Epwin recovery continues into 2021
Building products group Epwin, which supplies the repair, maintenance and improvement, new build and social housing sectors, saw sales and profits fall in 2020.
Revenue was down from £282.1 million in 2019 to £241m with pre-tax profit dropping from £12.4m to £1.9m for the group which has a distribution centre at Stafford Park, Telford.
The results were impacted by Covid-19 closure in the first half of the year but there was a strong performance in the second half with revenue up 4% on the year.
Investment in its Telford logistics and finishing facility is now complete.
Construction of the 300,000 sq ft warehouse and distribution centre was completed on budget.
Five warehousing and finishing facilities have been consolidated into one at the site which also houses new aluminium window system operations.
The recovery for the group has continued into 2021 with stronger than anticipated demand across most of the business in the first three months with revenues ahead of both 2020 and 2019.
It is gaining momentum with anticipated growth from new products, which have been well received.
The pandemic has stimulated demand for home, garden and leisure space spending as it has highlighted the need for improvements, addressing maintenance and more recently for creating workspace.
Jon Bednall, chief executive of Epwin, said: "Our performance this year and the strong underlying demand from our markets have been encouraging against the backdrop of the disruption caused by the pandemic.
"The board is grateful for the hard work and continual effort of all of our people in what has been a very difficult period for everyone to adjust and cope with. Their combined efforts have demonstrated the resilience of our business - from the closure of operations and uncertainties of the second quarter through to the supply chain challenges and unprecedented increases in demand for our extruded products in the second half. Their health and safety, along with that of our customers and suppliers, is and remains our utmost priority.
"Despite the continued uncertainties in the wider economy, we look forward to a more positive 2021. With a strong balance sheet, buoyant demand and robust operations supported by the medium and long-term drivers of our markets, we will refocus our efforts on delivering on our strategic priorities for the business and our shareholders."
