(Alliance News) - Epwin Group PLC on Monday said it is confident in meeting full-year expectations as it announced the launch of a share buyback programme.
The Solihull, England-based building products' manufacturer said it is on track to meet its guidance for 2023, with underlying operating profit to be ahead of 2022 and in line with its expectation of GBP24.0 million. In 2022, the firm posted underlying operating profit of GBP21.5 million.
It noted that it has also made progress on its strategy, which includes integrating acquisitions, product development and operational improvement.
The company also said it will launch a share buyback programme, as it looks to "take advantage of current market conditions to repurchase shares at attractive levels".
Beginning on Monday, the programme will end by April 30, 2024. The shares purchased will be cancelled, it said.
Epwin did not say how many shares will be repurchased.
Epwin shares rose 4.8% to 70.24 pence each on Monday morning in London.
By Harvey Dorset, Alliance News reporter
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Epwin Grp (EPWN)