Materials inflation hits polypipe growth
Genuit (also known as Polypipe) saw its profit shoot up for the first half of 2021, the company said the strong performance was achieved thanks to higher sales, but added it had been held back by material and labour shortages, which have impacted the construction industry since 2020.
The Construction Leadership Council (CLC) warned last month that key materials in the construction sector, including plastic products, were struggling with price inflation of 10-15%, in comparison to last year.
Revenue at the company increased to £295.6m, up from £173.6m in the first six months of 2020, thanks to strong trading and three acquisitions. Genuit’s cash position fell to £27.6m, from £201.7m in the period last year.
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