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Polypipe

June 2018

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.

Polypipe has reported full year results slightly ahead of expectations with revenues, pretax profit and eps increasing 6%, 8% and 4% respectively to £412m, £65.7m and 27.2p. Net debt was £148m, representing 1.6x net debt / ebitda.The UK residential side, which manufactures and sells plastic pipes into the residential sector as well as domestic ventilation systems, increased sales by 10% and profit a sparkling 13% thanks to robust growth in UK housebuilding, itself boosted by extension of Government support schemes. However, RMI (refurbs, maintenance improvement) was slow reflecting weak consumer spending and Brexit uncertainty. Selling prices were hoisted by an average 3.8% in 2017, although they lagged inflation ...

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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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Polypipe

June 2018

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