- Water and climate management group Polypipe upgraded its annual earnings guidance after its revenue slipped by a less-than-expected 1.5% in its financial year to date.

Revenue for the four months of October had fallen to £156.1 million, down from £158.4 million year-on-year, with continued improvement throughout the period.

Polypipe said that it expected a full-year underlying operating profit of at least £35 million, even though uncertainty remained around the effects of the UK's second lockdown.

That compared to the current consensus range of £30 million-to-£35 million.

The company said it had resumed capital expenditure investment to pursue growth opportunities and product development, while repeating its guidance of spending around £20 million-to-£25 million this year.

'The group's end markets in the UK have continued to recover ahead of expectations, and I am pleased that the group's resilient performance in the last four months has reflected this,' chief executive Martin Payne said.

'The government in its national lockdown announcements has been clear that construction, manufacturing, and the housing market should all continue to operate normally subject to operating in a Covid-19 safe environment.'

'Whilst still early days into lockdown, there are no signs of any significant changes to demand patterns.'

'Looking into 2021, we have strong medium-term fundamentals in our markets, and sustainability at the heart of our business, although we remain alert to the broader macro related risks in the market.'

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