Listed piping system manufacturer Polypipe Group has reported a record performance in 2015, pushing revenues past the £350m mark and underlying pre-tax profit close to £50m.
Revenue for the year to 31 December 2015 increased by 7.9 per cent to £352.9m, an improvement which Polypipe said had been driven by a strategic focus on structural growth opportunities and the continuing recovery in the UK construction market.
Complementary acquisitions, including the £144.3m purchase of Nuaire in August 2015, also boosted performance.
“2015 was a record performance and another year of excellent progress for the group,” said chief executive David Hall. “The acquisition of Nuaire was an important step in our strategic development and our growth initiatives continued to deliver.
“I am delighted to report such a strong performance since our IPO in April 2014, with underlying operating profit growth of 36.5 per cent over the last two years.
“While there are economic and political uncertainties, 2016 has started well and the board is confident that the market fundamentals in our main UK market remain positive and that we are pursuing a sound strategy for the future development of the business”.