Polypipe Group plc (“Polypipe” or the “Group”), a leading manufacturer of plastic piping systems for the residential, commercial, civils and infrastructure sectors, today announces an update on trading for the five months ended 31 May 2014. The purpose of this announcement is to inform the market of progress since the company’s IPO in April 2014. Polypipe will report its interim results for the six months ending 30 June 2014 on 18 August 2014.
The Group has maintained its positive trading performance in 2014, with results for the first five months of the year ahead of the same period in the prior year, as well as budget.
Both divisions - Residential Piping Systems division and Commercial and Infrastructure Piping Systems - performed ahead of the same period last year, with Group revenue for the five months ended 31 May 2014 increasing by 11.4% as compared to the same period last year. In addition, Group EBITDA margins improved compared to the same period last year.
As set out in the Polypipe's IPO prospectus dated 11 April 2014, following admission of the Company's shares to trading, the Company issued a redemption notice to the holders of the Group's £150 million 9.5% Senior Secured Notes due in 2015 (the “Notes”). The Notes were refinanced using the Group’s new £120 million five year term loan facility and existing cash resources. Polypipe confirms that the redemption of the Notes has now been completed.
The Directors are confident about the current prospects of the Group and the outturn for the financial year.
David Hall, Chief Executive Officer, commented:
“I am delighted with the progress that Polypipe has continued to make following the Group’s successful IPO in April 2014. This is a strong performance, even once you factor in last year’s market weakness, and we remain confident about the Group’s current prospects for the full year.”
David Hall, Chief Executive Officer
Peter Shepherd, Chief Financial Officer
+44 (0) 1709 770 000
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A copy of this trading statement will be available on our website http://ir.polypipe.com/ today from 7.00am.
Notes to Editors:
Polypipe is the largest manufacturer in the United Kingdom, and among the ten largest manufacturers in Europe, of plastic pipe systems for the residential, commercial, civils and infrastructure sectors by revenue. The Group operates from 16 facilities in total, and with over 20,000 product lines, manufactures the United Kingdom’s widest range of plastic piping systems within its target markets. The Group primarily targets the UK, French and Irish building and construction markets with a presence in Italy and the Middle East and sales to specific niches in the rest of the world.
Date: 08 July 2014