Doncaster-based plastic piping and ventilation systems firm Polypipe said on Thursday it made an encouraging start to the year with group revenue for the four months ended April 30, 2019, up 8% at £146.6 million.
The news came in a trading update for the four months ended April 30, 2019, ahead of the firm’s AGM.
Polypipe CEO Martin Payne said: “Our leading position as a provider of sustainable water and climate management solutions continues to help us drive strong cash generation and deliver growth.
“Trading in recent weeks has remained strong with continued market share gains and end markets holding up well.
“We remain on track to deliver our expectations for the full year.”
The company added in the statement: “An encouraging start to the year gives the Board confidence of delivering its full year 2019 expectations.
“Group revenue for the four months ended 30 April 2019 at £146.6m (2018: £135.7m) was 8.0% higher than the prior year.
“On a like-for-like basis excluding the impact of acquisitions, revenue was 3.0% higher.
“Residential Systems revenue, representing 57% of group revenue, was 8.4% higher than the prior period, helped by improved weather conditions and the acquisition of Manthorpe.
“This was partially offset by merchant pre-price increase forward buying into Q4 2018.
“Manthorpe, acquired in October 2018, is performing in line with expectations and integration is going to plan.
“Commercial and Infrastructure Systems revenue, representing 43% of group revenue, was 7.6% higher than the prior year, buoyed by the continued success of new product launches in 2018, improved weather conditions, and the acquisition of Permavoid which is performing in line with expectations, with integration now complete …”