Half Year 2024 Genuit Group PLC Earnings Call Transcript
Key Points
- Genuit Group PLC (LSE:GEN) achieved a 60 basis points improvement in profit despite challenging market conditions.
- The company successfully completed a GBP15 million savings program, including the closure of two sites, without reducing capacity.
- Strong cash generation led to a 40% increase from the prior year, reducing net debt to 1.1 times.
- Two strategic acquisitions were made, expanding the company's presence in green roofs and underfloor heating markets.
- The company maintained its interim dividend of 4.1p, reflecting confidence in cash generation and strategic execution.
- Revenue declined by 10.6% due to subdued market conditions, including a downturn in new house building and commercial construction.
- Earnings per share decreased by about 10%, reflecting the challenging market environment.
- The company faced project delays due to excessively wet weather, impacting storm water management installations.
- There was an impairment of goodwill at Adey due to a delayed recovery in the boiler market, resulting in a GBP12 million write-down.
- The high interest rate environment and uncertain market conditions continue to pose challenges for growth.
Welcome. Great to have everybody here, and we're getting sort of late in the season. And so I think about half of the room is probably had enough the holiday after this, but I think we've got some good message here and really looking forward to giving you a quick update as to how Genuit and the whole team fared in the first half of it, admittedly an interesting year. So let's dive into it. So as usual, I'll give you just a quick opening introduction, set the stage a little bit turn over to Tim, our CFO, who will take you through the numbers.
I'll come back and I think quite an interesting bit on strategy progress because it's been, I think, quite a meaningful half of the year for us in that sense. So unless anything else, let's dive right in. So first, in terms of highlights, look, I'm very pleased that the team through all the work that we've put in place in the last 2.5 years is set the groundwork for actually what's been a 60 basis points profit improvement in what has been a difficult market condition.
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