Polypipe, the Doncaster maker of plastic piping and ventilation systems, has “performed well” in the first half of the year, despite challenges posed by “mixed market conditions” and “adverse weather”.
For the six months ended 30 June, revenue marginally rose by 0.1% to reach £210.2 million – up from £210 million on the same period last year.
Underlying operating profit fell by 4.2% to £36.3 million from last year’s £37.9 million. Operating profit likewise witness a slide, falling by 1.2% to £33.5 million from last year’s 33.9 million.
Despite the mixed results, the firm said that its latest trading update is “in line with expectations” while the management team said it “remains confident of delivering its full year expectations”.
The period also saw several key operation highlights for the firm, including the completion of its sale of its French operations to Ryb for €16.5 million.
Its new £5 million continuous corrugate at the firm’s Horncastle plant has been reported as “performing well” with revenue generation in line with the company’s plan.
The firm added that it has made “good progress” on innovative manufacturing and sustainability with an increased use of recycled material.
CEO Martin Payne said: “Against a backdrop of mixed market conditions and adverse weather the Group has performed well in the first half.
“With the Group’s balanced business model, underpinned by the long-term growth drivers of legacy material substitution and continuing legislative tailwinds in water management and climate change, I am confident the Group will make good progress in the second half of the year.”