Pipe manufacturer, Genuit, has continued to outperform its peers and gain market share as it revealed a robust set of results.<\/p>\n
In the six months to 30 June, revenue was up 9% to \u00a3297.8m, while pre-tax profits for the period increased 7% to \u00a338.8m. Pre-tax profit was 7% to \u00a338.8m.<\/p>\n
The Leeds-based company said underlying operating profit of \u00a344.6m, nudged up 2.3% year-on-year, despite the increased costs associated with the national insurance and national minimum wage hikes.<\/p>\n
Joe Vorih, chief executive officer, said: \u201cThe group returned to top line growth in the first half of this year, outperforming a market that continues to be characterised by weak confidence and broadly flat volumes. In this context, we are pleased to have delivered growth in key segments including ventilation and blue-green roofs, as well as targeted market share gains.<\/p>\n
\u201cAs we look forward into the second half, we anticipate these challenging market conditions to persist, although with margins benefiting from price actions, cost efficiency and productivity actions already underway, supported by the Genuit Business System. We expect underlying operating profit for the year to be in-line with consensus.<\/p>\n
\u201cWe are confident in our ability to continue to outperform our markets, with supportive regulatory-driven tailwinds emerging, including the Future Homes Standard, where our breadth of offering is supporting our customers’ development, and the AMP8 spending cycle, with its focus on stormwater management solutions.”<\/p>\n","protected":false},"excerpt":{"rendered":"
Genuit has continued to outperform its peers and gain market share <\/p>\n","protected":false},"author":271992,"featured_media":2106269,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53262],"coauthors":[137100],"class_list":["post-2142442","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","tag-featured-story","tag-yorkshire"],"yoast_head":"\n