Genuit Group PLC Trading update (0300M)
19 May 2022 - 4:02PM
UK Regulatory
TIDMGEN
RNS Number : 0300M
Genuit Group PLC
19 May 2022
19 May 2022
Genuit Group plc
Trading Update
Genuit Group plc ("Genuit", the "Company" or the "Group"), a
leading provider of sustainable water and climate management
solutions for the built environment, today issues an update on
trading for the four months ended 30 April 2022 ahead of its Annual
General Meeting ("AGM"), which takes place at 1030hrs (BST) today
at the Marriott Hotel, 4 Trevelyan Square, Boar Lane, Leeds LS1
6ET. Genuit Group plc will report its interim results for the six
months ending 30 June 2022 on 16 August 2022.
Current trading and outlook
The Group's start of the year performance has been in line with
expectations and the Board expects underlying operating profit to
be consistent with the current consensus for the full year.*
Group revenue for the four months ended 30 April 2022 was
GBP209.0m (2021: GBP193.0m), 8.3% higher than 2021, where there
were very strong comparators (6.3% on a like-for-like basis**).
This performance was driven by the Group's acquisitions and price
increases across our product portfolio. We are also starting to see
sequential improvement in our margins, which we expect to come
through more fully in the second half of this year.
Residential Systems revenue, representing 62% of Group revenue,
was 7.8% higher than the same period in 2021 (4.1% on a
like-for-like basis**), helped by robust and efficient pricing
actions and the February 2021 additions of Adey and Nu-Heat.
Commercial and Infrastructure Systems revenue, representing 38%
of Group revenue, was 9.0% higher than the same period in 2021
(9.4% on a like-for-like basis**), driven by market leading price
increases and a small contribution from the acquisition of Plura in
February 2021.
Joe Vorih, Chief Executive Officer said:
"We have started the year in line with expectations, trading
well against very strong comparators and with the Group benefiting
from our strategic investments and our capabilities in water,
climate and ventilation management. Whilst we remain mindful of the
inflationary environment, our increased commercial focus has
started to improve margins and we expect this to feed through in
the second half of this year. We are confident that the Group has
the agility and resilience to keep ahead of any changes in the
market and the Board expects underlying operating profit to be
consistent with the current consensus for the full year *."
* EBIT consensus as compiled by Genuit Group plc is GBP107m with a range of GBP102 - GBP118m.
** Like-for-like as adjusted for acquisitions, disposals (if
relevant) and number of trading days.
Enquiries:
Genuit Group plc
Joe Vorih, Chief Executive Officer
Paul James, Chief Financial Officer
+44 (0) 113 831 5315
Brunswick
Nina Coad
Tom Pigott
+44 (0) 20 7404 5959
Notes to Editors:
Genuit Group plc ("Genuit" or the "Group"), a leading provider
of sustainable water and climate management solutions for the built
environment, is the largest manufacturer in the UK, and among the
ten largest manufacturers in Europe, of piping systems for the
residential, commercial, civils and infrastructure sectors by
revenue. It is also a leading designer and manufacturer of energy
efficient ventilation systems in the UK.
The Group operates from 30 facilities in total and manufactures
the UK's widest range of solutions for heating, plumbing, drainage
and ventilation. The Group primarily targets the UK and European
building and construction markets with a presence in Italy, the
Netherlands and the Middle East and sales to specific niches in the
rest of the world.
Genuit Group plc changed its corporate name from Polypipe Group
plc on 6 April 2021. The Group was established in 1980 and has been
listed on the London Stock Exchange since 2014.
END
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