DAVY VIEW

Genuit’s 2022 adjusted operating profit has beaten expectations by around 3%. It was not an easy year for the business but, encouragingly, the group operating margin improved in the second half. Towards the end of the year, the group held a Capital Markets Day that provided a strategy update and set out a number of testing medium-term financial targets. While the level of ambition is to be welcomed, the more prosaic near-term focus will be on dealing with challenging end-markets.