16th Aug 2022 09:13
(Alliance News) - Genuit Group PLC on Tuesday said interim revenue increased, though profit inched lower as costs rose.
Genuit shares were down 3.9% at 404.00 pence each on Tuesday morning in London, making it the worst performing FTSE 250 stock in early dealings.
For the six months that June 30, the Leeds, England-based company said revenue increased 7.6% to GBP318.0 million from GBP295.6 million a year prior. Pretax profit slipped 2.7% year-on-year, however, to GBP32.9 million from GBP33.8 million.
Selling and distribution costs were 6.8% higher at GBP42.7 million, while administration expenses rose 0.8% to GBP37.7 million.
Genuit lifted its payout by 2.5% to 4.1p per share from 4.0p a year prior.
Chief Executive Officer Joe Vorih said: "Genuit has performed well in the first half. Agile pricing leadership offset inflationary pressures, and the effect of selective business decisions helped to increase our margins. These, with more focus on operational efficiency, overcame some limited headwinds while delivering revenue growth over the prior year and improving profitability throughout the second quarter."
He added: "While mindful of the macroeconomic pressures, we have good momentum as we enter the second half, and the group anticipates meeting full year expectations."
By Xindi Wei; [email protected]
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