Updates

Polypipe

September 2014

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.

The shares have been on a tear since H1 results. Reflecting strong volume growth, revenues were 11% ahead at Â£168m with pretax profit up 66% to Â£16.4m, helped by reduced interest costs post the refinancing. Adjusted eps was 7p.The swing factor was in UK Commercial and Infrastructure with sales up 19% to Â£56.4m and 56% operating profit growth to Â£8.6m (margin up from 11.6% to 15.2%) as 34p of every Â£1 of additional sales fell to the bottom line. This reflected buoyant demand for higher margin water management products and also Middle Eastern exports as well as solid demand in road and rail applications. Residential piping (UK housebuilding) recorded sales and operating profit of Â£86.8m and Â£13.2m, up 11% and 18% respe ...

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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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