Genuit Group said it expected profit for the year to be at the lower end of analyst expectations after market turmoil hit trading at the end of the third quarter.
The company, which makes sustainable water, climate and ventilation products for the built environment, said group revenue for the nine months to September 30 rose 4.7% to £472m. On a like-for-like basis, growth was 3.0%.
“Against a backdrop of increased macro-economic and political uncertainty, the group has experienced tougher trading conditions over recent weeks and has not seen the normal seasonal uplift in volumes in the latter part of Q3,” Genuit said in a trading update.
“This has impacted most parts of the business, and in particular repair, maintenance and improvement, although the areas that are driven by the need for energy efficiency are trading well.”
Genuit said it was still experiencing supply chain issues and constraint in the supply of semiconductors and printed circuit boards in the upstream boiler market, which were inhibiting customer demand.
“We remain vigilant that further challenges to our supply chain such as the constraint in the supply of blowers to our Climate & Ventilation division are proactively mitigated to the greatest possible extent,” it added.
Reporting by Frank Prenesti for Sharecast.com
