Polypipe delivers record results for 2016
Despite British firms’ fears over Brexit, plastic piping and ventilation systems manufacturer Polypipe has delivered record results for 2016. The company, which logged impressive wins on revenue and profit for the year, sees these positive trends continuing into 2017.
Polypipe’s revenue rose by 23.8% in 2016 from the previous year, and its underlying operating profit rose an even more positive 28% over the same period. The company said that these results reflect a continuing strong demand for its products, and that there is “no discernible impact of the EU referendum on our end markets.” Nonetheless, it remains “alert to market risks.”
Polypipe’s share price is up 17% so far this year
SOURCE: Yahoo Finance
Polypipe’s CEO, David Hall, commented on the results, saying:
“Our record performance during 2016 and continuing growth underscores the strength of the Polypipe business model and the robust fundamentals underlying the majority of our market segments. In a period of heightened political and market uncertainties, Polypipe continued to focus on its priorities and delivered results toward the top end of our expectations. The combination of forecast market growth, our focus on executing our strategic development initiatives and resolve to recover input cost inflation mean that we look forward to 2017 being a further year of progression for the group”.
He also said that the “underlying fundamentals and growth prospects” in the UK construction market remained strong, and that Polypipe was “always on the lookout” for acquisitions – although the company doesn’t currently, have any other businesses in its sights.
Dominion holds Polypipe in its Global Trends managed Fund.
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