Polypipe confident on prospects with results ahead

PLASTIC piping manufacturer Polypipe, which floated on the London Stock Exchange earlier this year, said today it has maintained its positive trading performance in 2014.

The Doncaster-based group floated in April, marking a return to the stock market after a 14 year absence.

In a statement today it said its results for the first five months of the year were ahead of the same period in the prior year, as well as budget.

It said both divisions – Residential Piping Systems and Commercial and Infrastructure Piping Systems – performed ahead of the same period last year, with group revenue for the five months ended May 31 increasing by 11.4% as compared to the same period last year.

Group EBITDA margins improved compared to the same period last year, it said.

David Hall, chief executive, said: “I am delighted with the progress that Polypipe has continued to make following the group’s successful IPO in April 2014.

“This is a strong performance, even once you factor in last year’s market weakness, and we remain confident about the group’s current prospects for the full year.”

Polypipe, which has a turnover of £300m and over 2,000 employees, operates 16 facilities across the UK, Europe and Middle East.

The company will report its interim results for the six months ending June 30 on August 18.