Manufacturer says reduced revenues are in line with expectations

Manufacturer Genuit Group said a 4% fall in revenues over the four months to April was in line with its expectations reflecting short-term market dynamics and disciplined approach to higher quality business.

The Leeds firm, the UK’s largest provider of built-environment sustainable water, climate and ventilation solutions, said in a statement to the London Stock Exchange that  it was making good progress on self-help measures during the first four months of 2023, and it expected full-year operating profits to be ahead of the current consensus. It will report its interim results for the first half in mid-August.

Group revenue for the four months ended 30 April 2023 was £201m, compared to £209m in 2022.

Its steps to simplify its business and address costs included the continuing roll out of its business system into two sites across separate businesses, which began last November, with a third to be launched this year

Chief executive Joe Vorih said, “Management has made real inroads in implementing the strategic priorities we set out at the time of our capital markets event last November; including simplification of Group structures and savings in procurement spend. I am also particularly pleased to see the progress already being made introducing the Genuit Business System in those parts of the business where rollouts have commenced. These improvements are already visible in our operating margins, which are ahead of the same period in the prior year, and we see further benefits ahead.”