Epwin beats forecasts despite lower revenues
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AIM-listed building products manufacturer Epwin (LON:EPWN) saw its revenues for the first half drop to £142.4 million, which was better than expected despite difficulties caused by adverse weather conditions. Profits before tax for the year are expected to be in line with market expectations. However, this will depend on the more heavily weighted second-half performance.
The company commented that: “Market conditions, particularly in the key RMI market, remain lacklustre, with depressed consumer confidence and weak demand for big ticket purchases, however, the medium-term drivers for the Group’s products remain positive with under investment in RMI and continued demand for new homes. The Group’s financial position remains strong with good cash generation in the half year and net debt of £28.6m representing less than one times 2017 EBITDA.”
Shares in Epwin grew by 7.67% to 76.50p as of 10:00 BST.
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