Profits up £40m at Genuit Group

Genuit Group has opened the profit taps with a £40m increase in pre-tax profits in 2021.

The sustainable water and climate management solutions business saw profits increase 164% as additional revenues flowed throughout the business. Sales jumped by nearly half to £594m.

Genuit Group, which used to be known as Polypipe, is now headquartered in Leeds with a large base in Doncaster.

Joe Vorih, who became chief executive last month, said he was “pleased to report that the group has delivered another strong performance, toward the higher end of expectations, despite cost inflation and some supply chain constraints.”

The strong performance has been supported by a much higher dividend of 12.2p, compared with last year’s 4.8p.

Vorih added: “While challenges remain, our team has taken additional measures to improve price and margins as we enter 2022 and we remain in a strong demand environment.

“It is also positive that, despite the operating environment, the team completed three strategic acquisitions in the year to broaden the Group’s market offering, and that these are performing well, with Adey already ahead of expectations.”