090
Daniel Bush / Iain Sexton
Corporate Broking
Fiona Conroy
Zeus Capital Limited (Joint Broker)
John Gould / Dominic King 0203 829 5000
MHP Communications 0203 128 8540
Reg Hoare / Charlie Barker / Florence Mayo Epwin@mhpc.com
/ Pauline Guenot
(1) Based on Company compiled consensus, the Board believes the
average analyst forecast for 2021 adjusted profit before tax to be
GBP12.8m.
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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