Pre-tax profits reach £31.4m for listed manufacturer
Doncaster-based Polypipe Group plc has reported a strong first half performance, with its pre-tax profits hitting £31.4m, a rise of 4.3% on last year.
In its unaudited interim results for the six months ending on 30 June 2019, the listed water pipe manufacturer also recorded revenue of £223.3m, compared to 210.2m for the same period last year, an increase of 6.2%.
Underlying operating profit was 8.3% higher, at £39.3m.
Martin Payne, Chief Executive Officer of the company, said: “The business has performed well in the first half with good revenue growth and improved margins through selective cost reductions and acquisitions.
“The medium-term fundamentals of our markets remain strong. Whilst we are mindful of current political and economic uncertainty, management continues to focus on self-help measures and together with an encouraging start to the second half, the Board’s profit expectations for the year remain unchanged.”
Polypipe is a provider of sustainable water and climate management solutions for the built environment. It is also a designer and manufacturer of energy efficient ventilation systems in the UK.
