25th Sep 2014 09:08
LONDON (Alliance News) - Epwin Group PLC Thursday reported higher profit and revenue for the first-half of 2014, declared a maiden interim dividend and gave a confident outlook, after saying it is well placed to benefit from the recovering UK economy.
The recently-listed building product and mouldings manufacturer reported a pretax profit of GBP4.3 million for the six months to June 30, compared with GBP1.8 million in the first-half of 2013, while revenue inched up to GBP127.0 million, up from GBP125.1 million a year earlier, buoyed by higher sales from its window systems and building components divisions.
The company said a lower gross profit from higher costs of sales was offset by lower administrative and distribution expenses.
Epwin floated on AIM in July, partly to help restructure its debt and reduce its annual interest burden, which it said in turn would increase its cash generation and allow its to make acquisitions and pay dividends in the future.
The company declared an interim dividend of 1.41 pence per share on Thursday.
Epwin said it is well positioned to benefit from the UK economic upturn and the expected recovery in its core markets, and its trading in line with expectations for the full-year.
"The board anticipates that we are well placed to continue to grow our operating profits in line with our expectations at IPO, to grow market share and to capitalise on future growth opportunities," said Chief Executive Officer Jon Bednall in a statement.
Epwin shares were trading 0.9% lower Thursday morning at 108.00 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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