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Epwin start to year better than expected; annual profit falls on pandemic impact
StockMarketWire.com
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Building products maker Epwin said it performance since the start of the year had been better-than-expected following a sharp fall in annual profit as activity was disrupted by the pandemic impact.
For the year ended 31 December 2020, pre-tax profit fell to £1.9 million from £12.4 million year-on-year as revenue slipped to £241.0 million from £282.1 million.
'In the third week of March (2020), the group suspended operations following the Government's COVID-19 announcements, which also resulted in a significant reduction in demand from the group's customers,' the company said.
'The majority of operations remained suspended throughout April, only starting to recommence during May,' it added.
The company declared a 'modest' final dividend of 1.00 pence per share in respect of the financial year ending 31 December 2020.
Looking ahead, the company said 2021 has 'started well, with trading up to the middle of March slightly ahead of the board's expectations despite the poor weather experienced in January and early February.'
'However, we are mindful of uncertainties that remain, particularly the impact COVID-19 will have on the economy and employment,' it aded.
At 8:02am: (LON:EPWN) Epwin Group Plc share price was 0p at 78.4p
Story provided by StockMarketWire.com
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