Sustainability pushes record revenues for Genuit Group

Genuit Group plc, the manufacturer of sustainable water, climate and ventilation products for the built environment,  saw revenue increase by 4.7% to  £622.2m on a strong comparative year, with operating performance marginally ahead of expectations, though operating profit was down 20.4% at £53.4m.

Joe Vorih, Chief Executive Officer, said “As I reflect on my first full year as Chief Executive Officer of Genuit, I would like to thank our talented and purpose-driven team for delivering a record level of revenue and profit despite considerable inflation, housing market uncertainty and supply chain disruption. As committed, we have improved our pricing processes, begun the simplification of the business to unlock synergies and lower structural costs, and strengthened our sustainability leadership with the adoption of our Science-Based Targets (SBTs) and a reduction in carbon intensity through the year.

“Further, our new Sustainable Solutions for Growth strategy has been well-received by investors and employees alike. We have put in place a new business structure and are focusing on climate-driven long-term investment to deliver above-market organic growth and profitability with clear mid-term targets. While short-term market instability will likely remain through much of 2023, our self-help measures, the Genuit Business System, and investment for sustainability-driven growth should position us well to deliver against our financial and strategic commitments.”