Epwin builds profits during first half

The price of shares in AIM-listed building materials producer Epwin (LON:EPWN) jumped 8.44% to 81.98p (as of 16:00 BST) as like-for-like revenues for the first half were up against tough comparatives. Underlying operating profits climbed by 10.7% as the company benefited from steady materials prices and its site rationalisation programme.

CEO Jon Bednall commented: “The Group delivered a robust trading performance in the first half of 2019, in line with expectations in what continues to be challenging market conditions.

“We have made good strategic progress on all fronts – the acquisition of PVS provides further routes to market and supports the investment we made to develop our decking system; the new aluminium window system was launched on time and has been well received by our customer base and the wider market.

“Operationally, our site consolidation programme has continued to plan, including important steps forward on our new warehousing and finishing facility in Telford, where the transactions will significantly reduce the Group’s debt. We also successfully exited from our Northampton glass-sealed unit manufacturing operations.

“Current trading is line with expectations, and the Board retains its positive view of the medium-term prospects for the market given the continued under investment in RMI, long-term new build demand and pent up demand in social housing markets”.