The Epwin PLC Board continues to be mindful of the importance of dividends to shareholders. Based on the performance for the year, cash generation of the business and year end net debt position, as well as recognising that no final dividend was declared in respect of the year ended 31 December 2019, the Board intends to recommend a modest final dividend of 1.00 penny per share in respect of the financial year ending 31 December 2020.
Other financial highlights include:
Results impacted by COVID-19 closure in H1
Strong H2 performance, gaining momentum:
o Revenues up 4% on H2 2019
o H2 2020 underlying operating profit £11.2 million (H2 2019 £11.8 million)
RMI demand quicker to return and stronger than newbuild and social housing
Robust financial position maintained:
o Net debt 1.3x adjusted EBITDA
o Strong cash generation
o Significant headroom in banking facilities of over £50 million at the year end, facilities now extended to June 2024
o All pre-COVID banking covenants met with no variation or waivers
o No additional funding has been sought from shareholders or banks
