Partner Article

Doncaster's Polypipe reports pretax losses

Doncaster-based Polypipe plc, which has only been listed on the stock exchange for a few months, has reported a pretax loss of £4.6 million, compared to a profit of £9.7 million in the same 6 months last year.

Revenue for the half year to 30 June 2014 increased to £168.2 million from £151.8 million in the same period last year.

Net debt increased by £15.6 million to £99.9 million after the seasonal increase in net working capital of £12.1 million and listing and refinancing costs of £18.2 million.

Exceptional finance costs of £8.6 million in relation to the refinancing were incurred in the period.

Polypipe identified the potential pitfalls during the year, saying that cyclical economic conditions and conditions affecting the construction industry also affected themselves.

David Hall, chief executive said: “I am delighted with the progress that we have made following the Group’s successful IPO earlier this year and these results show that we are delivering on the strategy we set out at the time.

“The Group’s healthy growth in sales and underlying profits demonstrates the confidence returning to our sector and a deserved reward for operational improvements and investment we made when market conditions were much tougher.

“We are well placed to capitalise on the future growth opportunities and I remain confident that we will deliver results for the full year in line with our expectations at the time of the IPO.”

This was posted in Bdaily's Members' News section by Clare Burnett .