FY21 ended on a firm note, modestly exceeding expectations. Price inflation will come through in a strong revenue performance but also some temporary margin dilution. As a result, the benefits of having repositioned and strengthened the group in recent years may not be visible to investors at first. We believe Epwin is well placed to regain and exceed historic levels of profitability as industry pricing issues work through. This scenario is not fully reflected in estimates, or the company’s valuation, but the foundations are in place for this to happen.
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