Epwin revenues slide following 'adverse weather' earlier in the year

22nd Aug 2018 09:42

(Sharecast News) - Building products manufacturer Epwin Group saw revenues contract during the first half of its trading year as a result of adverse weather experienced in the early part of 2018.Despite revenues slipping 5% to £142.4m, Epwin expects adjusted pre-tax profits for the full year to be "in line with market expectations".Epwin stated that there would be a greater weighting of profit towards its seasonally busier second half than had been seen in recent years as there had been some "modest delays", as the firm sought to maximise benefits from its site consolidation programmes.The AIM-listed firm added that materials cost inflation had continued to be an issue not just for Epwin, but for the industry as a whole.Epwin said market conditions, particularly in its key RMI market, remained "lacklustre", with depressed consumer confidence and weak demand for big-ticket purchases.Net debt at the end of the half stood at £28.6m, less than one times the group's 2017 EBITDA, giving Epwin "significant funding headroom" to continue to invest in the business and progress with its strategy.Jon Bednall, Epwin's chief executive, said, "Despite challenging market conditions continuing, the group delivered a solid financial performance in the first half."As of 0940 BST, Epwin shares had climbed 5.70% to 75.10p.