Genuit upbeat after strong performance from residential housing business
A look at the major movers on the London market on Thursday
11.58am: Piping specialist sees strong start to the year
Genuit Group PLC (LON:GEN) is on the move after a positive update.
The piping and ventilation specialist - formerly known as Polypipe - said it had made a good start to the year and now expected full year profits to be at the top end of the £80mln-£88mln range expected by analysts.
Three acquisitions were completed in February this year and are performing well
Its residential business benefited from merchants forward purchasing ahead of price increases, while strong new housing starts also boosted revenues. Supply problems are an issue and its costs have increased as a results, but it has managed to pass this on by raising its own prices.
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