25th May 2016 07:18
LONDON (Alliance News) - Plastic piping systems manufacturer Polypipe Group PLC on Wednesday reported significant growth in revenue in its first four months and said it was on track to meet full year expectations.
Polypipe said total revenue for the four months to the end of April was GBP148.9 million, up from GBP112.4 million a year earlier, a 33% rise. UK revenue also delivered 33% growth, up to GBP128.1 million from GBP95.9 million.
The company said revenue in the UK was boosted by re-stocking by its customers and additional stocking ahead of price rises the group was implementing. Polypipe added its ventilation business also proved strong in the period and the group said it was encouraged by signs of improvement in the UK repair, maintenance and improvement market.
Revenue from Europe also grew 25% in the period, following a stabilisation and subsequent signs of an upturn in France.
"Whilst we remain alert to the potential impact of continuing short term economic and political uncertainty in our core UK market, with this strong start we believe that the group is well positioned to deliver results for the full year in line with expectations," said Chief Executive David Hall.
Polypipe shares were up 2.6% early Wednesday to 323.2 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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