Polypipe delivers record performance as market fundamentals remain robust
MANUFACTURING firm Polypipe today said it had delivered another record performance over the half year, as market fundamentals continued to be robust.
In the six months ended June 30 2017, Polypipe recorded revenue which was 8.4 per cent higher at £242.0m. The underlying operating profit increased by 3.1 per cent to £38.9m.
The Doncaster-based company manufactures plastic piping and ventilation systems for the residential, commercial, civils and infrastructure sectors.
Commenting on outlook, the company said: “Market fundamentals continue to be robust, but we remain alert to potential impact from uncertainties arising from the recent UK election and Brexit negotiations.
“Following a slow start to the year, the UK roads programme is expected to accelerate in H2 (the second half), underpinning demand in our UK commercial and infrastructure systems segment.
“With different sectors of the UK construction market performing at different rates the group benefits from its strategic balance of activity with no over reliance on any one sector.”
David Hall, the company’s chief executive, said: “The group has delivered another record performance, building on the strong momentum from last year and demonstrating that our strategic focus on structural growth opportunities is delivering results.
“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.”