Information  X 
Enter a valid email address

Polypipe to cut 250 jobs, citing gloomy outlook for UK economy

By BFN News | 07:20 AM | Tuesday 07 July, 2020


Water and climate management solutions group Polypipe said it was planning to cut around 250 jobs, or 8% of its workforce, citing the lingering impact of the Covid-19 crisis on the British economy. 'Medium-term economic and industry forecasts show a significant impact from the Covid-19 outbreak on both the wider UK economy and specifically the UK construction industry,' Polypipe said. 'In light of this medium-term outlook, we are taking regrettable but necessary steps to adjust our manning levels and cost base to reflect this level of demand.' The restructuring would come even as Polypipe experienced an improving revenue trend in June. Revenue for the month was around 30% down on-year, though that compared to a 66% drop in April. The company said it was also encouraged by reports of better-than-expected activity in the housing market after its reopening on 13 May. 'However, at this stage we remain cautious as to whether this performance will be sustained into the autumn and winter,' it added. Story provided by StockMarketWire.com

a d v e r t i s e m e n t