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2022 Highlights1

Revenue £381.2m green-arrow-up12%
2021: £343.1m
Gross Margin 48.4% gray-arrow-down220bps
2021: 50.5%
Profit Before Tax £26.2m gray-arrow-down£1.5m
2021: £27.7m
Adjusted Profit Before Tax2 £28.7m green-arrow-up1.0m
2021: £27.7m
Adjusted Basic Earnings Per Share2 21.4p green-arrow-up2.0p
2021: 19.4p
Basic Earnings/(Losses) Per Share 19.6p green-arrow-up0.2p
2021: 19.4p
Adjusted EBITDA2 £55.2m green-arrow-up5%
2021: £52.4m
Net Debt £78.1m gray-arrow-up£8.4m
2021: £69.7m
Pre-IFRS 16 Net Debt £14.4m gray-arrow-up£3.4m
2021: £11.0m
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1 All figures, including comparatives, exclude discontinued operations.

2 Adjusted measures are stated before non-underlying items and the related tax effect (see page 142). We use alternative performance measures to assess business performance and they are provided here in addition to statutory measures to help describe the underlying results of the Group.

What We Do

Our Operations

We operate our business through two divisions that reflect the principal routes to market for our products:

Profiles DivisionThe Profiles division manufactures extruded rigid PVC profiles and foam PVC products. We make rigid and foam products using virgin PVC compound, the largest component of which is resin. Our rigid products also include recycled PVC compound, produced at our marketleading recycling facilities.

Building Plastics DivisionThe Building Plastics division distributes a range of Eurocell manufactured and branded foam PVC roofline products and Vista doors, as well as third-party manufactured ancillary products. These include sealants, tools and rainwater products, as well as windows fabricated by third parties using products manufactured by the Profiles division.

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Total amount of profile produced

54.1k tonnes

Number of branches


Recycled product used in our rigid PVC profile

16.7k tonnes

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chairman big-arrow-right
Mark Kelly Chief Executive Officer
Against an exceptionally strong prior period, we reported progress in sales and profits for the year.
Mark Kelly Chief Executive Officer

Chief Executive Officer’s report


We entered 2022 well placed to take advantage of favourable conditions in our markets and delivered a strong first six months of the year.

However, whilst new build, large contract and repair, maintenance and improvement (‘RMI’) project work continued to be robust throughout the second half, this was offset by the impact of the previously reported cyber incident and a slow-down in smaller discretionary RMI work experienced by our branch network and trade fabricators in H2.

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Our Business Model

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What we do

We manufacture

We are a leading manufacturer of rigid and foam PVC profiles, composite and PVC entrance doors for the window and building home improvement sectors. Our manufacturing process uses raw materials including PVC resin and our own produced recycled material.


The Profiles division supplies our manufactured profile to a network of fabricators, who in turn supply end products to installers, retail outlets and housebuilders.

The Building Plastics division sells, through its network of branches, our manufactured foam products and entrance doors, along with a range of third-party related products, as well as windows fabricated by third parties using products manufactured by the Profiles division. Customers are mainly installers, small builders, roofing contractors and independent stockists.

WE Recycle

We recycle both customer factory offcuts (‘postindustrial’ waste) and old windows that have been replaced with new (‘post-consumer’ waste). The recycled material is used to generate brand new extruded plastic products.

Vertically integrated model

The coordination of our procurement, manufacturing and distribution processes enables us to capture margin throughout all stages of our value chain.

Our recycling activities help lower material costs and improve product stability.


We operate well-invested and modern extrusion facilities.

We are the UK's largest window recycler.

Our extensive branch network is a driver of sales growth and market share. It also helps improve manufacturing efficiency, with pull-through demand driving higher factory utilisation.

Innovative products

We are committed to a strategy of continually developing new and existing products.

We support the use of Building Information Modelling (‘BIM’) software, giving architects and contractors access to a library of Eurocell products, making it easier to specify them.

Brand strength

We have a strong brand image and our marketing activities seek to maximise our brand awareness.

People and culture

Our experienced management team have a proven track record of achieving growth.

Our corporate culture is one of openness, trust, encouragement and clarity of purpose. We train and empower our people to help our customers grow their businesses.

Local footprint

Our branches are conveniently located and have readily available inventory, thereby providing excellent service to local customers and national groups alike.

We also strive to help our customers through the provision of technical, business development and marketing support services.

Sales performance

Our initiatives to support sales and deliver high levels of customer service differentiate Eurocell from our competitors. We expect this to drive good sales performance.

Solid profitability

We have a track record of solid profitability and our continued investment in expanding capacity and improving operational efficiency, coupled with strong sales performance, should drive good returns.

Although temporarily paused, expanding the branch network (including larger format branches), whilst dilutive until new branches become established, should deliver healthy medium-term results as new branches mature.

Increased use of recycled materials can help mitigate raw material pricing pressure.

Good cash generation

Our operating cash flow conversion is robust, particularly in Building Plastics, where a high proportion of customers pay at point of sale or shortly thereafter. This has allowed us to invest in working capital to support sales growth and protect the business from any raw material supply interruption that may take place.

Solid return on sales

Our strong brand, well-invested facilities and capital-light branch expansion programme deliver a good return on sales.

Progressive returns to shareholders

Our dividend policy, supported by sales growth and cash generation, delivers progressive dividend returns to shareholders.


Our overall strategic objective is to deliver sustainable growth in shareholder value.


We work hard to train and develop our people, and provide rewards commensurate with our goal to be an employer of choice.


Through high-quality products and a strong focus on customer service, we have developed a very loyal customer base.

Small builders & installers

The independent sole traders that visit our branches benefit from the one-stop shop offering we provide.


Housebuilders appreciate the quality of our products and benefit from Eurocell coordinating our fabricators’ offering to meet their requirements.


We aim to make our products as easy as possible to work with, which is very attractive to our direct or indirect installer base.

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Our strategy

We have seven strategic priorities

Our overall corporate objective is to deliver sustainable growth in shareholder value by increasing sales and profits at above market growth rates through leadership in products, operations, sales, marketing and distribution.

We have seven strategic priorities to support the delivery of our overall objective, which are summarised below.

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Increase market share of rigid PVC profiles, composite and PVC entrance doors to drive sales and profit growth in Profiles



Investment in existing estate and new branches to increase market share of foam PVC profiles, and drive sales and profit growth in Building Plastics



Increased use of recycled material to help mitigate raw material pricing pressure, as well as enhance the stability and reduce the carbon footprint of our manufactured products



Maintain market leadership by offering the latest in product innovation



Consider acquisition opportunities when they arise



Optimise returns on recent investment in manufacturing and warehousing capacity to enhance profits and return on sales



Develop end-to-end digital solutions to enable our strategic priorities and improve the supplier, customer and employee experience

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Our Strategy in action

Grow Market Share in Profiles

In 2018 we became the leading supplier of rigid PVC profile to the UK market, with a share of c.15%. We continue to consolidate our position and believe we now have a share of around 20%. Our overall objective is to increase this over the medium term.

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Responsible Business

A responsible business

In operating a responsible business, our main areas of focus generally relate to improving the long-term sustainability of the Group. This includes carbon footprint and emissions reduction, supporting our people, their wellbeing and seeking to improve the environment in which they live and work.

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KPI Target vs 2020 Base 2020 Base 2021 Result 2022 Result Link to UN SDGs
Recycled material used in production % used 1% increase per year 25% 27% 29%
CO2 saved by recycling operation Tonnes saved Year-on-year increase 36kt 48kt 47kt
Waste recycled % recycled Year-on-year increase 79% 82% 82%
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