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Genuit shares rise as annual profit predicted to exceed expectations

15th Nov 2023 09:03

(Alliance News) - Genuit Group PLC on Wednesday said it expects to achieve full-year adjusted operating profit "marginally above" market expectations of GBP89.7 million.

Shares in Genuit rose 9.8% to 320.50 pence each in London on Wednesday morning.

This comes as the Leeds, England-based provider of water, climate and ventilation systems for buildings and infrastructure said trading in the prior four months has been in line with its expectations, with its performance supported by the diversity of its market segment exposure.

Genuit added that revenue in the first 10 months of the year was GBP504.2 million, down 4.8% on a like-for-like basis from the year before.

Chief Executive Officer Joe Vorih commented: "We have made good progress over the last four months, with demand in our drainage, storm water and ventilation markets holding up well, supported by structural and sustainability growth drivers."

By Sabrina Penty, Alliance News reporter

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