Half-year loss for building products maker

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Half-year loss for building products maker

Building products maker Epwin Group slipped to a pre-tax loss during the first half of its financial year, with revenue also falling almost £50m, because of the Covid-19 pandemic.

The Solihull-headquartered company has reported a loss of £4.8m for the six months to 30 June 2020, compared to a profit of £6.7m during the same period in 2019.

The listed business's revenue also fell from £140m to £93.3m.

In a statement, the company said its board is expecting a "significantly improved performance" during the second half of the year.

Chief executive Jon Bednall said: "It has been encouraging to see the resilience of the underlying demand for our products, particularly with the UK RMI sector performing strongly since June.

"Demand in this sector is sustaining at much higher levels than anticipated and, with other markets also picking up, we continue to ramp up our activities and work with our supply chain partners to meet this demand.   

"Whilst we remain in unprecedented times and must continue to manage its challenges, we are optimistic for trading prospects in the second half of the year and expect to make further strategic progress by concluding our current site consolidation and rationalisation programme as well as continuing with our product development and other strategic initiatives. 

"Looking further ahead, the medium and long-term drivers for our markets remain positive, and we are confident that we will emerge from this period with the financial strength and operational flexibility to continue to take advantage of the opportunities that will be presented.

"The group has a strong track record of making dividend payments and, whilst these remain suspended due to the current levels of uncertainty, the Board is mindful of the importance of dividends to our shareholders and will review the position when it has visibility of the full year."

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