Shares of Leeds-based piping and ventilation systems firm Genuit Group plc — formerly called Polypipe Group — fell as much as 6% after it published unaudited interim results for the six months ended June 30, 2026.

Genuit said first-half revenue rose 3.4% to £307.8 million but underlying profit before tax fell 5.2% to £36.8 million. 

The Leeds firm is proposing an interim dividend per share of 4.2p (H1 2025: 4.2p) “reflecting the strength of the balance sheet, the board’s confidence in medium-term prospects and the group’s progressive dividend policy.”

However, Genuit revealed: “During the period, a social engineering fraud targeted our Middle East operation during a time of uncertainty amidst the regional conflict.

“A financial loss of £0.6m was incurred as a result of this, being primarily the excess on the Group’s crime insurance policy as well as other costs associated with the investigation of the loss.”

In its outlook, the Leeds firm said: “Challenging market conditions are expected to persist for the rest of the year as a result of the ongoing Middle East conflict and current UK political and economic circumstances.”

Genuit CEO Joe Vorih said: “Genuit took decisive and responsible action in the first half of the year in the face of challenging market conditions.

“We worked with customers to implement price increases in response to cost inflation driven by the Middle East conflict and accelerated the simplification of the business and controlled costs in response to lower market volumes.

“We have successfully integrated the two acquisitions made in 2025, with both performing as anticipated and commercial synergies from Monodraught ahead of our expectations. 

“While we expect these challenging market conditions to persist through the rest of the year, margins will benefit from the pricing action taken in the first half, continued cost discipline and the ongoing deployment of the Genuit Business System. Our expectations for the full year remain unchanged.

“Looking ahead, 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.”