Doncaster-based Polypipe has reported that its revenues for the half-year to 30 June increased to £168.2 million from £151.8 million last time, while its operating profit was 29% higher at £22.7 million compared with £17.6 million.

The plasti-piping manufacturer, which was floated on the London Stock Exchange earlier this year, said that it is well placed for future growth and will pay a maiden interim dividend of 1.5p per share.

Chief executive David Hall said: “I am delighted with the progress that we have made following the group’s successful initial public offering earlier this year, and these results show we are delivering on the strategy that we set out at the time.

“The group’s healthy growth in sales and underlying profits demonstrates the confidence returning to our sector and is a deserved reward for the operational improvements and investment that we made when market conditions were much tougher.

“We are well placed to capitalise on future growth opportunities, and I remain confident that we will deliver results for the full year, in line with our expectations at the time of the IPO.”

Founded in 1980, Polypipe is one of Europe’s largest manufacturers of plastic piping systems, producing over 20,000 product lines that are used in the residential, commercial and infrastructure sectors.