23rd May 2019 09:02
LONDON (Alliance News) - Pipe manufacturer Polypipe Group PLC said Thursday it had made a "strong" start to 2019 with revenue across its two main units growing courtesy of improved market conditions and acquisitions.
For the four months ended April, revenue grew 8.0% to GBP146.6 million from GBP135.7 million the year prior. On a like-for-like basis - excluding acquisitions - revenue was 3.0% higher on the same period a year before.
Performance was helped by largest unit Residential Systems - contributing 57% of total revenue - seeing an 8.4% uptick in revenue following "improved weather conditions" and the GBP52 million acquisition of Manthorpe Building Products Holdings Ltd in October.
Similarly, Commercial &Infrastructure Systems, which makes up the remainder of revenue, saw growth of 7.6% on a year prior. This division was helped by "continued success" of new product launches in 2018 as well as "improved weather conditions" and its GBP16.5 million acquisition of Permavoid Ltd in September.
The FTSE 250-listed firm explained that the "encouraging" start of 2019 gave it further "confidence" of delivering its 2019 full-year expectations.
"Our leading position as a provider of sustainable water and climate management solutions continues to help us drive strong cash generation and deliver growth," Polypipe Chief Executive Officer Martin Payne said. "Trading in recent weeks has remained strong with continued market share gains and end markets holding up well. We remain on track to deliver our expectations for the full year."
Shares in Polypipe were 0.2% lower at 418.20 pence on Thursday.
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