Trading Statement
19 May 2025
Genuit Group plc
Trading in line with expectations; full year outlook maintained
Genuit Group plc ('Genuit', the 'Company' or the 'Group'), the UK's largest provider of sustainable water, climate and ventilation solutions for the built environment, today issues an update on trading for the four months ended 30 April 2025 ahead of its Annual General Meeting ("AGM"), which takes place at 13:00hrs (BST) today at 4 Victoria Place, Holbeck, Leeds LS11 5AE.
Joe Vorih, Chief Executive Officer, commented:
"We maintain our outlook for the full year with the Group trading in line with expectations during the first four months of the year and the UK market showing some encouraging signs of recovery.
Each of our Business Units has delivered organic sales growth for the first four months and we have secured some positive share gains in a competitive market. We are also making strong progress on the continued deployment of the Genuit Business System to drive productivity.
Whilst we recognise the broader macroeconomic backdrop remains uncertain, Genuit is not directly exposed to changes in trade tariffs and is well positioned to navigate this near-term environment. Over the medium-term, we remain confident in out-performing the market due to our strong exposure to sustainability-linked growth drivers."
Current Trading and Outlook
Group revenue for the four months ended 30 April 2025 was £199.3m (2024: £183.7m), representing a year-on-year increase of 8.5% (5.3% on a like-for-like basis) albeit against a low comparator.
Climate Management Solutions (c.31%* of Group revenue) - revenue was 9.0% higher year-on-year (5.2% on a like-for-like basis), with continued strong growth in residential ventilation and improving commercial sales at Nuaire. Adey's water filtration business saw revenues that were broadly flat year-on-year. Underfloor heating solution sales at Nu-Heat and Omnie were more subdued in the context of continuing softness in the RMI market, but order intake showed signs of improvement in April.
Water Management Solutions (c.28%* of Group revenue) - revenue was 9.6% higher year-on-year (1.8% on a like-for-like basis), with demand for stormwater attenuation solutions increasing in the context of drier Spring weather. The Sky Garden blue-green roof business has seen strong order intake supporting growth forecasts for the year. Good progress is being made implementing the Genuit Business System which is forecast to positively impact margin in the second half.
Sustainable Building Solutions (c.40%* of Group revenue) - revenue was 8.2% higher year-on-year on a reported and like-for-like basis, including market share gains following the exit of a competitor in the UK drainage market. Whilst volumes are still historically low, new housebuilding is showing positive signs of recovery. RMI and commercial markets remain more challenging but the Business Unit is making strong progress with added value solutions and demand related to modern methods of construction.
Whilst some dilution of Group margins is anticipated for the first half of the year due to increases in National Insurance and the minimum wage, the Group is focussed on mitigating this impact, through a combination of productivity gains and balanced cost and price management.
The Group continues to focus on securing further market share gains through organic growth initiatives and new product introduction. In parallel, strong progress is being made on deploying the Genuit Business System to further increase productivity. With a strong balance sheet, the Group also continues to cultivate the acquisition pipeline, with a focus on strategic bolt-on opportunities.
Notice of Interim Results
The Company will report its interim results for the six months ending 30 June 2025 on 12 August 2025.
* The remaining c.1% of Group revenue consists of Polypipe Italia, which is not part of our strategic Business Units.
Enquiries:
Joe Vorih, Chief Executive Officer
Tim Pullen, Chief Financial Officer
+44 (0) 1138 315315
Headland Consultancy:
|
Matt Denham |
Telephone: 020 3805 4822 Email: genuit@headlandconsultancy.com |
|
Chloe Francklin |
About Genuit Group plc
Genuit Group plc is the UK's largest provider of sustainable water, climate and ventilation products for the built environment. Genuit's solutions allow customers to mitigate and adapt to the effects of climate change and meet evolving sustainability regulations and targets.
The Group is divided into three Business Units, each of which addresses specific challenges in the built environment:
· Climate Management Solutions - Addressing the drivers for low carbon heating and cooling, and clean and healthy air ventilation.
· Water Management Solutions - Driving climate adaptation and resilience through integrated surface and drainage solutions.
· Sustainable Building Solutions - Providing a range of construction solutions to reduce the carbon content of the built environment.
Across these Business Units, Genuit's brands are some of the most well-established and innovative in the industry, including Polypipe, Nuaire and Adey.
The Group primarily serves the UK and European building and construction markets with a presence in Italy and the Netherlands and sells to specific niches in the rest of the world.
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