Listed manufacturer reports revenues of £447.6m

Doncaster-based manufacturer Polypipe Group has registered increases in revenue and pre-tax profits.

Releasing its audited results today for the year ended 31 December 2019, the business, which makes plastic piping and ventilation systems, says its revenues reached £447.6m, up 3.3% from £433.2m.

Pre-tax profits also rose 3.3% over the same period, from £58.2m to £60.1m, with continued investment in the business, amounting to capital expenditure of £22.3m.

In its update on the Coronavirus pandemic, the firm states: The pandemic is under close review by management. We are taking all appropriate actions to ensure the health, safety and wellbeing of our employees and to minimise disruption to our operations, whilst watching our end markets closely.

“To date, we have seen no direct impact on Group performance. The Group has a strong balance sheet and substantial headroom on its borrowing facility.”

Martin Payne, chief executive officer, said: “Our strategy continued to deliver over the year, with revenue and profit growth despite ongoing market uncertainty and challenging trading conditions, particularly in the second half of the year.

“Our balance of end markets, with their long-term growth drivers, together with good operational performance and contributions from our recent acquisitions positions us well.

“Our balance sheet and cash generation remain strong. Aside from the yet unknown effects of Coronavirus on the wider economy, we would expect the current year to be a year of progress for the Group.”

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