AGM trading update

RNS Number : 6405Z

Epwin Group PLC

25 May 2021

 

25 May 2021

Epwin Group Plc

AGM trading update

Epwin Group Plc (AIM: EPWN) ("Epwin" or the "Group"), the leading manufacturer of low maintenance building products, supplying the Repair, Maintenance and Improvement ("RMI"), new build and social housing sectors announces the following statement in respect of current trading, in advance of today's Annual General Meeting:

"I am pleased to report that trading in the year to date has continued to be strong.  Demand from the Group's key markets continues to be high, with indicators of consumer confidence strengthening.  Revenues for the first four months of the year are 56% ahead of 2020 (which included the first lockdown period) and 9% ahead of 2019, predominantly driven by demand from the RMI market. 

"As previously reported, supply chains continue to be under pressure from both high market demand and shortages from global events and supplier issues.  As a result, raw material prices have continued to increase and the Group is taking steps to mitigate these equitably through price increases and surcharges, albeit this process naturally lags the increase in input prices.

"The Group retains a strong balance sheet to support strategic investment.  Covenant net debt at 30 April 2021 was £16.2 million (31 December 2020: £18.5 million), providing the Group with approximately £60 million of headroom on its facilities.

"The SBS acquisition, which completed in January, is trading in line with the Board's expectations and is integrating well. 

"The outlook for the current year continues to be favourable, notwithstanding the raw material cost inflation and supply chain issues, which we are managing proactively.  The medium and long-term drivers for the Group's markets also remain positive, with a shortage of housing, an ageing and underinvested housing stock, as well as environmental and safety concerns driving legislation and initiatives that will require improvements to homes on a larger scale than just essential maintenance.

The Board will update shareholders further in our half year trading update."

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.

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 Edward Mansfield / Daniel Bush / Hugo Masefield Corporate Broking Fiona Conroy Zeus Capital Limited (Joint Broker) John Goold / Dominic King	0207 408 4090 0203 829 5000
MHP Communications Reg Hoare / Charlie Barker / Florence Mayo / Pandora Yadgaroff	0203 128 8168

About Epwin

Epwin is the leading manufacturer of 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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