Polypipe to keep coronavirus pandemic 'under close review' as it reveals rise in revenues

Polypipe Group, which is a provider of sustainable water and climate management services for the built environment, has announced its audited results for the year ended 31 December 2019.

Over the year, revenue was £447.6m an increase of 3.3 per cent year on year. The operating profit was £67.6m, which is 2.7 per cent higher than the previous year.

In a statement, 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.

“We are positioned well over the medium term within our markets, delivering innovative new products, benefiting from legacy material substitution, legislative tailwinds and a “one stop shop” service for our customers across several different sectors of the construction industry.”

Martin Payne, Chief Executive Officer, 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.”