“Encouraging start” for acquisitive Polypipe
Doncaster-based Polypipe Group plc has seen an “encouraging” start to the year, with group revenues for the period up to £146.6m.
In a trading update for the four months to 30 April, Polypipe said that revenues had increased 8% on the same period last year, when revenues reached £135.7m.
The water pipe manufacturer said it was confident in delivering on its full year expectations.
Polypipe said that the performance of its Residential Systems division was up 8.4% due to improved weather conditions and the acquisition of Manthorpe for £52m in 2018.
Commercial and Infrastructure Systems revenue, representing 43% of Group revenue, was 7.6% higher than the prior year, buoyed by the continued success of new product launches in 2018, improved weather conditions, and the acquisition of Permavoid for £16.5m last year.
Martin Payne, chief executive officer said: “Our leading position as a provider of sustainable water and climate management solutions continues to help us drive strong cash generation and deliver growth.
“Trading in recent weeks has remained strong with continued market share gains and end markets holding up well. We remain on track to deliver our expectations for the full year.”