Revenues rise at manufacturer
Genuit Group has said that it has outperformed a market where demand has continued to “pull hard” resulting in revenues for the four months ending 31 October rising to £207.6m.
In a trading update the Leeds-headquartered business which was formerly known as Polypipe, said that revenues were up 31.1% on the equivalent pre-pandemic period in 2019.
Martin Payne
Genuit also warned that it was continuing to experience supply chain issues, but despite this the board expects profits to be in line with the latest expectations of £92.5 – £95.9m as it continues to seen strong demand from the UK residential new build, RMI and infrastructure sectors.
Martin Payne, chief executive officer at Genuit 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”.
