Polypipe lifts share price as it beats forecasts

FTSE 250 company Polypipe (LON:PLP) saw its share price climb 12.04% to 512p (as of 12:15 GMT) after trading continued to exceed expectations during October and November. Group revenues for November were 8% higher than in 2019, primarily due to demand from the residential market.

Management said that operating margins continued to improve due to increased volumes, but were still down from last year due to the inefficiencies caused by Covid. Underlying operating profits for 2020 are now believed to be around £40 million, ahead of the consensus forecast range.