Leeds-based piping and ventilation systems firm Genuit Group plc — formerly called Polypipe Group — said its 2024 revenue fell 4.3% to £561.3 million and underlying profit before tax slipped 1.5% to £79.3 million.

Genuit said its second half revenue increased 0.5% on a like for like basis, following a 10.6% decline in the first half “reflecting a stabilisation of market conditions.”

Dividend per shares rises 0.8% to 12.5p.

Genuit CEO Joe Vorih said: “2024 was another challenging year for the sector, with ongoing market softness leading to reduced volumes across most segments.

“Against this backdrop, I am pleased that the measures we have taken to gain market share and drive productivity and efficiency, including through the deployment of the Genuit Business System, have delivered a further improvement in margin and strong cash generation.

“The acquisitions of Sky Garden and Omnie & Timoleon have expanded our solution offering, and we have continued to develop our acquisition pipeline.

“We saw some signs of market stabilisation in the second half of 2024 and market volumes in the early part of this year have been in line with management expectations. Our growth prospects remain strong, given the need for investment in UK infrastructure and housing.

“As a result, we are well-placed to take advantage of a market recovery when it comes, with strong operational gearing and a robust balance sheet enabling us to continue investing in Genuit’s long-term success.”