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Trading statements

Polypipe on tract to achieve FY management views

15 November 2016 07:20

Polypipe Group said that as a result of continued strong organic growth, and a pleasing performance from the Nuaire business acquired in August 2015, it is on track to achieve management expectations for the full year.

"The Group's revenue for the ten months ended 31 October 2016 was 23.7% higher at £370.3m (2015: £299.3m) compared to the prior year, with our overseas revenue benefitting from the weaker sterling exchange rate," the company said.

"Excluding acquisitions and at constant currency, like-for-like revenue growth for the Group over this ten-month period was 7.1%.

"The strong like-for-like growth in the UK in the first half of this financial year has continued, with no impact on revenue and order intake since the EU Referendum.

"Revenue growth in the UK remained strong in the four months ended 31 October 2016 at 8.0% on a like-for-like* basis, with growth in both UK Residential and UK Commercial and Infrastructure segments continuing.

"The decline in sterling has adversely impacted our polymer input costs, although we are confident of recovering this impact through increasing our selling prices, as we have successfully done in the past.

"There is inevitably a time lag for the benefit of these price increases to materialise which will have a slight impact on margins in the second half of this financial year.

"Our cash conversion remains strong and year end net debt will be in line with management expectations."

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