REG - Epwin Group PLC - Half-year Results
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RNS Number : 0860B Epwin Group PLC 29 September 2025
29 September 2025
Epwin Group Plc
("Epwin" or the "Group")
Half year results for the six months to 30 June 2025
Strong performance in subdued markets
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 its unaudited half year results
for the six months to 30 June 2025 ("H1 2025").
Financial highlights
£m H1 2025
H1 2024
Revenue 172.5 158.0
Underlying operating profit (1) 12.5 12.0
Underlying operating margin 7.2% 7.6%
Adjusted profit before tax (1) 9.3 8.8
Profit before tax 8.5 8.0
Adjusted EPS (1) 5.27p 4.76p
Basic EPS 4.69p 4.20p
Interim dividend per share - 2.10p
Pre-tax operating cash flow 18.7 15.8
Covenant net debt(2) 19.0 19.5
Covenant net debt to adjusted EBITDA(2) 0.6x 0.6x
Underlying operating cash conversion (3) 149.6% 131.7%
(1) Stated before amortisation of acquired other intangible assets,
share-based payments and other non-underlying items.
(2) Covenant net debt and covenant net debt to adjusted EBITDA represent
pre-IFRS 16 measures.
(3) Underlying operating cash conversion is pre-tax operating cash flow as a
percentage of underlying operating profit.
Financial headlines
· Trading remains resilient despite subdued market conditions:
o Trading remained resilient in the first half, as revenues increased by 9%
to £172.5 million (HY24: £158.0 million) driven by increased volumes (6%)
and the impact of 2024 and 2025 acquisitions (3%)
o Continued management of balance between volume and margin to deliver
underlying operating profit ahead of a strong prior year comparative, albeit
margins have come under pressure from weaker market conditions and the impact
of the increases in employers' National Insurance and the National Living Wage
o Group remains highly cash generative, with pre-tax operating cash inflow
of £18.7 million (HY24: £15.8 million) and underlying operating cash
conversion of 150%
· Robust financial position:
o Covenant net debt of £19.0 million remains low at 0.6x adjusted EBITDA;
the increase from year end (FY24: £15.4 million) being due to working capital
seasonality, in addition to £2.4 million being deployed on the share buyback
programme, £1.1 million cash cost of acquisitions and payment of the £4.1
million 2024 final dividend
o Robust balance sheet, with more than £55 million headroom on banking
facilities to support strategic objectives
o Banking facilities recently extended to August 2028
· Delivering shareholder returns:
o Share buyback programme now complete - in total 11 million shares
repurchased and cancelled at a cost of £9.9 million
o Recommended cash acquisition of Epwin by Laumann UK, announced on 7 August
2025 and approved by shareholders on 25 September 2025, at a price of £1.20
per ordinary share affords Epwin shareholders the opportunity to realise their
investments at a significant premium to the undisturbed market price
o Reflecting on more than 10 years on AIM:
§ Strong track record of financial performance - consistently meeting or
beating expectations, delivering growth (increased Group revenues by c.25% and
pre-IFRS 16 adjusted EBITDA by c.40% since listing)
§ c.£88 million invested in capital expenditure - maintaining best-in-class
manufacturing facilities
§ 14 value-enhancing acquisitions completed - supporting the Group's
strategic objectives
§ c.£79 million returned to shareholders in dividends and buybacks
Operational and strategic headlines
· Continued delivery of our strategy, with a focus on the fundamentals
as we navigate a backdrop of challenging market conditions:
o Focus on operational and manufacturing efficiency continuing to drive
benefits, partially offset by increased labour costs and the inflationary
impact of government policy throughout our supply chain
o Bolt-on acquisition completed expanding geographic coverage of trade
counter network - a healthy pipeline of potential acquisitions remains
o Sustainability credentials remain strong as we continue to focus on energy
usage, production efficiency and increased processing of recycled materials
Current trading and outlook
· Q3 trading to date has followed a similar trend to the first half of
the year, in line with the Board's expectations
· No significant improvement in market conditions expected in 2025,
with macroeconomic uncertainty impacting key markets ahead of the Autumn
Budget
· Continuing to focus on responsibly managing the balance between
volume and margin, maintaining market-leading customer service levels and
product offering alongside driving further operational efficiencies and
investment in our strategy
· Medium and long-term drivers for the Group's markets remain positive:
o Shortage of new and affordable homes - government committed to increasing
the number of homes built
o Poorly maintained, underinvested and ageing housing stock
o Increasing concern about the quality of social housing
o Net zero driving need to decarbonise the UK housing stock and improve the
energy efficiency of homes
Contact information
Epwin Group Plc 07885 447944
Jon Bednall, Chief Executive
Chris Empson, Group Finance Director
Shore Capital (Nominated Advisor 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 07885 447944
Reg Hoare / Matthew Taylor / 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 at www.epwin.co.uk/investors
(https://protect.checkpoint.com/v2/r06/___http:/www.epwin.co.uk/nsAjxytwx___.ZXV3MjpuZXh0MTU6YzpvOjE4MTJiNjA2NzFmNDVlMjE3ZGUwNTY5MGJiMjliMGI0Ojc6NjViYzpkZDQ5YTQ5YjllMmJiY2RmMjMwY2M2NDZmOGVkZGMwM2E1MDY0ZTlmYzgyYTJlM2ViZTY1ZGEzNWIzNGMxM2VlOnA6RjpU)
Group business review
Trading and results
The Group is pleased to report another strong performance in challenging
markets. Demand remained subdued in the RMI market during the first half of
the year, driven by ongoing macroeconomic challenges and weak consumer
confidence, although there were signs of modest improvement in some of our new
build facing businesses. Against this difficult backdrop, the Board notes that
the Group again adapted well, delivering improved revenue and profit compared
to H1 2024.
Revenue of £172.5 million represented a 9% increase compared to H1 2024
(HY24: £158.0 million), driven by increased volumes and the full year impact
of 2024 and 2025 acquisitions, which contributed £4.7 million. As
anticipated, aggressive competitor pricing is putting pressure on margins in
some parts of the business and the Group continues to take a balanced approach
to pricing to protect both profit margins and market share.
Underlying operating profit of £12.5 million was an improvement on the
comparative period (HY24: £12.0 million), although underlying operating
margin of 7.2% represents a slight decrease compared to H1 2024 (HY24: 7.6%).
While a focus on operational and manufacturing efficiency continues to provide
a margin benefit, cost inflation is putting pressure on overheads,
particularly following the well-publicised increases to employers' National
Insurance and the National Living Wage. The Group continues to implement
pricing actions where necessary to pass on increased costs and protect
margins, as far as possible in the current environment.
Key financials
6 months ended 6 months ended
30 June 2025 30 June 2024
(unaudited) (unaudited)
£m £m
Revenue 172.5 158.0
Underlying operating profit 12.5 12.0
Amortisation of acquired other intangible assets (0.5) (0.5)
Share-based payments expense (0.3) (0.3)
Operating profit 11.7 11.2
Underlying operating margin 7.2% 7.6%
Operating margin 6.8% 7.1%
Segmental results
6 months ended 6 months ended
30 June 2025 30 June 2024
(unaudited) (unaudited)
£m £m
Revenue
Extrusion and moulding 103.3 96.2
Fabrication and distribution 69.2 61.8
Total 172.5 158.0
Underlying segmental operating profit
Extrusion and moulding 11.8 10.9
Fabrication and distribution 3.2 2.9
Underlying segmental operating profit 15.0 13.8
Corporate costs (2.5) (1.8)
Underlying operating profit 12.5 12.0
Amortisation of acquired other intangible assets (0.5) (0.5)
Share-based payments expense (0.3) (0.3)
Operating profit 11.7 11.2
Extrusion and moulding
· H1 2025 demonstrated the resilience of our extrusion and moulding
segment as revenues increased by 7% compared to the comparative period, of
which 3% was due to the contribution of 2024 acquisitions
· Steps taken by our manufacturing businesses on operational efficiency
and cost control in 2024, and continuing in 2025, contributed to a modest
improvement in underlying operating margin to 11.4% (HY24: 11.3%)
· Competitive pricing pressures, which were a significant factor within
the fabrication and distribution segment throughout 2024 and particularly for
our trade counter businesses, were increasingly felt by our upstream
manufacturing businesses during H1 2025. This impacted our ability to fully
pass on increased costs during the period
Fabrication and distribution
· Revenues increased by 12% compared to the comparative period,
predominantly driven by our social housing facing window fabrication
operation, who again saw an improvement in demand
· Volumes in our distribution network remained steady, although
subdued, against a backdrop of weak RMI demand. The enhanced functionalities
of the Intact iQ system, implemented in 2024, enabled our trade counter
businesses to be more agile and responsive in this challenging competitive
environment, to deliver operating margins in line with H1 2024
Cash flow
6 months ended 6 months ended
30 June 2025 30 June 2024
(unaudited) (unaudited)
£m
£m
Pre-tax operating cash flow 18.7 15.8
Tax paid (2.5) (0.6)
Acquisitions (1.1) (0.6)
Net capital expenditure (3.3) (4.3)
Interest on borrowings (1.3) (1.4)
Lease payments (7.7) (7.0)
Dividends (4.1) (4.0)
Net impact of share issue and buyback (2.4) (3.3)
Decrease in cash and cash equivalents (3.7) (5.4)
Opening cash and cash equivalents 10.7 12.5
Closing cash and cash equivalents 7.0 7.1
Borrowings (24.7) (24.7)
Lease assets 4.5 5.0
Lease liabilities (87.0) (89.3)
Net debt including IFRS 16 (100.2) (101.9)
Covenant net debt (19.0) (19.5)
Operating cash flows
The Group remains highly cash generative, achieving a pre-tax operating cash
flow of £18.7 million (HY24: £15.8 million), representing an underlying
operating cash conversion of 150%. The first half of 2025 saw an expected
seasonal increase in working capital due to seasonality.
Investing cash flows
Capital expenditure of £3.3 million (HY24: £4.3 million) represents a
decrease compared to H1 2024. The Group continues to invest in line with its
strategic objectives, alongside ongoing replacement of plant and machinery as
needed.
In addition, the Group spent £1.1 million on a bolt-on acquisition, further
expanding the geographic coverage of its trade counter network.
Financing cash flows
The interest cost of £1.3 million (HY24: £1.4 million) was broadly in line
with the prior year.
Covenant net debt has increased to £19.0 million from £15.4 million as at 31
December 2024, primarily due to the expected increase in working capital
during the first half of the year, the payment of the final dividend in
respect of 2024 of £4.1 million and a £2.4 million net outflow relating to
the purchase of own shares under the share buyback programme.
At 30 June 2025, the Group had in excess of £55 million headroom on its
existing banking facilities which comprise a £65 million
sustainability-linked revolving credit facility and a £10 million overdraft
facility. Since 30 June, the Group has extended the revolving credit facility
to August 2028 on the same terms.
Condensed consolidated income statement
for the six months ended 30 June 2025
6 months ended 6 months ended Year ended 31 December 2024
30 June 2025 30 June 2024
(unaudited) (unaudited) (audited)
Note £m £m £m
Group revenue 2 172.5 158.0 324.0
Cost of sales (112.8) (102.4) (210.1)
Gross profit 59.7 55.6 113.9
Distribution expenses (21.7) (20.0) (39.9)
Administrative expenses (26.3) (24.4) (45.5)
Underlying operating profit 12.5 12.0 26.2
Amortisation of acquired other intangible assets 3 (0.5) (0.5) (1.0)
Share-based payments expense 3 (0.3) (0.3) (0.6)
Other non-underlying items 3 - - 3.9
Operating profit 11.7 11.2 28.5
Finance costs (3.2) (3.2) (7.2)
Profit before tax 8.5 8.0 21.3
Taxation 5 (2.1) (2.0) (4.7)
Profit for the period 6.4 6.0 16.6
Pence Pence Pence
Basic earnings per share 6 4.69 4.20 11.75
Diluted earnings per share 6 4.61 4.13 11.57
Condensed consolidated balance sheet
as at 30 June 2025
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
Note £m £m £m
Assets
Non-current assets
Goodwill 4 93.1 89.6 90.9
Other intangible assets 5.1 5.5 5.3
Property, plant and equipment 36.1 36.2 36.4
Right of use assets 64.3 65.9 70.0
Lease assets 8 3.9 4.5 4.2
202.5 201.7 206.8
Current assets
Inventories 37.2 38.4 38.2
Trade and other receivables 53.2 46.9 37.0
Lease assets 8 0.6 0.5 0.6
Cash and cash equivalents 8 7.0 7.1 10.7
98.0 92.9 86.5
Total assets 300.5 294.6 293.3
Liabilities
Current liabilities
Lease liabilities 8 12.3 10.9 12.5
Trade and other payables 68.5 65.8 59.2
Deferred and contingent consideration 5.6 0.1 1.1
Income tax payable 1.2 0.7 1.5
Provisions 1.0 1.2 0.9
88.6 78.7 75.2
Non-current liabilities
Other interest-bearing loans and borrowings 8 24.7 24.7 24.6
Lease liabilities 8 74.7 78.4 80.7
Deferred and contingent consideration - 7.3 2.8
Provisions 2.3 2.3 2.4
Deferred tax liability 2.7 1.2 2.6
104.4 113.9 113.1
Total liabilities 193.0 192.6 188.3
Net assets 107.5 102.0 105.0
Equity
Ordinary share capital 0.1 0.1 0.1
Share premium 14.3 14.2 14.2
Merger reserve 25.5 25.5 25.5
Retained earnings 67.6 62.2 65.2
Total equity 107.5 102.0 105.0
Condensed consolidated statement of changes in equity
for the six months ended 30 June 2025 (unaudited)
Share capital Share premium Merger reserve Retained earnings Total
£m £m £m £m £m
Balance as at 1 January 2025 0.1 14.2 25.5 65.2 105.0
Comprehensive income
Profit for the period - - - 6.4 6.4
Total comprehensive income - - - 6.4 6.4
Transactions with owners recorded directly in equity
Exercise of share options - 0.1 - (0.3) (0.2)
Purchase of own shares (see note 9) - - - 0.1 0.1
Share-based payments expense - - - 0.3 0.3
Dividends (see note 7) - - - (4.1) (4.1)
Total transactions with owners - 0.1 - (4.0) (3.9)
Balance as at 30 June 2025 0.1 14.3 25.5 67.6 107.5
for the six months ended 30 June 2024 (unaudited)
Share capital Share premium Merger reserve Retained earnings Total
£m £m £m £m £m
Balance as at 1 January 2024 0.1 13.0 25.5 63.5 102.1
Comprehensive income
Profit for the period - - - 6.0 6.0
Total comprehensive income - - - 6.0 6.0
Transactions with owners recorded directly in equity
Exercise of share options - 1.2 - (0.4) 0.8
Purchase of own shares (see note 9) - - - (3.2) (3.2)
Share-based payments expense - - - 0.3 0.3
Dividends (see note 7) - - - (4.0) (4.0)
Total transactions with owners - 1.2 - (7.3) (6.1)
Balance as at 30 June 2024 0.1 14.2 25.5 62.2 102.0
for the year ended 31 December 2024 (audited)
Share capital Share premium Merger reserve Retained earnings Total
£m £m £m £m £m
Balance as at 1 January 2024 0.1 13.0 25.5 63.5 102.1
Comprehensive income
Profit for the year - - - 16.6 16.6
Total comprehensive income - - - 16.6 16.6
Transactions with owners recorded directly in equity
Exercise of share options - 1.2 - (0.4) 0.8
Purchase of own shares (see note 9) - - - (8.2) (8.2)
Share-based payments expense - - - 0.6 0.6
Dividends (see note 7) - - - (6.9) (6.9)
Total transactions with owners - 1.2 - (14.9) (13.7)
Balance as at 31 December 2024 0.1 14.2 25.5 65.2 105.0
Consolidated cash flow statement
for the six months ended 30 June 2025
6 months ended 6 months ended Year ended
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
Note £m £m £m
Cash flows from operating activities
Profit for the period 6.4 6.0 16.6
Adjustments for:
Depreciation, amortisation and impairment 10.1 9.1 19.3
Loss on disposal of fixed assets - - 0.1
Contingent consideration adjustment - - (3.9)
Net finance costs 3.2 3.2 7.2
Taxation 5 2.1 2.0 4.7
Share-based payments 0.3 0.3 0.6
22.1 20.6 44.6
Decrease/(Increase) in inventories 1.2 (0.9) (0.1)
(Increase)/Decrease in trade and other receivables (15.9) (11.1) 0.3
Increase/(Decrease) in trade and other payables 11.3 7.3 (2.2)
Decrease in provisions - (0.1) (0.5)
Pre-tax operating cash flow 18.7 15.8 42.1
Tax paid (2.5) (0.6) (1.1)
Net cash flow from operating activities 16.2 15.2 41.0
Cash flows from investing activities
Payment of contingent and deferred consideration - - (0.1)
Acquisition of subsidiary (1.1) (0.6) (3.0)
Acquisition of fixed assets (3.3) (4.3) (8.0)
Net cash flow from investing activities (4.4) (4.9) (11.1)
Cash flows from financing activities
Interest on borrowings (1.3) (1.4) (2.7)
Net repayment of borrowings - - (0.1)
Interest on lease liabilities (1.7) (1.7) (3.6)
Repayment of lease liabilities (6.0) (5.3) (11.4)
Purchase of own shares 9 (2.4) (4.3) (7.8)
Exercise of share options - 1.0 0.8
Dividends paid 7 (4.1) (4.0) (6.9)
Net cash flow from financing activities (15.5) (15.7) (31.7)
Net decrease in cash and cash equivalents (3.7) (5.4) (1.8)
Cash and cash equivalents at the beginning of the period 10.7 12.5 12.5
Cash and cash equivalents at the end of the period 8 7.0 7.1 10.7
Notes to the condensed consolidated financial statements
for the six months ended 30 June 2025
1. Basis of preparation
These financial statements have been prepared on the basis of the accounting
policies expected to be adopted for the year ended 31 December 2025. These
are in accordance with the accounting policies as set out in the Group's
consolidated financial statements for the year ended 31 December 2024.
The recognition and measurement requirements of all UK-adopted International
Accounting Standards as required to be adopted by AIM listed companies have
been applied. AIM listed companies are not required to comply with IAS 34
'Interim Financial Reporting' and accordingly the Company has taken advantage
of this exemption.
The financial information in these financial statements does not constitute
statutory accounts for the six months ended 30 June 2025 and should be read in
conjunction with the Group's consolidated financial statements for the year
ended 31 December 2024 which were unqualified and did not contain statements
under sections 498(2) and (3) Companies Act 2006.
The condensed consolidated financial statements for the six months to 30 June
2025 have not been audited or reviewed by auditors pursuant to the Auditing
Practices Board guidance on Review of Interim Financial Information.
The condensed consolidated financial statements were approved by the Board of
Directors on 29 September 2025.
Going concern
These condensed financial statements have been prepared on the going concern
basis, as the Directors have a reasonable expectation that the Group has
adequate resources to continue in operational existence for the foreseeable
future.
As disclosed in the FY24 Annual Report and Accounts, the Directors prepared
cash flow forecasts for a period of at least 12 months from the date of
approval of those financial statements which indicated that, taking account of
reasonably possible downsides and wider macroeconomic conditions on the
operations and its financial resources, the Group had sufficient funds to meet
its liabilities as they fell due. Actual revenues, profits and cash flows
during the 6 months to 30 June 2025 and current financial projections indicate
that the Group continues to have sufficient funds to meet its liabilities as
they fall due. As such, the Directors believe that it remains appropriate for
the Group to continue to adopt the going concern basis in preparing these
condensed financial statements.
The Group's balance sheet remains robust and it retains significant headroom
on committed banking facilities through to August 2028. The bank facilities
available to the Group comprise a £65 million Revolving Credit Facility and a
£10 million overdraft facility. At 30 June 2025 the Group had in excess of
£55 million of headroom on its banking facilities.
Based on the above, the Directors believe that it remains appropriate for the
Group to continue to adopt the going concern basis in preparing these
condensed financial statements.
2. Segmental reporting
Segmental information is presented in respect of the Group's reportable
operating segments in line with IFRS 8 'Operating Segments', which requires
segmental information to be disclosed on the same basis as it is viewed
internally by the Chief Operating Decision Maker.
Reportable segments Operations
Extrusion and moulding Extrusion and marketing
of PVC and aluminium window profile systems, PVC cellular roofline and
cladding, decking, rigid rainwater and drainage products as well as Wood
Plastic Composite ("WPC") and aluminium decking products. Moulding of Glass
Reinforced Plastic ("GRP") building components. Re-processing of PVC waste.
Fabrication and distribution Fabrication, marketing and
distribution of windows and doors, cellular roofline, cladding, rainwater,
drainage and decking products.
6 months ended 6 months ended Year ended
30 June 30 June 31 December
2025 2024 2024
(unaudited) (unaudited) (audited)
£m £m £m
Revenue from external customers
Extrusion and moulding 103.3 96.2 192.8
Fabrication and distribution 69.2 61.8 131.2
Total 172.5 158.0 324.0
Segmental operating profit
Extrusion and moulding 11.8 10.9 24.5
Fabrication and distribution 3.2 2.9 5.3
Segmental operating profit before corporate and other costs 15.0 13.8 29.8
Corporate costs (2.5) (1.8) (3.6)
Underlying operating profit 12.5 12.0 26.2
Amortisation of acquired other intangible assets (0.5) (0.5) (1.0)
Share-based payments expense (0.3) (0.3) (0.6)
Other non-underlying items - - 3.9
Operating profit 11.7 11.2 28.5
3. Underlying operating profit
Operating profit is stated after charging/(crediting) the following
non-underlying items:
6 months ended 6 months ended Year ended 31 December 2024
30 June 2025 30 June 2024 (audited)
(unaudited) (unaudited)
£m £m £m
Amortisation of acquired other intangible assets 0.5 0.5 1.0
Share-based payments expense 0.3 0.3 0.6
Contingent consideration adjustment - - (3.9)
Non-underlying expense 0.8 0.8 (2.3)
Amortisation of acquired other intangible assets
£0.5 million (HY24: £0.5 million) amortisation of brand and customer
contract intangible assets acquired through business combinations.
Share-based payments expense
The share-based payment expense of £0.3 million (HY24 £0.3 million)
represents the IFRS 2: Share-based payments charge in respect of the Long-Term
Incentive Plan ("LTIP") established in May 2021 for senior management and the
Group's Save As You Earn ("SAYE") scheme.
4. Acquisition
During the period, the Group acquired 50% of the share capital of Home
Building Plastics Limited, a plastic distribution business operating three
branches, for cash consideration of £1.5 million. An option to acquire the
remaining 50% of shares is exercisable from 1 January 2030. Deferred and
contingent consideration of £1.6 million has been recognised in respect of
this option. Management has concluded that the Group controls Home Building
Plastics Limited as the Group is exposed to, or has rights to, variable
returns from its involvement with the entity and has the ability to affect
those returns through its power over the entity. The following table
summarises the consideration paid and the provisional fair values of the
assets and liabilities acquired at the acquisition date.
Provisional fair values on acquisition
(unaudited)
£m
Recognised amounts of identifiable assets and liabilities:
Brand 0.5
Right of use assets 0.1
Inventories 0.2
Trade and other receivables 0.3
Cash and cash equivalents 0.4
Trade and other payables (0.3)
Income tax payable (0.1)
Lease liabilities (0.1)
Deferred tax liability (0.1)
Fair value of assets acquired 0.9
Goodwill 2.2
Consideration 3.1
Consideration
Cash consideration 1.5
Deferred consideration 1.3
Contingent consideration 0.3
Total consideration 3.1
5. Taxation
The tax charge for the six months to 30 June 2025 is based on the estimated
tax rate for the full year.
As at the 30 June 2025 balance sheet date, the corporation tax rate was 25%.
The net deferred tax liability has been calculated based on this rate.
6. Earnings per share (EPS)
6 months ended 6 months ended Year ended
30 June 2025 30 June 2024 31 December 2024
(unaudited)
(unaudited)
(audited)
pence pence pence
EPS
Basic 4.69 4.20 11.75
Diluted 4.61 4.13 11.57
6 months ended 6 months ended Year ended
30 June 2025 (unaudited) 30 June 2024 (unaudited) 31 December 2024
(audited)
No. No. No.
Number of shares
Weighted average number of shares used to calculate earnings per share
- Basic 136,494,075 143,005,626 141,288,788
- Diluted 138,923,383 145,157,708 143,530,706
7. Dividends
6 months ended 6 months ended Year ended
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
£m £m £m
2023 final dividend of 2.80 pence per share - 4.0 4.0
2024 interim dividend of 2.10 pence per share - - 2.9
2024 final dividend of 3.00 pence per share 4.1 - -
4.1 4.0 6.9
8. Net debt
6 months ended 6 months ended Year ended
30 June 2025 30 June 2024 31 December 2024
(unaudited) (unaudited) (audited)
£m £m £m
Cash and cash equivalents 7.0 7.1 10.7
Secured bank loans (24.7) (24.7) (24.6)
Lease assets 4.5 5.0 4.8
Lease liabilities (87.0) (89.3) (93.2)
Net debt (100.2) (101.9) (102.3)
Add back: lease liabilities 87.0 89.3 93.2
Deduct: lease assets (4.5) (5.0) (4.8)
Deduct: finance lease liabilities (1.3) (1.9) (1.5)
Covenant net debt (19.0) (19.5) (15.4)
The banking facilities available to the Group are a £65 million
sustainability-linked revolving credit facility and £10 million overdraft
facility, secured on the assets of the Group. The revolving credit facility
had a term through to August 2027 and, since 30 June 2025, the Group has
extended this facility to August 2028.
9. Purchase of own shares
The table below presents a reconciliation of purchase of own shares between
the consolidated statement of changes in equity and the consolidated cash flow
statement:
6 months ended 6 months ended Year ended 31 December 2024
30 June 2025 30 June 2024 (audited)
(unaudited) (unaudited) £m
£m £m
Included in the consolidated statement of changes in equity 0.1 (3.2) (8.2)
Payments in relation to prior year financial liabilities (2.4) (2.1) (2.1)
Outstanding amount recognised as financial liabilities - 1.0 2.5
Release of excess financial liabilities in respect of share buyback (0.1) - -
Included in the consolidated cash flow statement (2.4) (4.3) (7.8)
During the six months to 30 June 2025, the Group acquired and cancelled 2.6
million ordinary shares in relation to its buyback programme at a total cost
of £2.4 million. The remaining 23,603 shares outstanding at 30 June 2025 were
repurchased on 1 July 2025, completing the share buyback programme.
10. Cautionary statement
This document contains certain forward-looking statements with respect of the
financial condition, results, operations and businesses of Epwin Group Plc.
Whilst these statements are made in good faith based on information available
at the time of approval, these statements and forecasts inherently involve
risk and uncertainty because they relate to events and depend on circumstances
that will occur in the future. There are a number of factors that could cause
the actual result or developments to differ materially from those expressed or
implied by these forward-looking statements and forecasts. Nothing in this
document should be construed as a profit forecast.
11. Copies of this half year report
Further copies of this half year report are available from the registered
office: Epwin Group Plc, Friars Gate, 1011 Stratford Road, Solihull, B90 4BN
or on the Company's website www.epwin.co.uk
(https://protect.checkpoint.com/v2/r06/___http:/www.epwin.co.uk___.ZXV3MjpuZXh0MTU6YzpvOjE4MTJiNjA2NzFmNDVlMjE3ZGUwNTY5MGJiMjliMGI0Ojc6YWNkZDphZmIxNWEzMWU2MWI5YTRjMmU4OTBjNGFlNzFhM2IxOWJjMGY2NTE1M2RkZTIzMzZkNjYwMDFiYzNlODYzODAzOnA6RjpU)
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