PLP.L Share News (PLP)

LONDON (Alliance News) - Polypipe Group PLC Tuesday said that its results for the first five months of the year are ahead of the same period a year ago, with the residential piping systems and the commercial and infrastructure piping systems divisions both ahead.

In a trading update following its initial public offering in April, the plastic piping system manufacturer said that revenue for the five months ended May 31 increased by 11.4% on the same period last year, and also said that earnings before interest, tax, depreciation, and amortisation margins improved.

The group also said its positive trading performance in the first five months of the year came in ahead of budget.

"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," Chief Executive David Hall said in a statement.

Polypipe will report its interim results for the six months ended June 30 on August 18.

Polypipe shares were Tuesday quoted up by 0.8%, or 2.00 pence, at 254.50 pence.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

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