Polypipe H1 profit and revenue boosted by acquisitions

Polypipe posted a rise in first-half pre-tax tax profit and revenue as it benefited from recent acquisitions and lower cost.

In the six months to the end of June, the provider of sustainable water and climate management solutions made a pre-tax profit of £31.4m, up 4.3% on the first half of last year, while revenue grew 6.2% to £223.3m.

Operating profit was 5.1% during the half at £35.2m and the dividend was lifted 8.1% to 4p a share.

Revenue in the residential systems segment grew 8.4%, with a strong contribution from Manthorpe, which was acquired last year. Meanwhile, revenue in the commercial and infrastructure systems business was 3.4% despite "challenging markets".

Chief executive officer Martin Payne said: "The business has performed well in the first half with good revenue growth and improved margins through selective cost reductions and acquisitions. The medium-term fundamentals of our markets remain strong.

"Whilst we are mindful of current political and economic uncertainty, management continues to focus on self-help measures and together with an encouraging start to the second half, the board's profit expectations for the year remain unchanged."