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Polypipe upgrades annual profit guidance as demand recovers
StockMarketWire.com
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Piping system manufacturer Polypipe upgraded its annual profit guidance, citing a continued recovery in demand.
Underlying operating profit for the year to 31 December was now expected at around £40 million, compared to the current consensus range of £35 million-£37 million.
Revenue during the month of November had risen 8% year-on-year.
'Operating margins continue to benefit from the drop through on this improved volume, although they are still not back to normal levels due to operating inefficiencies caused by Covid-19,' Polypipe said.
'The group enters the new year with a strong order book and some cautious optimism, although uncertainty currently exists about the effects of a no-deal Brexit.'
Story provided by StockMarketWire.com
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