(Alliance News) - Genuit Group PLC on Thursday saw shares rise, as it reported revenue in line with expectations at the start of the year on cost saving initiatives.
Genuit is a Leeds, England-based provider of sustainable water, climate and ventilation solutions for the built environment.
For the four months ended April 30, the firm reported group revenue of GBP201.0 million, down 3.8% from GBP209.0 million year-on-year.
Genuit said this was in line with its expectations. It attributed the decline to market-driven volume decline of around 11%, offset by management of inflationary pressures through pricing.
Sustainable Building Solutions revenue, representing 41% of group revenue, was 8.5% lower than the same period in 2022. Genuit said this segment has made the most year-on-year progress delivering cost saving initiatives.
Water Management Solutions revenue, representing 29% of group revenue, was 5.1% lower, while Climate Management Solutions revenue, representing 28% of group revenue, was 7.4% higher.
"Management has made real inroads in implementing the strategic priorities we set out at the time of our capital markets event last November; including simplification of Group structures and savings in procurement spend," said Chief Executive Officer Joe Vorih.
He added: "I am also particularly pleased to see the progress already being made introducing the Genuit Business System in those parts of the business where rollouts have commenced. These improvements are already visible in our operating margins, which are ahead of the same period in the prior year, and we see further benefits ahead."
The firm will report its half-year results on August 15.
Genuit shares were trading 8.0% higher at 321.94 pence each in London on Thursday morning.
By Holly Beveridge, Alliance News reporter
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Genuit Group (GEN)