Genuit Group


Market Cap£1510.8m

Last Close 610p

Genuit is a leading supplier of largely plastic building products and systems. Operations in the UK (c 90% of revenue) address a broad range of sectors including residential, commercial and civil building demand and a number of subsectors within them.

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Investment summary

Good trading momentum seen at the end of FY20 has continued into Genuit’s new financial year and, compared to pre-pandemic FY19, like-for-like revenues (for the first four months to end April) were ahead by 13.5%. Headline revenues (+31.7%) have been further boosted by acquisitions made earlier in the year – with both divisions benefitting – and the largest of which (Adey) is performing ahead of expectations. Challenges in the polymer input market have been effectively managed to date with no business disruption. While flagging some market uncertainties for H2, management retains its expectation of strong progress for the year. Our estimates are under review.

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2019A 447.6 99.1 70.8 29.2 20.9 13.6
2020A 398.6 63.4 35.7 13.3 45.9 21.6
2021E 534.6 113.0 81.0 26.9 22.7 14.9
2022E 568.7 120.1 87.8 29.1 21.0 12.8
Industry outlook

The Construction Products Association estimates that sector activity contracted by c 14% overall in 2020 and expects this to be followed by a similar percentage rise in output in 2021, followed by almost 5% in 2022.

Last updated on 21/06/2021
Content on Genuit Group
Polypipe – Acquisitions feed into FY21 earnings recovery
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Share price graph
Balance sheet
Forecast net debt (£m) 126.3
Forecast gearing ratio (%) 20
Price performance
Actual 0.0 12.8 37.2
Relative* (0.6) 7.1 18.8
52-week high/low 659.0p/396.0p
*% relative to local index
Key management
Martin Payne CEO
Paul James CFO