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Polypipe hikes dividend citing second-half recovery; to change name to Genuit
StockMarketWire.com
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Plastic piping-systems maker Polypipe booked a 60% slump in annual profit, but hiked its dividend citing a second-half rebound in housing construction markets.
The company also said it would change its name to Genuit on 6 April, reflecting the development of new product areas.
Pre-tax profit for the year through December dropped to £23.8 million, down from £60.1 million year-on-year, as revenue fell 11% to £398.6 million.
Polypipe increased its dividend to 4.8p per share, up 20% year-on-year.
The company said its profit was 'severely impacted' by reduced volumes in the first half and investment in Covid-19 measures, offset by a 'much improved' second half.
It was bullish on its outlook, citing ongoing strength in housing construction markets.
'Our markets continue to recover, with recent extensions to the stamp duty holiday and the existing Help to Buy scheme, together with the recently announced government mortgage guarantee scheme, providing further confidence in the new housebuilding sector,' Polypipe said.
Story provided by StockMarketWire.com
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