Updates

Polypipe

June 2016

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Helped by a first-time contribution from Nuaire, bought last August and which contributed £21.9m to revenue and £3.2m to profit since acquisition last August, Polypipe generated 8% growth in revenue to £353m while profits rose 17% to £54.2m. Eps was up 21% to 19.5p. Operating margins rose 1.2% to 15.4% even though it passed on the fall in polymer prices (key raw material) to customers. Nuaire, which took Polypipe into the ventilation sector, was chiefly responsible for net debt rising by £119m to £196m (net debt / EBITDA 2.8x, albeit management are targeting reduction to 2x).In UK residential piping systems, Polypipe, which makes plastic pipes for drainage, sewage, heating and ventilation s ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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