Polypipe 2017 final results
Revenue 6.3% higher at £411.7m
Underlying operating profit 6.0% higher at £72.6m
Underlying operating margin robust at 17.6% despite continued input cost inflation
Underlying basic earnings per share from continuing operations 10.1% higher at 27.2 pence
Net debt down to 1.6 times EBITDA
Recommended final dividend of 7.5 pence per share giving a full year dividend of 11.1 pence per share, 9.9% higher
Operational Highlights:
Strong performance in UK - revenue growth at 8.1%
Residential Systems segment revenue growth of 10.3% driven by demand in the new housebuild sector, RMI markets remain subdued
Disposal of Polypipe France for €16.5m on a cash-free, debt-free, normalised working capital basis expected to complete in the first half of 2018
Decisive action taken to close Dubai factory and pursue alternative manufacturing strategy in the Middle East
Management succession implemented, Paul James joined as CFO on 5 March 2018
