Polypipe, the Doncaster maker of plastic piping and ventilation systems, has reported a “record performance” despite challenging market conditions.
In its latest trading update, the company said it had made “significant progress” in 2018 with a “continued focus on organic growth ahead of market and strong cash generation”.
Revenue for the year ended 31 December 2018 rose 5.2% to £433.2 million against a mixed market conditions which, Polypipe said, demonstrated “strength of diversified business model”.
Operating profit was similarly up 5.3% to £65.8 million.
There was a 4.7% rise reported for profit before tax which stood at £58.2 million. Cash generated before operations stood at £90 million – an 11.9% rise on the same period last year.
“We are delighted to report another record performance, despite a backdrop of challenging market conditions,” said CEO Martin Payne.
He added: “We continue to see strong cash generation, and the long-term growth drivers of legacy material substitution and legislative tailwinds, together with our strong balance sheet, position us well for the future.”