Pre-tax profits and revenues up at Polypipe

Doncaster-based manufacturer Polypipe has seen revenues and pre-tax profits on the incline this year so far, but has “risen to the challenge” in more difficult trading situations across its global operations.

Revenues were up 8.4% £242.0m for the half year to June 2017, according to the plastic piping manufacturer, whilst pre-tax profits rose to £31.5m from £29.9m in the same period the year before.

It has not all been plain sailing for Polypipe in the Middle East, but “decisive action” has led to the cessation of manufacturing at its site in the region due to a recent trade embargo between the United Arab Emirates and Qatar.

CEO David Hall 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.”

It was announced earlier this year that chief executive David Hall was set to retire. Chief financial officer Martin Payne will step into the role from October 2017.