Genuit Group PLC (LSE:GEN) shares jumped over 10% to 323p after the plumbing, heating and ventilation products maker said full-year adjusted operating profit is now expected to be "marginally above" current forecasts.
The current analyst consensus is for £89.7 million of profit.
The FTSE 250-listed group said it will deliver £15 million of cost savings rather than the £8 million previously announced.
Revenue in the four months to October is 4.7% below the prior year, in line with the like-for-like reduction seen in the 10 months of the year to date, driven by an 11% reduction in sales volumes.
Sustainable Building Solutions sales were down 12.3% to £210 million, Water Management Solutions flat at £148.7 million, with strong demand for stormwater attenuation products, and Climate Management Solutions up 5% to £139.0 million, with strong demand for ventilation products.
Broker Peel Hunt said in 2024 it expects Genuit to "hold revenues broadly flat, with lower volumes being offset by some modest price inflation. Margins should edge forward again, helped by a better price/cost dynamic and the balance of the £7 million cost savings coming through."