Epwin Group plc declared an interim dividend of 2.00 pence per share (2022: 1.90 pence per share), which was paid to shareholders in October 2023. The Board is recommending a final dividend for 2023 of 2.80 pence per share (2022: 2.55 pence per share) to be paid on 5 June 2024 to shareholders on the register on 10 May 2024. This full-year dividend of 4.80 pence per share (2022: 4.45 pence per share), represents an increase of 8% over the prior year and is in line with the firm's policy of a progressive dividend that is approximately twice covered by adjusted profit after tax.
Other financial highlights include:
Strong trading performance, modestly ahead of expectations:
- Underlying operating profit increased by 19%, as margins returned towards pre-pandemic levels, an increase of 140 basis points over the prior year
- Revenues slightly behind a strong 2022 comparative, following lower volumes and surcharge reductions as inflated PVC input prices reduced
- Strong cash generation continued with pre-tax operating cash flow of £39.7 million (2022: £38.6 million)
Further strengthening of the firm’s already robust financial position:
- Covenant net debt at year-end less than 0.5x adjusted EBITDA
- In excess of £60 million headroom on banking facilities, maturity extended to August 2026, to support the Group's growth and development strategy
