Genuit Group PLC

Latest Results (06.03.2026):

Genuit Group PLC — results for the year ended 31 December 2024 (including Q4 2024): full‑year revenue fell 4.3% to £561.3m, underlying operating profit was £92.2m (down 2.0%) while underlying operating margin improved by 40bps to 16.4%. Underlying basic EPS was 24.6p (‑2.4%), statutory basic EPS was 13.5p (‑12.9%). The group delivered very strong cash generation (underlying operating cash conversion 99.3%) and reduced net leverage to c.0.9x pro‑forma EBITDA. The Board proposes a full‑year dividend of 12.5p. Management notes market stabilisation in H2 2024 and expects to drive medium‑term margin expansion via the Genuit Business System and disciplined M&A.

Financial headline

Genuit Group PLC reported FY 2024 revenue of £561.3m (‑4.3% vs 2023) and underlying operating profit of £92.2m (‑2.0%), with underlying operating margin rising to 16.4% from 16.0% a year earlier.

Profitability & earnings

Underlying EPS was 24.6p (down 2.4%); statutory operating profit was £59.2m and statutory basic EPS was 13.5p. Management attributes margin improvement to productivity gains and centralised purchasing.

Cash generation & balance sheet

Cash from operations was £115.5m; underlying operating cash conversion was 99.3% (post‑capex). Net debt (including IFRS16) reduced to £129.2m and leverage was c.0.9x pro‑forma EBITDA, providing significant headroom against covenants.

Segment performance

Climate Management Solutions: revenue £161.6m (‑2.6%); margin up 120bps to 14.9%. Water Management Solutions: revenue £160.9m (‑5.6%); margin down 190bps to 8.5% due to project delays and lower volumes. Sustainable Building Solutions: revenue £231.7m (‑4.6%); margin up 160bps to 23.5%.

Acquisitions & integration

Genuit completed two small acquisitions in August 2024 (Sky Garden for £2.6m and Omnie & Timoleon for £2.7m). Integration is underway and management expects these to extend solution offering and support growth in targeted markets.

Non‑underlying items and impairments

Non‑underlying items before tax were £33.0m (including £12.4m goodwill impairment recorded in respect of Adey), which weighed on statutory profit. Non‑underlying after‑tax items were £27.6m.

Dividend & shareholder returns

The Board proposes a total dividend of 12.5p for FY 2024 (up marginally from 12.4p), consistent with a progressive dividend policy and supported by the stronger balance sheet.

Outlook & guidance

Management reports signs of market stabilisation in H2 2024 and says 2025 trading started in line with expectations. The Group reiterates a medium‑term target operating margin of >20% driven by Genuit Business System productivity and operating leverage as volumes recover.

Sustainability & operational improvement

Genuit highlights progress on sustainability (6.5% reduction in key GHG categories, 52.0% recyclate polymer content) and further roll‑out of the Genuit Business System (GBS) as a core driver of future margin and productivity gains.