Doncaster-based plastic pipes manufacturer Polypipe has reported rising revenues and secured £350m in new and renewed banking facilities.
In a trading update, the listed company has reported revenue of £365.9m for the ten months ended 31 October 2018, up 4.5 per cent from £350.2m in the same period of 2017.
Strong organic growth from its Residential Systems business, together with an improved performance for its Commercial and Infrastructure Systems segment, has also led to a 10.2 per cent increase in sales for the four months ended 31 October 2018.
Polypipe has renewed its £300m secured Revolving Credit Facility (RCF), effective from 19 November 2018 until November 2023, with two further uncommitted annual renewals through to November 2025 possible. It has also secured a new uncommitted 'accordion' facility of up to £50m.
Martin Payne, chief executive of Polypipe, said: "I am delighted with the group's performance so far in the second half, and in particular the marked improvement in our commercial and infrastructure systems segment. The group continues to deliver strong organic growth ahead of the overall UK construction market and is well placed to achieve the board's expectations for the full year.
"I am also pleased that we now have committed credit facilities in place through to 2023, which gives us a solid platform to deliver on our strategic objectives in the coming years."
The banking facilities are being provided by Lloyds Bank, NatWest and Santander UK, with HSBC UK and Citibank NA, London Branch as new participants in the syndicate.