Epwin Group PLC AGM Trading Update (2513A)

TIDMEPWN

RNS Number : 2513A

Epwin Group PLC

23 May 2023

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 GBP50m 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                         0207 408 4090 
  Daniel Bush / Iain Sexton 
 
  Corporate Broking 
  Fiona Conroy 
 
  Zeus Capital Limited (Joint Broker) 
  Dominic King / Nick Searle                 0203 829 5000 
 MHP Communications                          0203 128 8540 
  Reg Hoare / Charlie Barker / Pauline      [e-mail] 
  Guenot 
 

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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May 23, 2023 02:00 ET (06:00 GMT)