Eurocell PLC on Wednesday said its near-term outlook remained challenging as it noted weaker build activity and a softer repair, maintenance & improvement market.

Eurocell is an Alfreton, England-based manufacturer, recycler and distributor of window, door and roofline PVC products.

Eurocell said pretax profit dived 55% to £11.7 million in 2023 from £26.2 million in 2022.

Revenue edged down 4.4% to £364.5 million from £381.2 million. Eurocell cited a weak repair, maintenance & improvement market amid ‘significantly weaker new build activity’ which was partially offset by a benefit of market share gains.

The company proposed a final dividend of 3.5 pence per share, slashed into half from 7.2p a year prior, bringing the total dividend for 2023 to 5.5p, down 49% from 10.7p paid for in 2022.

More positively, net debt as at December 31 narrowed 25% to £58.2 million from £78.1 million a year ago.

Chief Executive Officer Darren Waters said: ‘We took early and decisive action on costs in response to lower volumes and have continued to focus on efficient working capital management, driving a good cash flow performance. Whilst the near-term outlook for our markets remains challenging, these actions leave us well placed to benefit from a market recovery when it comes.’

Eurocell shares fell 1.5% to 112.75 pence each on Wednesday afternoon in London.

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