Currency in GBP
Last close As at 07/02/2023
▲ −0.50 (−0.66%)
Epwin Group supplies functional low-maintenance exterior building products (including windows, doors, roofline and rainwater goods) into a number of UK market segments and is a modest exporter.
Epwin is exposed to both repair, maintain, improve (RMI, c 70% revenue) and newbuild (c 30%) in the UK housing market. In the market recovery phase from the impact of the COVID-19 pandemic, RMI has clearly been the stronger sub-sector though UK newbuild fundamentals remain favourable.
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Epwin’s H122 results highlighted double-digit revenue and profit growth with a static 6% margin, which is a good result in highly inflationary markets. Divisionally, Extrusion & Moulding saw good revenue growth in most core divisions and margins increased, though they remain below pre-pandemic levels. In Fabrication & Distribution revenue growth was achieved due to M&A and price increases. The other highlights were confirmed deleveraging in line with guidance and a DPS uplift. Since the half year, Epwin has announced the acquisition of PVC reprocessor Poly-Pure for £15m. Epwin remains on track to achieve revised FY22 expectations.
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