Half year sales and profits grow for Epwin
Building products group Epwin enjoyed growth in both sales and profits in the first six months of this year.
The group, which includes a distribution centre at Stafford Park, Telford, saw revenue up 13 per cent from £157.8 million a year earlier to £178m.
Pre-tax profit was up from £6.6m to 7.9m.
The group makes energy efficient and low maintenance building products and supplies the repair, maintenance and improvement, new build and social housing sectors
Full relocation of inventories to the new Telford distribution and finishing facility is expected to complete this year.
The board is confident in achieving a 2022 result in line with its expectations despite the macroeconomic and geopolitical environment.
Current trading is in-line with the board's expectations, seeing good demand following some moderation in June and July.
Chief executive Jon Bednall said: "I am pleased to report a good trading performance in the first half and we remain confident of meeting our expectations in 2022.
"The need to improve the energy efficiency of the UK housing stock is growing in urgency, given the UK's net zero commitments, the widely reported increase in energy costs and the historic and longstanding backlog in housing maintenance.
"Whilst we are mindful of the current macroeconomic uncertainty, our diverse customer base and end markets, as well as our longstanding trading relationships and strong balance sheet, provide resilience against potential short-term changes in market conditions.
"The group has therefore been able to invest towards our strategic objectives, including operational improvement, new product development and the delivery of value enhancing acquisitions."
Earlier this week Epwin bought UK materials re-processor Poly-pure in Norrwich for an initial consideration of £15 million.
