Epwin launches share buyback programme, on track to meet FY expectations

27th Nov 2023 12:28

(Sharecast News) - Building products manufacturer Epwin launched a share buyback programme on Monday as it said it was on track to meet full-year expectations after trading has remained "resilient" so far in the second half.

Epwin said solid trading in the second half had come despite "more variable end-market conditions" widely reported across the UK construction sector in September and October.

The AIM-listed group said it "remains confident" of full-year underlying operating profits coming in ahead of the prior year and in line with market expectations of £24.0m.

Epwin added that it has made "good further progress" with its strategy, and said the medium and long-term drivers for its products remained "positive".

Additionally, Epwin said its "strong balance sheet and cash generation" provided the opportunity to take advantage of current market conditions to repurchase shares at attractive levels.

"The board takes a disciplined approach to investment, returns and the capital efficiency of the group, in order to maximise shareholder value. The group intends to return capital to shareholders both by way of the company's ongoing dividend policy and the buyback programme," said Epwin.

The buyback programme, which began immediately, was currently envisaged to end no later than 30 April.

As of 1225 GMT, Epwin shares were up 6.46% at 71.33p.

Reporting by Iain Gilbert at Sharecast.com