23rd May 2018 10:41
LONDON (Alliance News) - Polypipe Group PLC on Wednesday said it remains confident of delivering its 2018 financial year expectations despite a slip in revenue in the first four months.
The plastic piping and ventilation systems manufacturer said revenue in four months to the end of April declined 0.9% to GBP135.7 million from GBP136.9 million for the same period the year before.
The revenue was hit by "adverse" weather conditions in late February and March, Polypipe said, which impacted its customers' ability to work on site. Excluding this, revenue grew 5.0%.
On a divisional basis, revenue in Residential Systems increased 4.9% during the period to GBP77.5 million from GBP73.9 million the year before, riven by a buoyant new house build market.
Commercial and Infrastructure Systems revenue, however, fell 7.6% to GBP58.2 million from GBP63.0 million, as a result of project delays.
Looking ahead, the company said it expects construction market to remain flat for the rest of the year. Despite that, Polypipe said it is well placed to grow revenue ahead of the market and therefore remains confident of delivering its full year 2018 expectations.
Shares in Polypipe were trading 2.1% lower at 407.40 pence each on Monday.
Related Shares:
PLP.L