Record performance for Polypipe

Doncaster manufacturer Polypipe experienced a record year in 2016 according to its latest results.

For the year to December 2016, revenues grew more than 23% to £436.9m from £352.9m the year before.

A pre-tax hike of 31% saw profits come in at £54.4m, up from £41.5m.

The firm said that UK growth fuelled the results, and reflected strong demand for its products, with no discernible impact of the EU Referendum on its end markets. It successfully integrated its £145m acquisition, Nuaire, which is maintaining its growth trajectory, according to Polypipe.

Internationally, Polypipe completed its Middle East manufacturing plant which was in full operation in the second half of the year and the company received the Queen’s Award for Enterprise: International Trade in April.

It did say that a sharp downward turn in exchange rates and a rise in crude oil forced prices of virgin polymer up during the second half of the year, and had offset this by passing on the price increases to customers.

David Hall, chief executive said: “Our record performance during 2016 and continuing growth underscores the strength of the Polypipe business model and the robust fundamentals underlying the majority of our market segments. In a period of heightened political and market uncertainties, Polypipe continued to focus on its priorities and delivered results toward the top end of our expectations.

“The combination of forecast market growth, our focus on executing our strategic development initiatives and resolve to recover input cost inflation mean that we look forward to 2017 being a further year of progression for the Group.”