Genuit has lowered its full year profit expectations to come in the range of £92m to £95m, as the manufacturing company blamed uncertainty surrounding the Budget.

The group said subdued market conditions would persist for the remainder of 2025 and into early 2026, driven by the potential impacts of the November Budget in November and the wider UK economic outlook.

Genuit, which manufactures plastic piping for the construction industry, said its trading performance had still been “resilient” in the year so far, and since it published its H1 results in August.

In its latest trading update, covering the first 10 months of the company’s financial year to 31 October, Genuit reported group revenue of £511.1m, which was 8.4% higher than last year on a reported basis, and 5.1% higher on a like-for-like basis.

The company did also state that it was “well positioned” to benefit from an eventual market recovery, including from the structural growth drivers to which it is exposed.

“Genuit has delivered a resilient performance in the second half to date against persistently challenging market conditions, with continued market share gains and increasing margins,” said CEO, Joe Vorih.

“We expect the market to remain subdued for the remainder of 2025 and into next year due to the economic and political backdrop. We are continuing to drive productivity and operational improvements through the deployment of the Genuit Business System, to help mitigate the impact of market conditions.

“We are hopeful that the UK Government Budget in November will confirm policies that are supportive of our industry. We are well positioned to supply a material increase in construction activity given the right conditions.”

---