Acquisitions drive revenue growth at Polypipe Group

Acquisitions drive revenue growth at Polypipe Group
Credit: Polypipe

Polypipe Group, the Doncaster-based marker of plastic piping and ventilation systems, has reported a 6.2% rise in revenue to £223.3 million in its half year results.

The Group said its 2018 acquisition of Manthorpe provided a “strong contribution” to its rise in revenue.

For the six months to 30 June 2019, the Group also reported a 5.1% rise in operating profit to £35.2 million compared to the £33.5 million seen for the same period in the previous year.

Profit before tax was up 4.3% to £31.4 million compared with 2018’s £30.1 million.

There was, however, a slight decline of 2.7% to cash generated from operations, falling from £22.3 million in 2018 to £21.7 million.

“The business has performed well in the first half with good revenue growth and improved margins through selective cost reductions and acquisitions,” said CEO Martin Payne.

“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.”