Pipe maker hails resilience amidst difficult market
Leeds-headquartered pipe manufacturer, Genuit, has reported full year revenues of £561.3m, a 4.3% year-on-year decline (2023: £586.5m) in its audited results for the year ended 31 December 2024.
It also recorded pre-tax profits of £46.3m (2023: £48.4m) in what it describes as a resilient performance in a tough climate.
Joe Vorih, chief executive officer, said: “2024 was another challenging year for the sector, with ongoing market softness leading to reduced volumes across most segments.
“Against this backdrop, I am pleased that the measures we have taken to gain market share and drive productivity and efficiency, including through the deployment of the Genuit Business System, have delivered a further improvement in margin and strong cash generation.
“We saw some signs of market stabilisation in the second half of 2024 and market volumes in the early part of this year have been in line with management expectations. Our growth prospects remain strong, given the need for investment in UK infrastructure and housing.
“As a result, we are well-placed to take advantage of a market recovery when it comes, with strong operational gearing and a robust balance sheet enabling us to continue investing in Genuit’s long-term success.”
The business says commercial market softness in Climate Management Solutions operation was partially offset by strong growth in residential ventilation demand.
Meanwhile, Genuit explains its performance in its Water Management Solutions operation reflects challenging market conditions, including the impact of project delays due to prolonged wet weather and low business confidence.
