Polypipe on track to meet expectations as revenues rise

Polypipe said it was on track to meet full year expectations as it reported an 8% year on year rise in revenue for the four months to April 30.

Revenue came in at £146.6m and was up 3% on a like-for-like basis excluding the impact of acquisitions.

Residential Systems revenue, which made up 57% of group sales, was 8.4% helped by improved weather conditions and the acquisition of Manthorpe.

This was partially offset by merchant pre-price increase forward buying into the final quarter of 2018. Manthorpe, acquired in October 2018, was performing in line with expectations and integration is going to plan, Polypipe said.

Commercial and infrastructure systems revenue was 7.6% higher than the prior year, lifted by the continued success of new product launches in 2018, improved weather conditions, and the acquisition of Permavoid which is performing in line with 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,” said chief executive Martin Payne.

“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."