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Interim Results

Polypipe hikes H1 pretax profit by 29%

16 August 2016 07:37

Polypipe has hiked its H1 pretax profit by 29% to £29.9m, from £23.2m. Interim dividend was lifted to 3.1p a share, up 35% from 2.3p.

"We have delivered another record performance in the first half continuing the strong momentum from last year," said CEO David Hall.

"Our strategic focus on the structural growth opportunities, together with the acquisition of our Nuaire ventilation business has accelerated our growth.

"Despite the uncertain economic backdrop, the long-term structural drivers of our business remain strong, our balanced business model means that we are not overly exposed to any particular sector and the nature of the Group's production processes enables us to adapt and flex quickly to changes in demand.

"The Board is confident that the cash generative characteristics of the business and a commitment to remain agile will enable the Group to continue to develop and outperform, whatever the market conditions."

Polypipe said, looking ahead, its order intake has remained consistent with the normal seasonal pattern and yet to show any signs of weakening following the EU Referendum. Despite uncertainty, fundamentals of the market remain robust, it said.

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