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Interim Results

Polypipe grows revenue despite market challenges

08 August 2017 07:50

Polypipe (PLP), a manufacturer of plastic piping and ventilation systems, grew revenue by 8.4% to £242 million in the first half, driven by the strong new house build sector.

On a like-for-like basis, revenue was 8.4% higher.

Pre-tax profit grew by 5.3% to £31.5 million, but the operating margin slipped from 16.9% to 16.1%.

The UK Residential Systems segment was particularly strong, with 9.2% growth driven predominantly by new house builds.

The company said market fundamentals continue to be robust, but it is alert to the potential impact from uncertainties arising from the recent UK election and Brexit negotiations.

In addition, a recent trade embargo between the UAE and Qatar, which resulted in the company temporarily ceasing manufacturing there, is unlikely to be resolved soon.

David Hall, chief executive officer, said: "Although underlying fundamentals remain positive, the group has experienced varying conditions in its different markets and has also faced some challenges in the first half of the year. I am encouraged by the way the business has risen to these challenges which is further evidence of the depth and strength of management across the group. As a result of our growth initiatives, balanced exposure to our markets and overall performance, the board is confident that the group will continue to make progress in line with management expectations for the year."

The interim dividend increased by 16.1% to 3.6p per share.

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