Polypipe boss set to step down

David Hall will step down as CEO in October and will be succeeded by by Martin Payne, currently the company’s chief financial officer.

Mr Hall led the business on to the London Stock Exchange, where it listed in 2014.

Polypipe also announced that Glen Sabin has been appointed to the newly created position of chief operating officer.

Mr Hall said: “It has been a huge privilege to lead Polypipe over the past 12 years through both private ownership and a successful stock market listing in April 2014. I am extremely proud of the people within Polypipe and what they have achieved and am confident that shareholders can continue to rely on their capability and enthusiasm going forward.

“I am delighted that the board has decided that Martin should succeed me as CEO and that Glen will join the board as COO. Together they have deep knowledge of the business and the industry, possessing the skills and expertise to drive the future development of Polypipe.”

Mr Payne said: “I am honoured and delighted to have been chosen to lead Polypipe through the next phase of its development.”

Ron Marsh, chairman of Polypipe, priased Mr Hall for his “pivotal role” in the firm’s success.

He added: “In Martin and Glen we have a very high calibre leadership team to take Polypipe forward.”

In its latest trading update Polypipe saw revenues rise 4.6 per cent on a like-for-like basis in the four months ended April 30, 2017.

The Doncaster-based company said revenue rose to £157.8m from £148.9m during the same period last year ahead of its AGM this morning.

Polypipe said that as a result of continued strong organic growth in its UK Residential Systems segment and solid performances from its Commercial and Infrastructure Systems segments, the firm is on track to achieve management expectations for the full year.

Revenue in its UK Residential Systems segment increased 7.1 per cent compared to the same period last year with strong demand from housebuilders, particularly for underground products helped by the mild winter.

The UK Commercial and Infrastructure Systems segment delivered growth of 3.4 per cent.

Mr Hall said: “We continue to deliver good organic growth through our long-term structural drivers of legacy material substitution, legislative tailwinds in water management and carbon efficiency, and development of selected export markets.

“I am encouraged by our progress in recovering cost inflation to date, and whilst we remain alert to the potential effects of economic and political uncertainty on our markets, we continue to believe the Group is well placed to achieve management expectations for the full year.”