Genuit shares spike on improved earnings guidance

Shares in Genuit Group spiked almost 8% on Thursday as the plastic pipe and ventilation products maker said annual earnings would be slightly ahead of consensus.

In a trading update for the four months to April 30, the company said revenue fell 3.8% to £201, and 4.7% on a like for like basis, driven by an 11% fall in volumes offset by higher prices in response to inflationary pressures.

EBIT consensus as compiled by Genuit, formerly known as Polypipe, is £84m with a range of £70 - £96m.

Reporting by Frank Prenesti for Sharecast.com