Tuesday 17 August 2021 11:34 am

Climate management solutions group Genuit sees revenue climb ahead of COP26

Climate management solutions group Genuit has had its half-year revenue climb to £295.6m as the need for climate conscious measures has gripped the UK ahead of COP26.  

Revenue was up 32.4 per cent on pre-pandemic levels, as the group worked with the construction industry to provide sustainable water, as well as climate and ventilation management solutions.

Operating profit hit £36.3m in the six months to 30 June, swinging from the £6.2m it recorded last year.

Shares jumped a little over six per cent by mid-morning at 687p per share.

The group has reinstated also its dividend of 4p after retracting it last year amid the pandemic.

“This reflects good organic trading as well as the contribution from our three recent acquisitions, which are performing well,” CEO Martin Payne said.

“The alignment of our group strategy around sustainability and environmental drivers as well as strong market demand has seen momentum continue into the second half and the board expects full year performance to be ahead of previous management expectations.”

Genuit, formerly known as the Polypipe Group, has bought water cleaning tech firm Adey, underfloor heating company Nu-Heat and a controlling share in utility product manufacturer Plura in the past six months.

Despite the strong fiscal performance, the group has cautioned that labour supply shortages and raw material cost inflation will make the upcoming financial year harder to navigate.