Genuit Group: Leeds firm hails 'resilient' performance in face of subdued market

The firm’s revenue was also down 1.8 per cent for the four months ending October 2024.

Joe Vorih, chief executive officer of Genuit Group, said: "Genuit has delivered a resilient performance in the face of market conditions that have remained subdued.

“Against this backdrop, we have made good progress with our strategy and I am delighted the Genuit Business System has continued to build momentum. Our focus on efficiency and productivity continues to support strong margins despite lower volumes.”

Mr Vorih added that the group expects the market to ”remain subdued” for the remainder of 2024 and into next year.

He also noted that the group is currently looking to mitigate any effects of changes in employer National Insurance contributions, which were announced as part of last month’s Budget.

He added: “We are also working through the impact of cost increases relating to employer National Insurance contributions and National Minimum Wage on both our own business and the industry.”

The group’s Climate Management Solutions arm saw revenues lift 1.7 per cent year-on-year for the four months ended October 2024. The firm said this performance was partly driven by strong demand in the residential sector.

The company’s Water Management Solutions arm saw revenues drop 4.9 per cent in the same period, however, while its Sustainable Building Solutions department saw a drop of two per cent.

Mr Vorih added: “The economic and social imperative to increase levels of construction and housebuilding in the UK has never been stronger. At the same time, the need to decarbonise the built environment and adapt to climate change remains clear. I am confident that Genuit's portfolio of climate friendly, labour saving, and energy efficient solutions will play a key role in supporting sustainable growth in the coming years."