Genuit Group (GEN) Trading Update summary

Trading performance and financials

• Revenue for the ten months to 31 October 2024 was £471.7m, down 6.4% year-on-year on a reported basis and 7.1% like-for-like.

• Underlying operating profit is expected to be at the lower end of analyst expectations, with continued margin progression.

• Strong cash generation enabled a £5m debt reduction since June; leverage expected to be around 1.1x at year-end.

Business unit performance

• Climate Management Solutions saw a 1.7% like-for-like revenue increase in the last four months, driven by residential ventilation demand.

• Water Management Solutions revenue declined 4.9% like-for-like in the last four months, impacted by project delays.

• Sustainable Building Solutions sales fell 2.0% like-for-like in the last four months, but new business wins are expected to boost 2025 revenues.

Strategic initiatives and acquisitions

• Genuit Business System continues to drive productivity improvements and operational gearing.

• Recent acquisitions (Sky Garden, Omnie & Timoleon) contributed £3.5m revenue in four months, with integration on track.

• The group remains highly cash generative and maintains a strong balance sheet, supporting future strategic acquisitions.