15th Mar 2022 10:10
(Alliance News) - Genuit Group PLC on Tuesday posted a significant increase in profit and revenue for 2021 on improved demand and price "leadership" in the market and lifted its payout to shareholders.
The Doncaster, South Yorkshire-based company, which was previously called Polypipe, manufactures water, climate and ventilation systems for use in residential, commercial, civil and infrastructure settings.
In 2021, the FTSE 250 company's pretax profit more than doubled to GBP62.9 million from GBP23.8 million in 2020.
This was on revenue growth of 49% year-on-year to GBP594.3 million from GBP398.6 million.
Genuit credited this performance to a substantial increase in demand and robust price "leadership" in the market.
As a result, Genuit proposed a final dividend of 8.2 pence per share, bringing the total payout to 12.2 pence, more than doubled from 4.8p the year prior year.
The company said that it is offsetting input cost inflation with necessary market leading price increases, and has already taken a number of actions to address "the lag impact of the price increases."
While Genuit expressed mindfulness around "the global macro-economic uncertainty from the ongoing tragic events in Ukraine," it stated that it is benefiting from strong momentum and believes it is well-positioned to make further progress this year.
"I am delighted to have joined Genuit and pleased to report that the group has delivered another strong performance, toward the higher end of expectations, despite cost inflation and some supply chain constraints. While challenges remain, our team has taken additional measures to improve price and margins as we enter 2022 and we remain in a strong demand environment," Chief Executive Joe Vorih said.
Genuit shares were trading 0.8% higher in London on Tuesday morning at 512.00 pence each.
By Abby Amoakuh; [email protected]
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