AGM trading update
21/05/2024 07:00
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RNS Number : 1631P Epwin Group PLC 21 May 2024
21 May 2024
Epwin Group Plc
AGM trading update
Trading in line; confident of delivering expectations
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:
"Current trading remains in line with the Board's expectations and the Group
remains confident of delivering underlying operating profit for the year in
line with recently increased market consensus expectations (1), as well as
making further strategic and operational progress.
"The Group continues to carefully manage the balance between volume and
margin, with revenues to date behind a strong prior year, as expected. This
has been driven by the impact of lower PVC input prices on levied surcharges
and macroeconomic headwinds which, as widely reported across the sector,
continue to affect demand from housing construction and the RMI markets.
"The Group's broad product range, diverse customer base and operations,
longstanding supplier relationships and strong balance sheet continue to
provide a large measure of resilience against any short-term changes in market
conditions.
"The medium to long-term drivers of Epwin's end markets remain positive, with
the UK still facing a shortage of new and affordable housing, an ageing and
underinvested housing stock and increasing concern about the quality of social
housing. Environmental concerns are driving legislation and initiatives that
will require improvements to homes on a larger scale than simply essential
maintenance, with the need to decarbonise the UK housing stock and improve
the energy efficiency of homes growing in urgency given the UK's net zero
commitments.
"The Board looks forward to updating shareholders further in our half year
trading update in the summer.
"The Board continues to return capital to shareholders both by way of our
ongoing dividend policy and the buyback programme, alongside on-going
investment in the Group's strategy. The initial programme to purchase 3
million ordinary shares completed on 10 April 2024 at a total cost of £2.3
million, and the programme was extended by a further 3 million ordinary shares
on that date. The Board will continue to monitor the progress of the buyback
programme and, whilst there is no guarantee that the extended programme will
be completed in full, it is currently envisaged that it will end no later than
30 September 2024. To date 0.8 million shares have been purchased since the
extension at an aggregate cost of £0.7 million. The continuation of the
programme is subject to shareholder approval at today's AGM.
"Finally, on my retirement as Chairman after nearly ten years on the Board
since the Group's IPO, I would like to take this opportunity to wish my
successor, the Board and the Group continued success in the future."
(1) Based upon Company compiled consensus, the Board believes the average
analyst forecast for 2024 underlying operating profit to be £25.8 million.
Contact information
Epwin Group Plc 078 3462 3818
Jon Bednall, Chief Executive
Chris Empson, Group Finance Director
Shore Capital (Nominated Adviser and Joint Broker) 0207 408 4090
Corporate Advisory
Daniel Bush / Harry Davies-Ball
Corporate Broking
Fiona Conroy
Zeus Capital Limited (Joint Broker) 0203 829 5000
Dominic King / Nick Searle
MHP 078 3462 3818
Reg Hoare / Charlie Barker / Finn Taylor epwin@mhpgroup.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/
(https://url.avanan.click/v2/___http:/www.epwin.co.uk/investors/___.YXAxZTpzaG9yZWNhcDphOm86YWI3NGQ0YjhlZTRiYTEwYmY4OGMxNGI1ZTNkN2MxMDA6Njo2M2JiOjY0OWZhZTJlODhjYzk1Yjg3YjBkN2FkNGVhNWM4NjQwOTY1ZWQwYmE3MzFlNzZjYjIyMzc4OGEyMzA5YjUzNGE6cDpU)
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