Manufacturer of plastic piping systems Polypipe has joined the London Stock Exchange’s FTSE 250 Index.
In just under two years since the Doncaster-based firm’s flotation on the London Stock Exchange, the market capitalisation of the business has increased by 28 per cent from £490m to £630m. David Hall, chief executive at Polypipe, said: “We are delighted to be entering the FTSE 250 following the strong progress we have made since the group’s successful IPO in April 2014.
We are delighted to be entering the FTSE 250David Hall, chief executive at Polypipe
“We continue to deliver on the strategy we set out at that time, to grow the business profitably in the UK and internationally, and broaden our market reach in high-growth products.
“We are benefitting from growing our market leading positions and our recent acquisition of Nuaire, the ventilation systems manufacturer, supports our plans to accelerate our growth.”
Polypipe, one of Europe’s biggest manufacturers of plastic pipe systems, acquired Nuaire, a leading designer of ventilation systems, for £145m in a deal that will tap into new legislation to reduce carbon emissions.
Analysts said the acquisition of Welsh firm Nuaire would be a good strategic fit for Doncaster-based Polypipe.
In a bid to reduce carbon emissions, the Government has introduced strict new rules on building regulations which are designed to reduce energy wastage.
Ventilation can play a large part as the energy from warm air needs to be harnessed rather than simply pumped back out into the atmosphere.