The UK is clouded by uncertainty at this present moment in time following the official triggering of Article 50 this week, but this is certainly not to say that the industry is not seeing any success. Many believe that the future is all doom and gloom now due to Brexit, but if Doncaster-based manufacturing company Polypipe is anything to go by then this is far from the case!
According to the latest results, Polypipe managed to experience a record year in 2016, and throughout the year the company managed to grow revenues over 23% to a staggering £436.9m compared to the £352.9m of 2015. 2015 profits were recorded at £41.5m, and this figure increased with a pre-tax hike of 31% to £54.4m, with the firmâs UK growth to thank for the positive results.
The business has witnessed no negative effects off the back of the EU Referendum, and instead there was an even stronger demand for Polypipeâs products. The company also managed to successfully integrate its recent acquisition in Nuaire, with the £145m addition continuing its extensive growth period.
On top of this, Polypipe managed to complete work on its new manufacturing plant in the Middle East, as well as receiving the Queenâs Award for Enterprise: International Trade in April, so it is nothing but positivity coming out of Polypipe at the moment!
David Hall, the Chief Executive of Polypipe, has commented, Our record performance during 2016 and continuing growth underscores the strength of the Polypipe business model and the robust fundamentals underlying the majority of our market segments. In a period of heightened political and market uncertainties, Polypipe continued to focus on its priorities and delivered results towards the top end of our expectations.
Hall also believes that the combination of forecast market growth, the focus on executing the businessâ strategic development initiatives and resolve to recover input cost inflation means that the company can look forward to 2017 being a further year of progression for the Group!