PLP.L Share News (PLP)

(ShareCast News) - Plastic piping systems manufacturer Polypipe Group has swung to a profit in the first six months of the year.In the six months to 30 June, the group posted a pre-tax profit of £23.2m compared with the £4.6m loss it recorded in the corresponding period in 2014, when it was hit by costs related to its refinancing and initial public offering.Excluding exceptional items, the company posted a 42% year-on-year increase in pre-tax profit to £23.2m, while revenue climbed 1.3% higher to £170.4m, boosted by a 5.1% year-on-year growth in underlying revenue in the UK."The year started strongly supported by a strengthening market in the UK and we are well placed to capture our share of the anticipated market growth," said group chief executive David Hall."Our strategic initiatives all continue to show good progress over and above the market and the recent acquisition of Nuaire will support our aims to accelerate our growth."The company has lifted its interim dividend by 53% year-on-year to 2.3p per share.Polypipe shares were down 0.72% to 342.50p at 1212 BST on Thursday.