Leeds-based Genuit Group has said it expects to report lower than expected profits after a hit from warmer weather and “challenging” market conditions.
Published 20th Oct 2026, 16:45 BST
The firm said it now expects full-year underlying operating profit to land at approximately £84m, down from previous analysts expectations of £91m to £96m.
In an announcement to the London Stock Exchange, Genuit said: “Challenging market conditions have persisted since our interim results in August, and have worsened in some specific markets most notably our Heating businesses due to the unseasonably warm weather and anticipated interest rate rises.”
It came as the company reported revenue for the nine months ended 30 September of £464.5m up 3.5 per cent year-on-year on a reported basis and down 4.3% per cent on a like-for-like basis.
With its headquarters in Holbeck, Leeds, Genuit provides sustainable water, climate and ventilation products to building projects to help mitigate the effects of climate change and meet sustainability rules,
Speaking on the announcement, Joe Vorih, chief executive officer of Genuit, said: "As highlighted at our interim results in August, we expected challenging market conditions to persist for the rest of the year and that has been the case.
“While the majority of the Group has delivered a resilient performance, conditions have worsened in some specific markets due to unseasonably warm weather and the prevailing economic environment.
“Against this backdrop, we continue to focus on what we can control, including continued business simplification, cost discipline and the ongoing deployment of the Genuit Business System.”
Genuit’s Climate Division reported revenue for the nine months ended 30 September of £135.2m, up 3.5 per cent year-on-year on a reported basis and down 7.2 per cent on a like-for-like basis.
This came after the company reported weaker volumes in its heating division due to the year’s warm weather.
The firm’s Water Division reported revenue of £328.5m up 4.0 per cent on a reported basis and down 3.3 per cent on a like-for-like basis.
Mr Vorih added: “Looking ahead, whilst we expect challenging conditions to continue into the new year, Genuit remains well-placed in markets with regulatory and sustainability-related growth drivers.
“Structural tailwinds including the Future Homes Standard, Warm Homes Plan, social housing policies and the AMP8 water spending cycle will increasingly create further opportunities from next year.
“In addition, simplification initiatives already announced will generate over £4m of operating profit benefit in 2027."
It comes after Genuit said in August that it had lost £600,000 as a result of a cyber attack by online fraudsters on its Middle East operations.