The Epwin Board is pleased to announce a 3% increase in the interim dividend to 1.75 pence per ordinary share (2018: 1.70 pence), to be paid on 18 October 2019 to shareholders on the register on 20 September 2019.
Other financial highlights include:
Revenue of £140.0 million, in line with expectations:
o Strong demand in Q1 driven by new customer wins and Brexit-related stockpiling, which unwound in Q2.
o Revenues up 0.5% on a like for like basis, against strong H1 2018 comparatives.
Underlying operating profit increased by 10.7% to £8.3 million on a pre-IFRS 16 basis (up by 25.3% to £9.4 million on a reported basis):
o Benefited from the site rationalisation programme launched in 2018.
o Stable material prices have enabled recovery of some of the significant cost increases suffered during 2017 and 2018.
Financial position remains robust:
o Operating cash conversion remains strong, with net debt of £29.2m at the half year, representing 1x adjusted EBITDA.
o Bank facilities renegotiated increasing to £65.0 million revolving credit facility plus £10.0 million overdraft, on more favourable terms.
Interim dividend of 1.75 pence per share declared (up 3%), to be paid on 18 October 2019 to shareholders on the register on 20 September 2019.
