Genuit Group reports 'good momentum' after performing well in first half of financial year

Genuit Group today said it had achieved good momentum as it entered the second half of the financial year, despite facing economic pressures.
Greg Wright
By Greg Wright
Published 16th Aug 2022, 08:57 BST

Genuit, which is a provider of sustainable water, climate and ventilation products for the built environment, has announced its unaudited interim results for the six months ended 30 June 2022.

Underlying operating profit was £47.4m a reduction of 2.5% on the prior year, which the company said was partially driven by the timing of the price increase at the start of the second quarter compensating for inflation experienced in the first quarter.

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Revenue for the six months ended 30 June 2022 was 7.6% higher than the prior year at £318.0m

Genuit Group today said it had achieved good momentum as it entered the second half of the financial year, despite facing economic pressures.Genuit Group today said it had achieved good momentum as it entered the second half of the financial year, despite facing economic pressures.
Genuit Group today said it had achieved good momentum as it entered the second half of the financial year, despite facing economic pressures.

Joe Vorih, chief executive officer, said: "Genuit has performed well in the first half. Agile pricing leadership offset inflationary pressures, and the effect of selective business decisions helped to increase our margins. These, with more focus on operational efficiency, overcame some limited headwinds while delivering revenue growth over the prior year and improving profitability throughout the second quarter.

"We continue to invest in the business, achieving increased sales from new and innovative products, and positioning us to deliver our sustainability plans which now include our science-based targets.

"Our structural tailwinds are driven by regulation and the resulting investment needed to mitigate and adapt to effects of climate change. We remain focused on unlocking ways to accelerate growth and expand operating margin. While mindful of the macroeconomic pressures, we have good momentum as we enter the second half, and the group anticipates meeting full year expectations."