9th Apr 2025 14:07
(Alliance News) - Epwin Group PLC 2024 on Wednesday posted a higher profit, highlighting its focus on operational efficiency, as it noted that positive medium and long-term market drivers, such as a housing shortage in the UK remain.
The Solihull, England-based building products manufacturer reported a 61% profit jump to GBP21.3 million in 2024 from GBP13.2 million in 2023.
Revenue declined 6.2% to GBP324.0 million from GBP345.4 million.
Cost of sales decreased 9.2% to GBP210.1 million from GBP231.4 million, while administrative expenses came down 11% to GBP45.5 million from GBP51.3 million.
Distribution costs were 11% lower, at GBP39.9 million in 2024 compared to GBP42.0 million in 2023.
Pertinently, Epwin had no costs from a goodwill impairment in 2024, compared to GBP4.2 million in 2023.
Epwin recommended a final dividend per share of 3.00 pence for 2024, up 7.1% from 2.80p a year ago. This would bring the total payout for 2024 to 5.10p, up 6.3% from 4.80p.
The company said that positive medium and long-term repair, maintenance & improvement market drivers remain, such as a shortage of new and affordable homes, a poorly maintained, underinvested and ageing UK housing stock, and increasing concern about the quality of social housing and private rental property.
Chief Executive Officer Jon Bednall said: "This year has again demonstrated the resilience of the group's strategy and operating model, as well as the dedication and expertise of all of my Epwin colleagues. Once again I thank them for rising to the challenge and for the good progress we have continued to make.
Looking ahead, CEO Bednall said: "In the first quarter of 2025 we are trading in line with our expectations. We remain confident in the group's future prospects and expect to make further strategic progress this year, despite the ongoing macroeconomic and fiscal headwinds."
Epwin shares rose 2.5% to 92.25 pence in London on Wednesday afternoon.
By Olivia Mason-Myhill, Alliance News reporter
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