Doncaster-based plastic piping and ventilation systems firm Polypipe Group plc said on Tuesday its 2018 revenue rose 5.2% to £433.2 million and underlying pre-tax profit rose 2.1% to £67.1 million.

However, Polypipe’s profit growth came in just below what some analysts were expecting and its shares fell 6%.

Proposed final dividend is 7.9p, bringing the total for the year to 11.6p, 4.5% ahead of 2017.

Polypipe CEO Martin Payne said: “We are delighted to report another record performance, despite a backdrop of challenging market conditions.

“Our second half of the year was strong, and we completed two significant acquisitions as part of our strategy to broaden our market offering.

“Both Manthorpe and Permavoid are performing in line with expectations and we look forward to further progress. 

“We continue to see strong cash generation, and the long-term growth drivers of legacy material substitution and legislative tailwinds, together with our strong balance sheet, position us well for the future.”