Polypipe H1 profit and revenue boosted by acquisitions

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."