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/

No.

Interim Management Statement


UK Operations



Revenue in the ten month period ended 31 October 2014 was 13.3% ahead on the prior year as we continued to experience strong market demand in the residential, commercial and infrastructure sectors. We also continued to benefit from our growth initiatives in the areas of Water Management and Carbon Efficient Solutions. The growth rate for the four month period ended 31 October 2014 of 12.1% was achieved against tougher comparables than in the first half of the year, particularly in the Commercial and Infrastructure division. This division also experienced lower growth in export sales during the four month period ended 31 October 2014 as a result of the timing of the seasonal holiday period in the Middle East.



Operating margins in both divisions remain ahead of the prior year after ten months and we expect the full year operating margin percentage for the UK Operations will be in line with the last financial year. The overall operating leverage effect in the second half will be less marked than during the first half due to higher public company operating costs following our IPO in April 2014. During the comparable period in 2013, we also experienced some benefit from improved output as a result of building inventories to meet the upturn in demand.



As part of our drive to increase our presence and capability in carbon efficient solutions, on 28 October 2014 we acquired the business and assets of a small UK ventilation business, Ferrob Limited, for an initial consideration of £0.3m plus an earnout which is dependent on the level of revenue in the year following acquisition. Ferrob Limited is focussed on the public sector housing ventilation market and reported revenue of £0.9m for the year ended 31 October 2014.



Mainland European Operations



The majority of revenue in this segment is generated by our operations in France and sold into the French market.



Revenue for the ten month period to 31 October 2014 was down 8.3% on the prior year. At constant exchange rates the revenue decline over this period was 3.4% with housing starts in France, a key revenue driver for this segment, down 5.7% in the nine month period to 30 September 2014. In the four month period to 31 October 2014, revenue was down 17.0% on the prior year's period and down 11.4% at constant exchange rates. The impact of deteriorating market conditions in France has had a limited impact on the Group operating results as we have been able to flex down our costs in line with the lower revenues. After ten months these operations remain marginally profitable. The adverse currency translation effect on earnings does not have a significant impact on the overall Group operating results.





http://www.moneyam.com/action/news/showArticle?id=4925075

19 Nov Canaccord... 281.00 Buy
19 Nov Deutsche Bank 301.00 Hold
18 Nov Numis 300.00 Buy

2 Dec Deutsche Bank 301.00 Hold

Polypipe Group Ords 0.10p broker views

Date Broker Recommendation Price Old target price New target price Notes
04 Dec Numis Buy 264.88 300.00 300.00 Reiterates
02 Dec Deutsche Bank Hold 264.88 301.00 301.00 Reiterates
19 Nov Canaccord Genuity Buy 264.88 281.00 281.00 Reiterates
19 Nov Deutsche Bank Hold 264.88 278.00 301.00 Reiterates

Tipped over the weekend by SCSW, lifted from advfn.

Signal Update

Our system’s recommendation today is to STAY LONG. The previous BUY signal was issued on 28/11/2014, 10 days ago, when the stock price was 234.0000. Since then PLP.L has risen by +13.68%.

Market Outlook

The bulls are in full control. The negative sentiment that led to the last bearish pattern has evaporated. Besides, the signal is suggesting to STAY LONG. It is best to follow the signal and continue to hold this security.






https://www.britishbulls.com/SignalPage.aspx?lang=en&Ticker=PLP.L

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18 Dec Deutsche Bank upgrades 301.00 Buy

3 Feb Numis 300.00 Buy

10 Feb Deutsche Bank 301.00 Buy

Polypipe Group PLC (PLP:LSE) set a new 52-week high during today's trading session when it reached 274.25. Over this period, the share price is up 4.81%.

Finals Thurs 26 March . IC- The UK property market should provide the backdrop for a buoyant set of maiden results from plastic piping manufacturer Polypipe (PLP). In a November trading statement , Chief executive David Hall said full year results would come in at the top end of market expectations.

Final results

Financial Highlights



· Delivering the strategy set out during the Group's successful IPO in April 2014

· UK construction market recovery, combined with our strategic focus on structural growth opportunities, generated revenue growth from UK operations of 12.4% over 2013

· Improved UK volumes resulted in Group operating profit increasing by 16.6% to £46.3m1

· Strong cashflow - cash from operations1 after capex 26.3% ahead of prior year

· Recommended final dividend of 3.00 pence per share

· Exceptional items relate to IPO costs (£12.2m) and IPO related refinancing costs (£8.6m).



Operational Highlights



· Strong demand for residential piping systems from UK housebuilders, increasingly from smaller developers and projects outside of London and the South-East

· Good volumes from road and rail projects and the development of high rise, multi-occupancy buildings in London

· Structural growth opportunities driving the business: significant increase in sales of Water Management Solutions, driven by legislation aimed at reducing flood risk and continued growth in Carbon Efficient Solutions supported by the need for higher performance ventilation systems

· Broadened product offer through two small bolt on acquisitions - the Ferrob Ventilation business in October 2014 and the Surestop business in January 2015

· Improved export performance underpinned by growing presence in the Middle East

Nice buy rec in Investors Chronicle. Long term hold for me. I like the fact they've invested a lot of time and money on many products and have high barriers to entry. Hopeful for a multi-bagger here.

Ic today - Bouyant prospects in vibrant markets such as electricity, water, sewage and roads offer plenty of growth potential for Polypipe. Yet that potential isn't yet reflected in a rating of just 13 times forecast earnings. That represents a hefty discount of about a third to peers Grafton and Howden Joinery.

New highs finally - blue sky ahead...

Trading update