Doncaster’s Polypipe ups revenue to £447m

Doncaster-based plastic piping and ventilation systems firm Polypipe Group said on Tuesday its 2019 revenue rose 3.3% to £447.6 million and underlying profit before tax rose 5.5% to £70.8 million.

Dividend per share rose 4.3% to 12.1p.

In its outlook, Polypipe said: “The coronavirus pandemic is under close review by management.

“We are taking all appropriate actions to ensure the health, safety and wellbeing of our employees and to minimise disruption to our operations, whilst watching our end markets closely.

“To date, we have seen no direct impact on group performance.

“The group has a strong balance sheet and substantial headroom on its borrowing facility.”

CEO Martin Payne said: “Our strategy continued to deliver over the year, with revenue and profit growth despite ongoing market uncertainty and challenging trading conditions, particularly in the second half of the year.

“Our balance of end markets, with their long-term growth drivers, together with good operational performance and contributions from our recent acquisitions positions us well.

“Our balance sheet and cash generation remain  strong.

“Aside from the yet unknown effects of coronavirus on the wider economy, we would expect the current year to be a year of progress for the group.”