Full Year Results 

Epwin overtaken by external factors

Epwin overtaken by external factors

Management at Epwin (EPWN) will be hoping that sterling's recent appreciation against the US dollar and euro gathers momentum through 2018. The building products manufacturer saw top-line growth on the back of new product launches (and a full-year contribution from its National Plastics acquisition), but profitability was constrained due to currency-linked cost inflation, together with a £7.1m increase in administration expenses. Even on an adjusted basis, operating profit was down 12.9 per cent to £22.3m, but other factors beyond management's control undermined financial performance and investor sentiment.

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