Epwin Group revenue and profit well ahead in first half

14th Sep 2016 12:44

(ShareCast News) - Vertically integrated manufacturer of low maintenance building products, Epwin Group, announced its half year results for the six months to 30 June on Wednesday, with revenue rising 15.5% to £143.3m.Underlying operating profit rocketed ahead by 47.5% year-on-year to £11.8m, with underlying operating profit margin up 180 basis points to 8.2%.The AIM-traded company reported a profit before tax of £10.4m, up 36.8% on a year ago, with basic earnings per share of 6.08p up 32.5%.Net debt widened significantly year-on-year, however, and was at £29.9m at the end of the period, compared with £2.2m in the prior comparable period.Operating cash conversion was 79.9% for the six months, up from 78.8%.Epwin's board declared a dividend of 2.2p per share, up from 2.12p per share, representing a rise of 3.8% year-on-year."We made good progress in the first half of 2016, both with our performance and our strategy," said chief executive Jon Bednall."This is reflected in the increase in revenues and profits in the first half, at improved margins."Bednall said the company has continued to broaden its product portfolio and channels to market, and drive operational efficiency."We completed one acquisition in the first half, following two acquisitions in 2015; they are integrating well," he explained."Whilst the impact of the EU referendum is unclear, the board is confident in the long term fundamentals of the group and the market and expects to make further progress in the remainder of 2016."