Polypipe profit rises 4.3% as acquisitions, product launches boost sales
Source - SMW
Water and climate-management product manufacturer Polypipe posted a 4.3% rise in first-half profit, as acquisitions and product launches helped boost revenue and operating margins expanded.
Pre-tax profit for the six months through June rose to £31.4m, up from £30.1m on-year.
Revenue climbed 6.2% to £223.3m and underlying profit rose 8.2% to £35.6m.
Polypipe declared an interim dividend of 4.0p per share, up 8.1% on-year. 'The business has performed well in the first half with good revenue growth and improved margins through selective cost reductions and acquisitions,' chief executive Martin Payne said.
'The medium-term fundamentals of our markets remain strong.'
'Whilst we are mindful of current political and economic uncertainty, management continues to focus on self-help measures and together with an encouraging start to the second half, the board's profit expectations for the year remain unchanged.'