We design, develop and manufacture the most comprehensive range of plastic piping products in the UK, with over 20,000 products available. Our primary focus is on developing and supporting pragmatic product systems through specific knowledge and understanding of the residential, commercial, civils and infrastructure market sectors. We ensure that customers can trust our significant sales and technical expertise to provide value engineered, fit for purpose piping solutions for the growing diversity and complexity of construction and building technology challenges they face. -

Last year Polypipe generated sales of £301m and adjusted cash profits of £54m, giving an adjusted operating margin of 18 per cent.

Polypipe’s birth as a publicly-listed company comes at a time when the Construction Products Association is estimating that spending on roads, water and sewage, electricity and rail is expected to grow by 8.3 per cent this year, and rising in 2015 by 18.2 per cent. And on the house construction side, output is expected to grow to pre-recession levels some time next year. Given its strong position as the UK’s leading plastic pipe manufacturer, the company could be an interesting one to watch.

http://www.polypipe.com/

Preliminary announcements of results for the year ended 31/12/17 20th March.

EX-Divi 19/04.

SP moving up in current range, breaks 410 obvious initial target 420p. Fingers crossed :0)

Above dates on company's financial calendar. MAM have Final listed tom 12th March?

Final results

Financial Highlights
· Revenue 6.3% higher at £411.7m
· Underlying operating profit 6.0% higher at £72.6m
· Underlying operating margin robust at 17.6% despite continued input cost inflation
· Underlying basic earnings per share from continuing operations 10.1% higher at 27.2 pence
· Net debt down to 1.6 times EBITDA2
· Recommended final dividend of 7.5 pence per share giving a full year dividend of 11.1 pence per share, 9.9% higher
Operational Highlights
· Strong performance in UK - revenue growth at 8.1%
· Residential Systems segment revenue growth of 10.3% driven by demand in the new housebuild sector, RMI markets remain subdued
· Disposal of Polypipe France for €16.5m on a cash-free, debt-free, normalised working capital basis expected to complete in the first half of 2018
· Decisive action taken to close Dubai factory and pursue alternative manufacturing strategy in the Middle East
· Management succession implemented, Paul James joined as CFO on 5 March 2018

Outlook
· Fundamentals in Residential Systems segment continue to be strong, driven by the new housebuild sector but UK RMI likely to remain challenging
· Commercial and Infrastructure project pipeline remains encouraging, although project delays impacting short-term performance
· Benefit of selling price increases, due to the pass-through of further polymer and other cost inflation, expected to come through from second quarter
· 2018 will be another year of progress for the Group and our expectations for the year remain unchanged

20 Mar
Numis
450.00
Add
20 Mar
Peel Hunt
465.00
Buy
20 Mar
Shore Capital
N/A
Buy

Trading update

Half year report



Financial Highlights
· UK revenue 0.9% ahead. Growth excluding the £8m estimated impact of adverse weather in February and March approximately 5%
· Basic earnings per share from continuing operations up 0.8% at 12.4 pence
· Cash generated from operations 5.7% higher at £22.3m
· Net debt of £145.8m at 30 June 2018 is 1.7 times LTM EBITDA2 compared to 2.0 times in the prior year, and on track to meet management expectations for the year
· Interim dividend increased 2.8% to 3.7 pence per share

Operational Highlights
· UK Residential Systems achieved good organic growth of 5.9%
· Commercial and Infrastructure Systems revenue down 6.6%. Impacted by previously disclosed project delays in road and other commercial projects affecting short-term performance
· Successfully completed disposal of low-margin French business for €16.5m on cash-free, debt-free, normalised working capital basis
· Good progress on innovative manufacturing and sustainability with increased use of recycled material
· The new £5.0m large diameter continuous corrugator at our Horncastle plant is performing well with revenue generation in line with plan
· Dubai factory exit and alternative manufacturing strategy going to plan - first product manufactured by a sub-contracted partner using Polypipe tooling delivered in July

Outlook
· UK market outlook for the second half remains mixed
· Fundamentals in Residential Systems segment continue to be strong, driven by the new housebuild sector, UK RMI likely to remain challenging
· Signs of improvement in our Commercial and Infrastructure Systems segment towards the end of the period and start of H2 with road programmes beginning to increase in activity. Commercial activity improving as the impact of Carillion-related delays reduces and improved project awards in 2017 work through
· Trading has started well in the second half, and the Board is confident that the Group will deliver results in line with management expectations for the year ending 31 December 2018

11:10 06/11/2018
Broker Forecast - Berenberg issues a broker note on Polypipe Group Plc
Berenberg today reaffirms its buy investment rating on Polypipe Group Plc (LON:PLP) and raised its price target to 510p (from 490p). Story provided by StockMarketWire.com Broker Forecasts data provided by www.sharesmagazine.co.uk