Genuit Group PLC on Tuesday said revenue in the first four months of the year was lower amid expected market softness in housebuilding and wet weather in the UK.

The Leeds, England-based provider of water, climate and ventilation systems for buildings and infrastructure said revenue in the first four months of 2024 was £183.7 million, down 8.6% from £201.0 million a year before.

Notably, Sustainable Building Solutions revenue declined 11% annually, amid continued softness in new housebuilding and repair, maintenance & improvement markets. Genuit emphasised that underlying operating margin improved slightly in the unit despite the revenue fall. The division accounts for about 41% of the company’s revenue.

Further, Water Management Solutions revenue was down 12% due to wet weather conditions. ‘The volume and intensity of rainfall in key markets continues to underline the need for stormwater attenuation solutions and acts as a structural driver for future growth,’ Genuit said. Water Management Solutions provides about 28% of Genuit’s revenue.

In Climate Management Solutions, revenue ticked down 2.5% due to weakness in the boiler market affecting sales at Adey, which serves the heating industry. The Nuaire ventilation business continued to offset that weakness, however, Genuit said. Climate Management Solutions are about 30% of Genuit’s revenue.

Chief Executive Officer Joe Vorih said: ‘We are continuing to benefit from our focus on business simplification, continuous operational improvement and product innovation which is driving an improved operating margin. Genuit is in a strong position to benefit from the normalisation of volumes as markets recover, and we continue to see growth potential in our markets due to the structural sustainability drivers to which we are exposed.’

Genuit will report its interim results on August 13.

Shares were down 1.6% to 467.00 pence each on Tuesday morning in London.

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