Wavin: Srong growth
Plastic pipe system specialist, Wavin has reported a first half increase in revenue of €734.3m, against €625.9 over the same period last year. The EBITDA margin also improved, moving from 10.8% in H1 2005 to 12.2% in H1 2006, resulting in a net profit of €48.5m, which includes non-recurring items such as the sale of its share of Iplex (Australia and New Zealand).The 17.3% increase in revenue has been attributed to the strengthening of gross margins throughout Europe and the move in business mix to higher margin sectors. The company also said that the integration of Hepworth Building Products, acquired in 2005, was providing cost synergies. Wavin said that its strategic business units – Civils and Infrastructure, Building and Installation – have performed strongly. Its revenues in Civils grew by 10.4% to €436.9m in H1 2006, with sales in the foul water sector increasing substantially due to the Hepworth acquisition.