Leeds-based piping and ventilation systems firm Genuit Group plc — formerly called Polypipe Group — said on Tuesday its revenue for the six months ended June 30, 2024, fell 10.6% to £272.4 million “driven by a volume decline of 10.5% that was in line with a subdued market.”

Statutory profit before tax fell 48.5% to £15.3 million.

However, the firm intends to maintain its interim dividend at 4.1p per share “demonstrating the board’s confidence in the medium-term growth prospects of the group.”

Genuit describes itself as “the UK’s largest provider of sustainable water, climate and ventilation products for the built environment.”

Genuit Group CEO Joe Vorih said: “Whilst the market remains subdued in 2024, the group demonstrated continued operating margin improvement in the first half over prior year, as the benefits of our strategic actions continue.

“I’m particularly pleased at the momentum building in the embedding of the Genuit Business System through our businesses. I’m also delighted to welcome new colleagues from our two recent acquisitions into the group as we advance our Sustainable Solutions for Growth strategy.

“As we look forward into the second half, we currently anticipate these market conditions to remain, offset by continued operational and strategic progress.

“We continue to expect full year underlying operating profit to be within the range of analyst forecasts. 

“The Genuit Group is exceptionally well positioned to benefit from eventual market recovery, with business simplification complete, at least 20% available capacity to ramp production and improved operational gearing providing confidence in medium term targets.”