Genuit Group, a leading provider of water, climate, and ventilation products in the U.K., announced that its full-year adjusted operating profit is projected to exceed market expectations. This positive outlook is attributed to the company's successful cost-cutting measures and ongoing commercial progress, despite a decline in revenue due to lower volumes.
Share prices for Genuit Group experienced a significant boost, rising by 11% following this announcement. As of Wednesday at 12:02 GMT, shares were trading at 324.50 pence, up by 32.50 pence.
During the ten months ended October 31, the company reported group revenue of £504.2 million ($630.2 million). This represents a decrease compared to the previous year's figure of £527.2 million, with volumes dropping by 11%. Nonetheless, Genuit Group believes that this decline was partially mitigated by successful new product launches, effective commercial management strategies, and expansion into international markets.
Chief Executive, Joe Vorih, underlined the importance of streamlining business operations and driving operational efficiencies to navigate the current uncertain environment. These efforts position Genuit Group favorably to capitalize on incremental margin improvements when volumes return to more normal levels.
For the fiscal year ending December 31, Genuit Group has provided a consensus adjusted operating profit forecast of £89.7 million, down from £98.2 million achieved in 2022.
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