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Epwin hit by significant input price increases

StockMarketWire.com

Epwin Group's pre-tax profits fell to £7.5m in the six months to the end of June - 27.9% down on last time.

Revenues were up 4.6% at £149.9m but underlying operating profits fell by 5.9% to £11.1m and margins dropped to 7.4% from 8.2%.

Chief executive Jon Bednall said: "Performance in the first half of 2017, despite the significant input price increases resulting from the weakening of sterling, demonstrates the resilience of the Group's business model and the Board's strategy.

"We have continued to broaden our product portfolio and channels to market as well as drive operational efficiency and product development.

"However, in light of market conditions, the political and economic uncertainty and the highlighted customer issues, the Group has accelerated the implementation of a programme aimed at adjusting the Group's operational footprint.

"We remain confident of the long-term growth drivers in the RMI market and continue to progress with our strategy, focused on operational improvement, selective acquisitions, product range expansion and development, and integration of operations.

"We are confident in continuing our record of strong cash generation and our ability to offer an attractive dividend to shareholders."





Story provided by StockMarketWire.com