Genuit Group plc (GEN.L), on Tuesday, issued a trading update for the four months ended 30 April 2024 and reported that group revenue for the four months was £183.7 million versus £201.0 million last year, a year-on-year reduction of 8.6%.
Year to date was trading in line with management expectations, with revenue performance reflecting anticipated market softness. Also, the company stated that the continued improvement in underlying operating margin was due to savings from business simplification and continued deployment of lean projects under the Genuit Business System or GBS.
Further, the management's full-year earnings expectations remain unchanged.
Joe Vorih, Chief Executive Officer, said, "Genuit continued to make encouraging strategic and operational progress in the first four months of 2024, despite ongoing market softness, and our expectations for the full year are unchanged. 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."
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