The Epwin Group Board intends to declare an interim dividend of 1.75 pence per share (HY20: nil pence, HY19: 1.75 pence), to be paid on 15 October 2021 to shareholders on the register on 24 September 2021. For the 2021 financial year, the Board intends to split the dividend more evenly between interim and final than the traditional one third, two thirds split of prior years, in recognition both of the performance and cash generation of the business during H1 2021, and of the cancellation of the FY19 final and FY20 interim dividends.
Other financial highlights include:
Strong trading performance, despite pandemic operational challenges:
o High RMI demand continued into H1 2021
o Revenues 69% ahead of 2020 and 13% up on the same period in 2019
o Underlying operating profit of £9.4 million recovered to 2019 level
Financial position remains strong:
o Covenant net debt reduced to £15.8 million (HY20: £21.3 million; FY20: £18.5 million); 0.6x adjusted EBITDA
o Includes cost of £4.6 million on acquisitions in H1 2021
o Significant headroom on banking facilities, in excess of £60 million at the half year end
