Doncaster-based Polypipe report strong profit growth

Polypipe Group, a Doncaster-based manufacturer of plastic piping systems for the residential, commercial, civils and infrastructure sectors, finished very strong in terms of profit for the year ending 31 December 2014.

According to the Official Statement, the company went from strength to strength throughout the last twelve months as its overall revenue was exactly £327m, which is an 8.7% increase from 2013’s total of £300.8m.

Polypipe have experienced this continued improvement after focusing efforts on structural growth opportunities and the recovery within the UK construction market.

However, the company did encounter a loss of just over £7m in pre-tax profit after operating exceptional items in the past year, which totalled at £16.9m compared to £24.6m in 2013.

This drop is down to the company being charged £12.2m in relation to the IPO listing cost, as well as additional charges of £8.6m in the year due to the refinancing of the Senior Secured Notes.

Polypine, which is the UK’s industry leader in plastic piping systems for its targeted sectors, mainly works within the UK, French and Irish building and construction markets, but still has a presence in Italy and the Middle East.

David Hall, chief executive of Polypipe, said: “I am delighted with the progress that we have made following the Group’s successful IPO in April 2014 and these results show that we are delivering on the strategy we set out at that time.

“The Group’s growth ahead of a strong UK market during the year demonstrates our ability to seek out new opportunities for our Water Management and Carbon Efficient Solutions. Our growth initiatives, combined with this positive market backdrop in our main UK market, mean we entered 2015 with optimism and at this early stage of the year, we are confident that the Group will deliver results for the year in line with market expectations”.