Polypipe sees 10% organic revenue growth in four months ended October
Since reporting first half results four months ago, British pipe manufacturer Polypipe has seen a booming business. The company said that, for the first 10 months of the year, revenue had grown by 4.5% year on year (4.1% on a like-for-like basis). But when you isolate the last four months, it’s clear that the company has been outperforming recently.
In that period, Polypipe said that like-for-like revenue growth came in 10% higher than the year-ago period. This outperformance was largely down to the Residentials Systems segment, which was “driven by continued strong demand from new housebuild and an element of catch up after the disruption caused by adverse weather at the end of the first quarter of this year” according to the company.
Polypipe’s share price has appreciated by 14% over the past 30 days
Source: Yahoo Finance
Polypipe’s CEO Martin Payne made the following comments over the last four months of the year to date: “I am delighted with the group's performance so far in the second half, and in particular the marked improvement in our Commercial & Infrastructure Systems segment. The group continues to deliver strong organic growth ahead of the overall UK construction market and is well placed to achieve the board's expectations for the full year. I am also pleased that we now have committed credit facilities in place through to 2023, which gives us a solid platform to deliver on our strategic objectives in the coming years.”
Polypipe has renewed its £300 million secured revolving credit facility until November 2023, and there is the option to extend it further.
Dominion holds Polypipe in its Global Trends Managed Fund.
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