ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for monitor Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.

GEN Genuit Group Plc

486.00
-1.00 (-0.21%)
19 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Genuit Group Plc LSE:GEN London Ordinary Share GB00BKRC5K31 ORD GBP0.001
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.00 -0.21% 486.00 489.00 492.00 491.50 482.00 482.00 181,960 16:35:17
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Plastics Pipe 586.5M 38.5M 0.1551 31.53 1.21B

Genuit Group PLC Trading Update

28/05/2024 7:00am

RNS Regulatory News


RNS Number : 9131P
Genuit Group PLC
28 May 2024
 

28 May 2024

Genuit Group plc

("Genuit" or "the Company" or "the Group")

Trading Update

 

Genuit, the UK's largest provider of sustainable water, climate and ventilation solutions for the built environment, today issues an update on trading for the four months ended 30 April 2024 ahead of its Annual General Meeting ("AGM"), which takes place at 13:00hrs (BST) today at 4 Victoria Place, Holbeck, Leeds LS11 5AE.

 

Highlights

·     Year to date trading in line with management expectations, with revenue performance reflecting anticipated market softness

·      Continued improvement in underlying operating margin, due to savings from business simplification and continued deployment of lean projects under the Genuit Business System (GBS)

·      No change to management's full year earnings expectations

 

Joe Vorih, Chief Executive Officer, commented:

"Genuit continued to make encouraging strategic and operational progress in the first four months of 2024, despite ongoing market softness, and our expectations for the full year are unchanged. We are continuing to benefit from our focus on business simplification, continuous operational improvement and product innovation which is driving an improved operating margin. Genuit is in a strong position to benefit from the normalisation of volumes as markets recover, and we continue to see growth potential in our markets due to the structural sustainability drivers to which we are exposed."

 

Current trading

Group revenue for the four months ended 30 April 2024 was £183.7m (2023: £201.0m), a year-on-year reduction of 8.6%.

 

·    Sustainable Building Solutions (c.41% of Group revenue) - revenue was 10.6% lower year-on-year, reflecting continued softness in both new housebuilding and RMI markets, however underlying operating margin improved slightly.

·     Water Management Solutions (c.28% of Group revenue) - revenue was 12.1% lower year-on-year, with similar underlying operating margin, as project revenues were adversely affected by wet weather conditions. However, the volume and intensity of rainfall in key markets continues to underline the need for stormwater attenuation solutions and acts as a structural driver for future growth.

·      Climate Management Solutions (c.30%* of Group revenue) - revenue was 2.5% lower year-on-year, as growth in the Nuaire ventilation business continued to offset weakness in the boiler market, affecting sales at Adey. The business unit generated a marginal improvement in operating margin.

The Group completed its business simplification programme with the closure of the final two out of six sites, realising £4.8m in cash from freehold sales. Genuit is on track to deliver the previously announced £15m of annualised savings from this programme, and will realise further productivity gains through the ongoing rollout of the GBS.

Notice of Interim Results

The Company will report its interim results for the six months ending 30 June 2024 on 13 August 2024.

* The remaining 1% of Group revenue consists of Polypipe Italia, which is not part of our strategic business units.

 

Enquiries:

Joe Vorih, Chief Executive Officer

Tim Pullen, Chief Financial Officer

+44 (0) 1138 315315

 

Headland Consultancy:

 

Andy Rivett-Carnac

Telephone: 020 3805 4822

Email: genuit@headlandconsultancy.com

Matt Denham

Chloe Francklin


 

About Genuit Group plc

Genuit Group plc is the UK's largest provider of sustainable water, climate and ventilation products for the built environment. Genuit's solutions allow customers to mitigate and adapt to the effects of climate change and meet evolving sustainability regulations and targets.

The Group is divided into three Business Units, each of which addresses specific challenges in the built environment:

·      Sustainable Building Solutions - Providing a range of construction solutions to reduce the carbon content of the built environment.

·    Water Management Solutions - Driving climate adaptation and resilience through integrated surface and drainage solutions.

·     Climate Management Solutions - Addressing the drivers for low carbon heating and cooling, and clean and healthy air ventilation.

Across these divisions, Genuit's brands are some of the most well-established and innovative in the industry, including Polypipe, Nuaire and Adey.

The Group primarily serves the UK and European building and construction markets with a presence in Italy and the Netherlands and sells to specific niches in the rest of the world.

 

END

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
TSTAIMATMTMTBJI

1 Year Genuit Chart

1 Year Genuit Chart

1 Month Genuit Chart

1 Month Genuit Chart

Your Recent History

Delayed Upgrade Clock