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23 May 2023 07:00
23 May 2023
This announcement contains inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
Epwin Group Plc
AGM trading update
Epwin Group Plc (AIM: EPWN) ("Epwin" or the "Group"), the leading manufacturer of energy efficient and low maintenance building products, with significant market shares, supplying the Repair, Maintenance and Improvement ("RMI"), new build and social housing sectors announces that the Company's Chairman, Andrew Eastgate, will make the following statement in respect of current trading at today's Annual General Meeting:
"The Group has continued to trade well and in line with the Board's expectations, with revenues to date 3% ahead of a strong 2022 comparative. The Board remains confident of delivering Underlying Operating Profit for the year in line with its expectations.
"The inflationary pressures that have significantly impacted raw material costs, particularly PVC resin, over the last two years have eased, although PVC resin prices remain at elevated levels, with labour and other inflationary cost pressures continuing to be managed by the businesses.
"The Group's broad product range, diverse customer base, well-invested operations, longstanding supplier relationships and strong balance sheet provide a large measure of resilience against short-term macroeconomic headwinds.
"Whilst cognisant of these macroeconomic headwinds and their potential effect, the Group remains confident of delivering a year of further strategic and operational progress as well as meeting the Board's financial performance expectations.
"Net debt remains low; the Group has delivered a further strong cashflow performance to date in 2023 and has in excess of £50m of headroom on its banking facilities.
"The medium and long-term drivers of the Group's end markets remain positive, with a shortage of new and affordable housing, an ageing and poorly maintained housing stock and increasing concern about the quality of social housing all helping to bolster future demand. Additionally, the Group's products have inherently strong environmental credentials which have a clear role to play in the decarbonisation of the UK housing stock which will be required to meet net zero ambitions.
"The Board will update shareholders further in our half year trading update in August."
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 Daniel Bush / Iain Sexton
Corporate Broking Fiona Conroy
Zeus Capital Limited (Joint Broker) Dominic King / Nick Searle
| 0207 408 4090
0203 829 5000
|
MHP Communications Reg Hoare / Charlie Barker / Pauline Guenot | 0203 128 8540 epwin@mhpc.com
|
About Epwin
Epwin is the leading manufacturer of energy efficient and 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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