- Water and climate management group Polypipe reported a 3.3% rise in annual profit, as it notched higher sales despite 'challenging trading conditions and market uncertainty'.

Pre-tax profit for the year through December rose to £60.1m, up from £58.2m on-year.

Revenue also rose 3.3%, to £447.6m, while underlying pre-tax profit rose 5.5% to £70.8m.

Polypipe declared a full-year dividend of 12.1p per share, up 4.3% on-year.

Underlying operating margin expanded 30 basis points to 17.4%, which the company said reflected investments made through the year, and accretive acquisitions.

The company said the coronavirus pandemic had, to date, had no direct impact on its performance, though it was monitoring the situation closely.

'Our strategy continued to deliver over the year, with revenue and profit growth despite ongoing market uncertainty and challenging trading conditions, particularly in the second half of the year,' chief executive Martin Payne said.

'Our balance of end markets, with their long-term growth drivers, together with good operational performance and contributions from our recent acquisitions positions us well.'

'Our balance sheet and cash generation remain strong.'

'Aside from the yet unknown effects of coronavirus on the wider economy, we would expect the current year to be a year of progress for the group.'

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