The Yorkshire-based Genuit Group delivers strong revenue and profit growth after being boosted by acquisitions
The Yorkshire-based Genuit Group today revealed it had delivered strong revenue and profit growth over the first half of the financial year, despite facing cost inflation.
Genuit Group, which provides sustainable water and climate management services for buildings, has announced its unaudited interim results for the six months ended 30 June 2021.
The company said its profit growth has been achieved by driving higher volumes despite some supply constraints and "considerable" cost inflation, particularly in relation to raw materials.
The management expects full year operating margins to be broadly in line with the first half.
Revenue for the six months ended 30 June 2021 was 70.3% higher than the prior year at £295.6m and 32.4% above 2019.
Underlying operating profit was 362.9% higher than the prior year at £48.6m and 23.7% higher than the same period in 2019.
Martin Payne, the chief executive officer, said: “I am delighted with the group’s performance in the first half with strong revenue and profit growth in recovering markets, despite cost headwinds.
"This reflects good organic trading as well as the contribution from our three recent acquisitions, which are performing well. I would like to thank all our people for their continued hard work in the face of ongoing challenges from the pandemic as well as significant increases in demand.
"The alignment of our group strategy around sustainability and environmental drivers as well as strong market demand has seen momentum continue into the second half and the board expects full year performance to be ahead of previous management expectations.”
Mr Payne said the group employed between half and two thirds of its 3,500 staff in Yorkshire and he believed the economic outlook for the rest of the year was "pretty positive" with demand from the construction market likely to remain strong.