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Prices & Quotes - UK Markets - Epwin Group (EPWN)

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Share Price:
97.60p
Change Today:
0.000p
Market Cap:
141.44m
Sector:
Construction & Materials

Epwin Group reports strong second half

By Josh White

Date: Thursday 15 Apr 2021

LONDON (ShareCast) - (Sharecast News) - Epwin Group reported a strong second half performance in its final results on Thursday, after its performance was impacted by Covid-19 shutdowns in the first half.
The AIM-traded building products company said second half devenues were 4% higher year-on-year, with underlying operating profit for the six month period coming in at 11.2m, compared to 11.8m a year earlier.

Overall, the company reported revenue of 241m for the year ended 31 December, down from 282.1m, while its full-year underlying operating profit was more than halved to 9.4m from 21.2m in 2019.

Adjusted earnings per share came in at 3.99p, compared to 10.29p a year earlier, while the board recommenced the dividend with a final dividend per share for the year of 1p, down from dividends of 1.75p in the prior year.

Net debt excluding IFRS 16 leases widened to 96.9m from 80.4m, with underlying operating cash conversion for the year standing at 252%, compared to 164% in 2019.

Demand from the repair, maintenance and improvement (RMI) market was quicker to return, the board said, and stronger than newbuild and social housing.

Epwin said it had "significant" headroom in its banking facilities of more than 50m at year-end, with its facilities now extended to June 2024.

All pre-Covid banking covenants had been met, with no variations or waivers, and the directors noted that no additional funding had been sought from shareholders or banks.

The company said the second half recovery had continued into 2021 with stronger-than-anticipated demand across most of the business in the first quarter, as revenues in the first three months were ahead of both 2020 and 2019.

Supply chains had been, and continued to be, under pressure, however, as a result of the pandemic and the subsequent acceleration of demand.

The firm said its PVC raw materials supply remained under pressure, with shortages from global events driving up the price of resin "significantly" to all-time highs.

Steps were being taken to recover those costs in the market in an "equitable" way.

Epwin said it was reviewing opportunities to accelerate capital expenditure following the 'super deduction' announced in the March budget, and said potential merger and acquisition opportunities were emerging.

"Our performance this year and the strong underlying demand from our markets have been encouraging against the backdrop of the disruption caused by the pandemic," said chief executive officer Jon Bednall.

"Despite the continued uncertainties in the wider economy, we look forward to a more positive 2021.

"With a strong balance sheet, buoyant demand and robust operations supported by the medium and long-term drivers of our markets, we will refocus our efforts on delivering on our strategic priorities for the business and our shareholders."

At 1449 BST, shares in Epwin Group were down 2.2% at 94.67p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Epwin Group Market Data

Currency UK Pounds
Price 97.60p
Change Today 0.000p
52 Week High 119.00p
52 Week Low 81.50p
Volume 7,156
Shares Issued 144.92m
Market Cap 141.44m
Beta 0.06

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What The Brokers Say

Strong Buy 1
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 1
strong_buy
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Epwin Group Dividends

  Latest Previous
  Interim Final
Ex-Div 23-Sep-21 13-May-21
Paid 15-Oct-21 07-Jun-21
Amount 1.75p 1.00p

Trades for 26-Jan-2022

Time Volume / Share Price
09:19 5,395 @ 98.00p
09:03 1,761 @ 98.20p

Epwin Group Key Personnel

CEO Jonathan (Jon) Albert Bednall
Finance Director Christopher (Chris) Anthony Empson