Genuit YTD revenues down amid 'subdued' conditions

19th Nov 2024 08:07

(Sharecast News) - Plastic piping manufacturer Genuit said on Tuesday that it has delivered a "resilient performance" year-to-date, despite operating in "subdued market conditions".

Genuit said revenue was down 1.8% in the four months ended 31 October but was 7.1% lower on a like-for-like, year-to-date basis.

The FTSE 250-listed group also noted that market conditions were expected to "remain subdued" through the rest of 2024 and into 2025. As a result, Genuit expects full-year underlying operating profits to be broadly in line with the lower end of analyst expectations of £92.0m-94.0m.

Chief executive Joe Vorih said: "Genuit has delivered a resilient performance in the face of market conditions that have remained subdued. Against this backdrop, we have made good progress with our strategy.

"In the near term, we expect the market to remain subdued for the remainder of 2024 and into next year."

As of 0925 GMT, Genuit shares were down 0.12% at 418.50p.

Reporting by Iain Gilbert at Sharecast.com