(Alliance News) - Genuit Group PLC on Thursday said trading at the start of the year has been in line with expectations, trading well against strong comparators.
The Leeds, England-based plastic pipes manufacturer formerly known as Polypipe said it expects underlying profit to be within a range of GBP102 million to GBP118 million, most likely GBP107 million. In 2021, underlying profit stood at GBP75.1 million.
Revenue in the four months to April 30 was 8.3% higher than the same period of 2021, rising to GBP209.0 million from GBP193.0 million. This, Genuit explained, was driven by acquisitions and price increases across its product portfolio.
Residential Systems revenue, which makes up 62% of the group's total revenue, was 7.8% higher against the previous year. This segment was helped by price increases and the additions of businesses Adey and Nu-Heat in February 2021, Genuit said.
Commercial & Infrastructure Systems, representing the remaining 38% of total revenue, was 9.0% higher as a result of price increases and a contribution from the acquisition of Plura in February 2021.
Shares in Genuit were down 2.1% at 413.50 pence on Thursday in London.
By Heather Rydings; heatherrydings@alliancenews.com
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Genuit Group (GEN)