Epwin Group PLC - Solihull, England-based building products manufacturer - Posts revenue of GBP355.8 million for 2022, up 7.9% from GBP329.6 million in 2021. However, cost of sales increase 5.7% to GBP250.5 million from GBP236.9 million, while administrative expenses widen 33% to GBP48.3 million from GBP36.3 million. Reports a goodwill impairment of GBP3.0 million in 2022, compared to none in 2021. Notes strong trading performance, demonstrating "continued resilience of core products and markets", Epwin says. Revenue growth is predominantly driven by selling price increases to recover the continuing impact of inflation. Pretax profit is down to GBP11.9 million from GBP12.9 million, as basic earnings per share fall to 5.78 pence each from 8.61p a year earlier. Operating profit drops to GBP16.9 million from GBP17.7 million.
Declares a final dividend of 2.55 pence per share, up from 2.35p a year prior. This takes its full-year dividend to 4.45 pence per share, up 8.5% from 4.10p a year prior. Looking ahead, Epwin says current trading is in line with its expectations, with 2023 revenue to date ahead of a strong half-year 2022 comparative.
Chief Executive Officer Jon Bednall says: "Our trading performance remained robust through 2022, delivering operating profit above pre-pandemic levels. We have begun the new financial year well. Whilst cognisant of the macroeconomic and market headwinds, the group remains confident of delivering a further year of strategic and operational progress in 2023, supported by the strength of the medium and long-term drivers of our markets."
Current stock price: 72.44 pence each, down 0.8% on Tuesday afternoon in London
12-month change: down 17%
By Xindi Wei, Alliance News reporter
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Epwin Grp (EPWN)