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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 £102 million to £118 million, most likely £107 million. In 2021, underlying profit stood at £75.1 million.
Revenue in the four months to April 30 was 8.3% higher than the same period of 2021, rising to £209.0 million from £193.0 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.
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