Genuit: Leeds-based firm sees 'another challenging year'

The company also saw full year revenue of £561.3m, a drop of 4.3 per cent year-on-year.

Genuit added that revenue in the second half of the year increased 0.5 per cent on a like-for-like basis, following a 10.6 per cent decline in the first half, reflecting a “stabilisation of market conditions”.

Joe Vorih, chief executive officer of Genuit, 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.

“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.”

The company said that market volumes in 2024 had “remained subdued” due to ongoing weakness in newbuild, repair, maintenance, and improvement and commercial markets, and “lower business and consumer confidence surrounding the UK Government Budget in October”.

The firm said in a statement that trading for 2025, however, had started “in line with management expectations”.

The group said it was now aiming to offset the previously disclosed £5m impact of the Autumn budget through “productivity and balanced cost and price management”.

Mr Vorih added: “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.”

In August of last year, Genuit acquired green roof technology firm Sky Garden, for £2.6m, as well as underfloor heating company Omnie & Timoleon, for £2.7m

Mr Vorih said the acquisitions had “expanded” the firm’s solution offering.

The group said that Sky Garden had contributed £3.3m of revenue and £0.1m loss of earnings before interest, taxes, depreciation, and amortisation (EBITDA) to the reported results of the group over five months of trading.

Omnie & Timoleon also contributed £2.5m of revenue and £0.6m loss of EBITDA.