Epwin Group PLC Trading Update and Share Buyback (6530U)
27 Novembre 2023 - 8:00AM
UK Regulatory
TIDMEPWN
RNS Number : 6530U
Epwin Group PLC
27 November 2023
27 November 2023
Epwin Group Plc
("Epwin", the "Company" or the "Group")
Trading Update and Commencement of Share Buyback Programme
Epwin Group Plc (AIM: EPWN), the leading manufacturer of energy
efficient and low maintenance building products, with significant
market shares, supplying the Repair, Maintenance and Improvement
("RMI"), new build and social housing sectors is pleased to
announce a trading update for the second half of its current
financial year (FY 2023) to date and that it intends to commence a
share buyback programme (the "Programme") of up to 3 million
ordinary shares of 0.05 pence each ("Ordinary Shares") from the
date of this announcement.
On track to meet FY 2023 expectations; continued strategic
progress
Trading in the second half has been resilient, despite the more
variable end-market conditions widely reported across the UK
construction sector in September and October 2023. The Board
remains confident of achieving FY 2023 underlying operating profit
ahead of the prior year and in line with market expectations
(company compiled analyst consensus of GBP24.0m).
The Group has made good further progress with its strategy,
including continued operational improvement, new product
development, integrating recent value-enhancing acquisitions and
sustainability. The medium and long-term drivers for the Group's
products remain positive.
Commencement of share buyback programme
The Board considers that the Group's strong balance sheet and
cash generation provides the opportunity to take advantage of
current market conditions to repurchase shares at attractive
levels. The Board takes a disciplined approach to investment,
returns and the capital efficiency of the Group, in order to
maximise shareholder value. The Group intends to return capital to
shareholders both by way of the Company's on-going dividend policy
and the buyback programme, alongside the Group's continued
investment in its strategy.
In order to implement the Programme, the Company has entered
into an agreement with Shore Capital for it to carry out on-market
purchases independent of the Company on an irrevocable and
non-discretionary basis. The Programme will be conducted within
certain pre-set parameters and at all times in accordance with the
authority granted by shareholders to repurchase the Company's
Ordinary Shares at the annual general meeting held on 23 May
2023.
The Programme will commence today, 27 November 2023, and it is
currently envisaged that it will end no later than 30 April 2024
unless the Company and Shore Capital agree otherwise (in which
event an announcement would be made). The Programme is intended to
reduce the share capital of the Company and as such repurchased
Ordinary Shares will be cancelled. The Programme will not impact
the Company's existing dividend policy.
Shareholders should be aware that the Programme will, insofar as
is possible, be conducted in accordance with the safe harbour
parameters of MAR (as defined below); however, the Programme may on
any given trading day represent a significant proportion of the
daily trading volume in the Ordinary Shares on the London Stock
Exchange and could exceed 25 per cent of the average daily trading
volume. Accordingly, the Company may not benefit from the exemption
contained in Article 5(1) in the UK version of the Market Abuse
Regulations (Regulation (EU) No 596/2014) as incorporated into UK
domestic law by virtue of the European Union (Withdrawal) Act 2018
("MAR"). The Programme will not prevent the Company from making
additional purchases of Shares in accordance with the Company's
general authority to repurchase shares where it considers
appropriate to do so.
Any market purchase of Ordinary Shares pursuant to the Programme
will be announced no later than 7.30am on the business day
following the day on which the purchase occurred.
This announcement contains inside information for the purposes
of Article 7 of the UK version of the Market Abuse Regulation (EU)
No.596/2014, which forms part of UK law by virtue of the European
Union (Withdrawal) Act 2018. The Company confirms that it currently
has no other unpublished price sensitive information.
Contact information
Epwin Group Plc
Jon Bednall, Chief Executive
Chris Empson, Group Finance Director 078 3262 3818
Shore Capital (Nominated Adviser and
Joint Broker)
Corporate Advisory 0207 408 4090
Daniel Bush / Iain Sexton
Corporate Broking
Fiona Conroy
Zeus Capital Limited (Joint Broker)
Dominic King / Nick Searle 0203 829 5000
MHP Communications 078 3262 3818
Reg Hoare / Charlie Barker / Thomas Simpson epwin@mhpgroup.com
About Epwin
Epwin is the leading manufacturer of energy efficient and low
maintenance building products, with significant market shares,
supplying the Repair, Maintenance and Improvement (" RMI"), new
build and social housing sectors.
The Company is incorporated, domiciled and operates principally
in the United Kingdom.
Information for investors can be accessed
www.epwin.co.uk/investors/
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTGZMZMNDZGFZM
(END) Dow Jones Newswires
November 27, 2023 02:00 ET (07:00 GMT)
Grafico Azioni Epwin (LSE:EPWN)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Epwin (LSE:EPWN)
Storico
Da Giu 2023 a Giu 2024
