Saturday, November 27, 2021

Revenue up at Genuit Group following robust four months

Revenue is up at Genuit Group, the Leeds-headquartered provider of sustainable water and climate management solutions for the built environment, following robust trading in the four months ended 31 October 2021.

The company said is has outperformed a market where demand in its core segments of UK Residential new build, RMI and Infrastructure continued to pull hard.

Group revenue was 31.1% higher than the equivalent period in 2019 (10.8% on a like-for-like basis) at £207.6m (2019: £158.4m).

The business highlighted the need to act decisively to counter ongoing cost inflation in the second half, adding “although the necessary pricing actions have been taken, the normal lag effect means that the operating margin for the second half of the year will be lower than H1 2021.” Margins are expected to recover in early 2022 as those lag effects work through.

Genuit has also said it continues to experience supply chain issues and is “working hard to mitigate the impacts on performance, particularly in [its] Climate and Ventilation division.”

Profit however is expected to be in the range of analyst expectations – EBIT of £92.5 – £95.9 million.

Martin Payne, Chief Executive Officer, said: “The Group traded robustly in the four months to the end of October with continued strong demand from our UK Residential new build, RMI and Infrastructure markets.

“We have reacted well in managing challenging supply chain shortages and ongoing cost inflation and I would like to take this opportunity to thank everyone at Genuit for all their hard work and dedication so far this year.

“The medium-term fundamentals of our markets remain strong with sustainability at the heart of everything we do. We are alert to the ongoing macro related market risks such as continuing supply-chain shortages and cost inflation, but with a clear strategy built around strong environmental growth drivers and backed up with legislation, the Group is well-positioned for the future.”

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