(Sharecast News) - Building products manufacturer Epwin Group said in an update on Tuesday that it was confident in delivering underlying operating profit for the year, in line with the recently-increased market consensus.
The AIM-traded firm, which was holding its annual general meeting, said that despite lower revenues compared to a strong prior year, driven by reduced PVC input prices and macroeconomic headwinds affecting demand in the housing construction and RMI markets, it remained resilient.
It said its product range, customer base, supplier relationships and balance sheet provided significant protection against short-term market fluctuations.
Looking ahead, Epwin said it saw positive medium-to-long term drivers for its markets, including the UK's housing shortage, ageing housing stock, and the growing need to improve social housing quality.
Environmental concerns and legislation aimed at decarbonising and improving the energy efficiency of homes further supported its prospects.
Epwin said it was continuing to return capital to shareholders through dividends and a share buyback programme.
The initial buyback of three million shares, costing £2.3m, was completed in April, and an extension for another three million shares was underway, subject to shareholder approval.
To date, 0.8 million shares had been purchased under the extended programme.
At 1421 BST, shares in Epwin Group were down 0.28% at 88.75p.
Reporting by Josh White for Sharecast.com.
Epwin Grp (EPWN)