We’re
helping
Construction
build better
Genuit Group plc
Annual Report & Accounts 2021

Product featured on the front cover of this Report is
the Drimaster-Eco Positive Input Ventilation Unit.
We‘re helping Construction
build better, by being the UK’s
leading provider of sustainable
water, climate and ventilation
management solutions for
the built environment.
We are the Genuit Group
Sustainability is at the heart of how we run our
businesses, ensuring we have the most talented,
empowered, and diverse teams focusing on our
key objectives around growth, innovation and
addressing the challenges facing construction.

Forward-looking statements
This Annual Report contains various
forward-looking statements that
reflect management’s current
viewwith respect to future events
and financial and operational
performance. All statements reflect
knowledge and information available
as at the date of preparation of this
Annual Report and there can be
noassurance that forward-looking
statements will prove to be accurate,
asactual results and future events
could differ materially from those
anticipated in such statements.
Therefore, nothing in this Annual
Report should be construed as a
profit forecast.
Governance
Chairman’s Letter 58
Directors and Officers 62
Corporate Governance Statement 64
Nomination Committee Report 74
Risk Committee Report 78
Audit Committee Report 81
Directors’ Report 86
Directors’ Responsibilities Statement 90
Remuneration
Letter from the Chair of the
Remuneration Committee 92
Remuneration at a Glance 96
Remuneration Policy 97
Annual Report on Remuneration 105
Financial Statements
Independent Auditor’s Report 118
Group Income Statement 128
Group Statement of
ComprehensiveIncome 129
Group Balance Sheet 130
Group Statement of Changes
in Equity 131
Group Cash Flow Statement 132
Notes to the Group
FinancialStatements 133
Directors’ Responsibilities
Statement 160
Company Balance Sheet 161
Company Statement of Changes
inEquity 162
Company Cash Flow Statement 163
Notes to the Company
FinancialStatements 164
Shareholder Information 169
Business Overview
Highlights 02
Group Overview 03
Investment Proposition 04
Strategic Report
Chairman and Chief Executive
OfficerReview 06
Marketplace Review 08
Our Business Model 12
Our sustainability framework
Advancing the circular economy 14
Tackling climate change 16
Developing sustainable solutions 18
Investing in an engaged
and diverse workforce 20
Six Strategic Growth Drivers 22
Key Performance Indicators 24
Sustainable Solutions 26
Our sustainability framework 28
Sustainable Operations 30
Task Force on Climate-related
Financial Disclosures Report 33
People 36
Health, safety and wellbeing 38
Engagement with our stakeholders 40
Section 172 Statement 42
Chief Financial Officer’s Report 45
Principal Risks and Uncertainties 51
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 01

Highlights
The Group has continued to outperform
theconstruction market, and made
strongprogress against its ESG targets.
Highlights
• Revenue increase of 49.1% due to
significant increase in demand and
robust price leadership in the market
• Ongoing recovery in underlying
operating profit margin despite
costheadwinds and supply
chainconstraints
• Underlying basic earnings per share
of 30.6p, an increase of 126.7%
• Strong operational cash
management and balance sheet,
net debt 1.2 times pro forma EBITDA
• Continued strategic investment in
business, net capital expenditure
of£34.1m
• Proposed final 2021 dividend of 8.2p
per share
• The three acquisitions made in the
year (Adey, Nu-Heat and Plura)
performed well, with Adey
exceedingexpectations
• A strongly supported £96.3m capital
raise to help fund the Adey acquisition
• Continuing to invest in market
leading brands and growth drivers
underpinned by sustainability,
resilience and adaptation
ESG Highlights
• The Group is making progress against
its 2025 ESG targets and senior
management’s incentive
programmes are now aligned tothese
• Continued focus on serving the
needs created by four key
sustainability drivers:
• Increasing need for
resilientdrainage;
• Need for green urbanisation;
• Increased focus on clean healthy
indoor air and ventilation; and
• A move towards a low, or zero
carbon, built environment.
• As well as serving the needs of our
sustainability-based growth drivers,
we continue our progress on
operating sustainably:
• Material consumed from recycled
inputs increased to 49.4%, against
a target of 62.0% by 2025;
• 44.0% reduction in CO
2 intensity,
signed up to Pledge to Net Zero 1.5
Degree Scheme and we are in the
process of gaining SBTi verification;
• Increased sales of new products to
a value of £120.0m (2019: £77.1m)
resulting in a Vitality Index of 20.2%,
against our target of 25.0% by
2025;and
• 3.2% of our workforce were in
accredited earn and learn
programmes and we were awarded
Silver Status within The 5% Club
Revenue
49.1%
2021
2020
2019
594.3
398.6
447.6
£m
Underlying operating profit
125.8%
2021
2020
2019
95.3
42.2
78.1
£m
Profit before tax
164.3%
2021
2020
2019
62.9
23.8
60.1
£m
Underlying cash generated
fromoperations
45.5%
2021
2020
2019
57. 2
39.3
72.8
£m
Underlying basic earnings
pershare
126.7%
2021
2020
2019
30.6
13.5
29.6
PPS
Net debt
£138.0m
2021
2020
2019
165.7
27.7
164.8
£m
02 Genuit Group plc Annual Report & Accounts 2021

Our Vision
Genuit Group has a clear goal to be the leading, UK-focused,
provider of sustainable construction products.
Our Purpose
Our colleagues across all of our businesses are focused on ‘Helping
Construction Build Better’. We bring a collaborative and problem-solving
mindset to the challenges faced by our customers in improving the built
environment. This covers everything from building in more sustainable
ways, and creating better spaces, through to helping the promotion of
modern methods of construction. Genuit Group is part of the construction
community, with a clear sense of purpose and role within it.
Our Culture and Values
Genuit Group is a decentralised group. We believe that our key expertise
sits in our businesses, close to our customers and the opportunities within
their sectors. Therefore we enable and empower our people so that
decision-making is performed in a timely manner, by those close to our
markets. We promote a culture where people understand how they
contribute to our success, so that their decision-making takes account
ofall the relevant stakeholders.
When the Group re-branded to Genuit Group in 2021, we created a name
which would allow people to recognise a connection to the key values
and ways of working which exist across all of our businesses. The themes
of being genuine and problem-solving ingenuity, are referred to across
the Group and although the businesses sometimes articulate these
slightly differently in their local values, nonetheless they are characteristics
which go to the heart of how we operate.
Group Overview
Genuit Group helps to create a better built environment.
We recognise the role that thebuilt environment has in
meeting the requirements of climate change adaptation
and resilience, and we develop and manufacture
sustainable solutions to thekey challenges faced
withinwater, climate and ventilationmanagement.
Winning Sustainably
We focus on providing solutions for
climate change adaptation and
resilience. We believe that in doing so,
it is imperative that we operate our
Group in the most sustainable way
possible in order to be consistent with
our commercial objectives. Therefore,
in 2020 we communicated a broad
range of sustainability-based
objectives, covering the near,
medium, and longer term.
Genuit Group has raised the bar
in the way we hold ourselves
accountable against these targets,
whether in our remuneration, via
incentive programmes, or in our use
of third party verification. Working
together, we will make the built
environment more sustainable
for generations to come.
We hold market leading positions
across key segments in residential,
commercial and infrastructure sectors,
and our brand portfolio comprises
some of the most respected names
inthe construction industry.
3,658
colleagues
29
sites
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 03

Sales by Sector 2021
UK - RMI 32.0%
UK - Infrastructure 5.0%
UK - New Build 33.0%
UK - Commercial – Private 12.0%
UK – Commercial – Public 8.0%
RoW 4.0%
Europe 6.0%
UK 90.0%
Overseas
10.0%
Investment Proposition
Genuit Group is the UK’s leading provider of
sustainable water and climate management
solutions for the built environment.
1.
Market leadership positions
across a portfolio which has a
balanced exposure to all
sectors of the construction
market and its cycle.
The Group has leading positions in its
key markets, including commercial
ventilation, underfloor heating, above
ground drainage, hydronic filters, and
plastic plumbing systems. We manage
our portfolio across residential,
commercial, and infrastructure
sectors, in both new build and RMI, in
order to balance against market
cyclicality.
Read more on pages 8 to 13
2.
Successful business model,
with barriers to entry and
experienced colleagues.
Genuit Group is a decentralised
business model, which allows our
experienced management teams to
make market driven decisions in a
timely manner, and to best serve the
needs of their customers. The Group
supports its businesses with
investment in technology, and the
development of its people to ensure
we combine agility with the scale
benefits our Group can provide. This
business model creates barriers to
entry and protects our market
positions.
Read more on pages 8 to 23
3.
Significant structural
growthopportunities.
Genuit Group is focused on sectors
supported by clear drivers which can
sustain a growth rate of 2% to 4%
above the construction market
average, across the cycle. We pursue
these growth drivers both organically
and inorganically. Regulatory and
environmental factors continue to
provide significant growth
opportunities in both water and
climate management, and will drive
adoption and greater penetration of
new technologies such as underfloor
heating and hydronic filters. The Group
is also well placed to benefit from
policies aimed at addressing the
ongoing structural housing deficit.
Read more on pages 22 to 23
4.
Strong ESG credentials
with clear targets and
sustainability at the heart
ofour business.
Genuit Group has set ambitious
sustainability targets for 2025, and will
be publishing Science Based Targets
which take us beyond that as part of
our commitment to the Pledge to
NetZero. As well as being clear on
reducing the impact of our business
on the environment, Genuit offers a
broad range of solutions to help with
the mitigation of, and adaptation to,
the challenges that climate
changebring.
Read more on pages 14 to 19
5.
A strong, proven,
financialtrack record.
Our above market growth rate, and
ability to use our scale delivers strong
profitability and cashflow. The Group
has a strong M&A record, delivering
three transactions in 2021 and
continues to see opportunities for
further expansion into adjacent
sectors, as well as portfolio completion
within its existing segments. The Group
has a balance sheet capable of
supporting future growth and has no
defined benefit pension scheme.
Read more on pages 45 to 50
Committed
targets for 2025
Experienced
and skilled teams
2-4%
Growth rate above
construction market
average across the cycle
3 years: profit before tax
2021
2020
2019
62.9
23.8
60.1
£m
04 Genuit Group plc Annual Report & Accounts 2021

Strategic Report
Chairman and Chief Executive
OfficerReview 06
Marketplace Review 08
Our Business Model 12
Our sustainability framework
Advancing the circular economy 14
Tackling climate change 16
Developing sustainable solutions 18
Investing in an engaged
and diverse workforce 20
Six Strategic Growth Drivers 22
Key Performance Indicators 24
Sustainable Solutions 26
Our sustainability framework 28
Sustainable Operations 30
Task Force on Climate-related
Financial Disclosures Report 33
People 36
Health, safety and wellbeing 38
Engagement with our stakeholders 40
Section 172 Statement 42
Chief Financial Officer’s Report 45
Principal Risks and Uncertainties 51
Financial
Statements
Business
Overview Governance Remuneration 05
Strategic
Report

We are delighted to report that the
Group has delivered a record
performance in the year with revenue
49.1% higher than prior year at £594.3m
(2020: £398.6m) and 32.8% above 2019
(£447.6m). CPA statistics show the UK
market was 3.6% below 2019 levels,
andso it is pleasing to see us
outperforming the market with
like-for-like volume growth of 2.6%
versus 2019. This is a reflection of our
businesses being focused on real
growth drivers and providing
innovative solutions that our
customers value. The acquisitions we
completed early in 2021 are all
performing well, with Adey ahead of
expectations and all are well
established within the Group. We are
now focusing on leveraging their
performance further. In common with
the rest of the manufacturing sector,
the speed of recovery from 2020
placed stress upon our supply chains,
both with cost and availability of
components. Our teams worked
incredibly hard to satisfy customer
needs and, due to our brand strengths
and product offerings, we were able to
take price leadership positions across
our key sectors.
We remain committed to market
outperformance via organic and
inorganic growth, and our financial
performance and strong shareholder
support enables us to pursue our
M&Aobjectives.
With strong fundamentals in our
markets, the strength of our talent
andour focus on innovation, this is
anexciting time for the Genuit Group.
Environmental, Social
andGovernance
At our Capital Markets Event in
November 2020, we explained how our
focus on addressing growth drivers
relating to the sustainability agenda
would be matched by our
commitment to operating sustainably.
We have continued to make strong
progress against the various ESG
targets we announced then.
We reduced our like-for-like carbon
intensity by 44.0% during the year,
which is excellent progress toward our
2025 goal of a 66.0% reduction and of
course we have also signed up to the
ambitious 1.5 degree warming target
as part of our Pledge to Net Zero.
Operating sustainably is now deeply
embedded across our businesses
andwithin our culture.
Chairman and
Chief Executive
Officer Review
The Group is focused on real growth
drivers and providing innovative
solutions that our customers value.
Ron Marsh
Chairman
Joe Vorih
Chief Executive Officer
06 Genuit Group plc Annual Report & Accounts 2021

All three acquisitions
performing well, with
Adey ahead of
expectations
Adey
UK leading provider of
magneticfilters, chemicals
andrelated products
Nu-Heat
Leading provider of sustainable
underfloor heating solutions
Plura
Manufacturer of chambers,
platform accessories
withtransferable
pultrusiontechnology
We are engaged with Science Based
Targets and are part of the cohort that
will have independently verified targets
and measures by Summer 2022. As
part of our governance process of
assessing climate risk and impact,
our2021 Annual Report & Accounts
includes Task Force on Climate-related
Financial Disclosures (“TCFD”).
Our commitment to employee
development and social mobility is
reflected in our membership of The 5%
Club with 3.2% of qualifying colleagues
participating in accredited training
schemes thus earning us Silver Status.
Our use of recycled material in the
year increased to 49.4% of our total
tonnage consumption. By 2025,
recycled materials should represent
62.0% of our total polymer
consumption; the maximum possible
under current regulations across
ourranges. We have committed
toexpanding our ability to utilise
recycled materials in 2021 by initiating
a £2.5minvestment in a new multi-
layer extrusion line at our Aylesford site.
Weare also seeking to broaden the
potential for products containing
recyclate, by using our influence within
various standards and approvals
bodies, so that they recognise the
societal requirement for these
products, which offer equivalent
performance levels but with the
lowercarbon content our customers
increasingly value. We continue
toplace innovation at the heart of
ourbusiness, ensuring we have the
solutions for the emerging challenges
faced by the construction sector.
Our sales of products launched in the
last five years totalled £120.0m in 2021,
or 20.2% of net revenues. We will
continue to drive this toward our
2025target of 25.0%.
Outlook
We have a balanced exposure to UK
construction markets with robust
growth drivers, and continue to
execute our strategy investing
organically and by acquisition. Our
recent acquisitions are performing
well. The housebuilding sector has
hadan encouraging start to 2022
witha greater level of starts versus
completions. Residential repairs,
maintenance and improvement
(“RMI”) remains strong with
improvement in the commercial
andinfrastructure markets.
The Group is offsetting input cost
inflation with necessary market
leading price increases, and has
already taken a number of actions
toaddress the lag impact of the
priceincreases.
The Board is mindful of the global
macro-economic uncertainty from
theongoing tragic events in Ukraine.
Whilst early in the current financial
year, the Group continues to have
strong momentum and is well
positioned to make further progress
infull year 2022.
Ron Marsh
Chairman
Joe Vorih
Chief Executive Officer
Our new brand
In April 2021, Polypipe Group plc
changed its name to Genuit Group
plc. Our new brand was created to
reflect that our different businesses,
who make us who we are, are all
part of something bigger. Our
businesses share the same vision,
values and aspirations. We work
collaboratively to provide our
employees with a sense of
belonging, both to the business
within which they operate,
but also to the wider Group.
As the Genuit Group, we want to
leverage our collective successes,
create new opportunities and
continue to ‘Help Construction
buildbetter’.
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 07

Marketplace Review
Following a 15.0% decline in 2020, the construction market showed
some resilience, with 13.3% growth in 2021. The market continued to
have momentum, and is forecast to grow by a further 4.3% in 2022.
Summary
Overall UK construction grew by 13.3%
versus 2020 (source: CPA/ONS), as
theconstruction sector continued to
showresilience in the face of Covid-19,
andalso the instability and issues
surrounding the Brexit implementation
process. Although this is a slight
growth downgrade on some earlier
estimates, in reality this is largely
because 2020 performed better
thanthe basis upon which those
forecasts had been formed. Excluding
infrastructure, which is slightly distorted
by the impact of marquee projects
such as HS2 and Hinckley Point, the
other sectors grew by a combined
total of 11.6%, which is a stronger
recovery than that shown in 2014
whenthe sector emerged from the
financial crisis. The outlook shows a
continuation of this recovery, with
atotal sector growth rate of 4.3%
forecast for 2022, or 3.2% if
infrastructure is excluded.
The 2021 residential
RMImarket, worth
£61.8bn
was the largest
onrecord
Demand drivers
RoW
4%
Europe
6%
RMI
32%
New build
33%
Commercial
20%
Infrastructure
5%
UK
90%
Overseas
10%
08 Genuit Group plc Annual Report & Accounts 2021

Key features
2021 was the highest level of
Private Housing RMI activity
onrecord and 2022 is set to
remain at that level
After two years of a rush to
completions, 2021 saw a focus
onhousing starts, which is set to
continue for the next two years
The road and rail sectors
underpin a huge boost in
infrastructure spending
Structural changes in retail and
our use of office space have
provided challenges in the
commercial new build market
Public sector expenditure is setto
increase in education andhealth
What this means
for Genuit Group
Given our spread across the
sectors, Genuit is poised to
benefit from overall market
growth. Within housing, our
products are generally early
inthe build cycle, and so will
benefit from a bias toward starts.
The Residential Sector
The structural need for more
affordable homes remains as valid
asever. Following 17.0% growth in
private residential construction in 2021,
the sector is forecast to grow by 3.0%
in2022.
Buoyant private homes sector
Much of the stimulus activity from 2020
carried on into the first half of 2021 and
so this caused a significant rush to
complete housing transactions. As an
indicator of the level of volatility in this
sector, completions in England in Q2
2020 were 61.4% below Q2 2019, yet by
Q1 2021 they were running at 13.2%
higher than Q1 2019. Slightly more than
161,000 homes were completed during
2021. This was significantly ahead of
the starts figure of 152,800, despite the
starts figure itself being 30.0% greater
than the 2020 level.
The race for space
One of the consequences of the
pandemic has been the so-called
race for space, and to that end the
mixbetween houses and flats has
continued to move toward the former,
with 86.0% of net additional dwellings
being houses (source: DLUHC). This also
means that new houses have played a
larger part in new dwellings, with
conversions and change of use
suffering the detrimental effects of that
ongoing trend. The outlook for 2022 in
the private sector is for some
continued rebalancing toward starts;
CPA estimate 5.0% growth in starts in
2022 in comparison with 2.0% growth in
completions. This impetus on starts is
likely to be greatest in the first few
months of the year, as developers may
also seek to establish sites that can be
rolled out under the governance of the
existing Building Regulations, prior to
the introduction of Parts L & F.
Supply challenges
On the supply side, there were well
publicised issues in 2021 relating to
shortages across a range of building
materials, as well as construction
labour, which was experiencing
post-Brexit challenges. Nonetheless,
despite these headwinds, the sector
showed robust growth. Whilst there
continues to be some fragility on the
supply side, and short-term issues of
consumer inflation, the structural
issues remain, and so growth is
expected with starts continuing to
grow through 2022 and at 3.0% into
2023 (source: CPA).
The public sector
The public sector also bounced back
sharply in 2021 with 39,511 starts (source:
CPA) being ahead of the 2019 figure.
Completions also grew 17.0% versus
prior year, however, due to the 23.1%
drop as a result of the pandemic, did
not recover to pre-pandemic levels.
Adjustments to the Affordable Homes
Programme, and the Shared
Ownership & Affordable Homes
Programme, reflect Government’s
preference for facilitating home
ownership in the private sector, rather
than directly raising new housing
supply. Consequently, shared
ownership and sales via housing
associations and private developers
have seen more focus than traditional
social housing for rental. In the near
term, whilst moderate growth is
expected, there isan expectation that
financing will needto be shifted to the
various remediation and fire safety
improvements, so the outlook for 2022
is a return to growth in starts of 2.0%,
with completions growing at 3.0%.
Atthe same time, the shift towards
thatremediation activity sees public
housing RMI forecast to grow 7.0%
in2022 and 5.0% in 2023.
160k
private new home
starts in 2022 are
forecast to be10.1%
above the2019 level
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 09

Total Housing ‘000 units
A slowing of growth
Although public sector growth is
forecast at 2.9% in 2022, it is still below
its pre-pandemic levels, as the
gradient of that growth slows due to
the completion of hospital projects
and the significant activity related to
the Commonwealth games in
Birmingham is completed. The
mid-term outlook is more positive
however, with the CPA forecasting a
2023 growth of 12.1%, led by the
initiatives in the School Rebuilding
Programme, and the Hospital
Rebuilding Programme. These
programmes are well trialled, and the
impacts significant, although as ever
there remain questions around the
timetable of delivery, given the
multi-year delays in flagship projects
such as the Royal Liverpool Hospital
and the Midland Metropolitan Hospital.
Marketplace Review continued
Private housing RMI
Private housing RMI is estimated to
have grown by 17.0% in 2021. The
narrative around the accumulation of
household savings through 2020, and
the lack of opportunity to spend on
foreign holidays, has been well
documented. It is certainly the case
that residential RMI has been a
significant beneficiary of this increase
in disposable income. The sector has
also benefited from historically high
levels of property transactions, since a
lot of RMI activity occurs within the first
year of a house move. The various
stimulus policies such as those on
stamp duty, undoubtedly drove high
volatility in transactions, as well as a
high overall total. For example, June
2021 saw 199,300 transactions, which
was the highest on record (source:
HMRC). 2021 was the highest output
value this sector has seen since
records began, and so although it is
forecast to be flat through 2022, this
perspective should not be forgotten.
Commercial and Public
Non-Housing Construction
The commercial construction sector
had seen two years of decline, even
before the pandemic, due to the
various issues around political
uncertainty and Brexit, and 2020 saw a
further decline of 22.4%, meaning that
the market was 30.0% below its 2017
highpoint. 2021 saw some recovery
with growth of 2.6% from that low base.
There are ongoing post-pandemic
structural questions relating to office
space, which represents 30.0% of this
sector and the role of retail in the
highstreet, and although there is
ongoing growth in the leisure and
entertainment sub-sectors,
commercial construction is not
expected to reach pre-pandemic
levels during the next two years. Within
the public sector, it is unsurprising that
the health service saw a considerable
short-term hike in activity with a 26.1%
increase in new build activity in 2021, as
well as health playing a significant role
in the 10.0% increase in public sector
RMI seen in the year.
2023
2022
2021
2020
2019
206
201
192
204
203
199
151
184
167
207
Starts Completions
10 Genuit Group plc Annual Report & Accounts 2021

Infrastructure
Infrastructure is the sector that was
least impacted during the pandemic,
with the large outdoor projects seeing
relatively minor productivity impacts
due to the rules around social
distancing. Given this, andthe
significant capital projects currently in
place, it is no surprise that this sector is
already at pre-pandemic levels with
2021 growth of 23.5%, and an
expectation of growth into 2022 of 9.7%.
This would put the 2022 activity level at
29.1% above the 2019 exit level. As ever,
some marquee projects dominate this
space, with HS2, large wind farms,
Hinckley Point and the Thames
Tideway Tunnel project all having
material impacts on the sector.
Education
construction
expenditure is
set to rise by
10.4%
in 2022
For completeness, it should also be
noted that due to the way ONS
measure activity on these major
projects, the granular data and timing
can be prone to error, even though the
total picture is representative. The
roads sector is also set to see
significant growth, with the RIS2 now
securing a funding envelope of
£24.0bn between 2020-2025. Elsewhere
in infrastructure, the regulatory
investment periods covering the key
utilities, such as the water industry AMP,
are also set to see a growth phase
continuing into 2022.
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 11

Our Business Model
Our purpose
Our resources
Driven by competitive advantage
Our
sustainability
framework
How we create value
We address the challenges caused by climate change and urbanisation
by providing water and climate management solutions. We’re helping
construction build better.
People
Experts knowledgeable on
our customers’ applications
and empowered to act.
IP/expertise
Innovation, continuous
improvement and unique IP
defends our market positions.
Strong leadership
Clear direction and focused
resource allocation enables our
colleagues to deliver our
strategic vision.
Capital investment
Disciplined capital allocation
to fund sustainable
profitable growth, consistent
with our strategic objectives.
Trust
• Market leadership
• Respected brands
Value
• Intelligent engineered
solutions
• Smarter thinking
and better solutions
Capability
• Industry authority
• Product innovation
Sustainability
• Sustainable products
and practices
• Addressing environmental
challenges
Smart solutions
Digital tools provide controls,
monitoringsystems and data
management expertise, which
addvalue for customers.
Engineered solutions
Design and engineering expertise
combine mechanical performance with
economic value. Many of our solutions
are bespoke for particular customer or
project needs, where we can use
ourknowledge of applications and
translate that into tailored offers.
Advancing the
circular economy
We want to lead the industry in recycling
and waste. It is our ambition to increase
recyclability to its maximum threshold
and to become a zero-to-waste operation.
Developing sustainable solutions
In order to drive new areas of growth,
wewant to scale innovation for sustainable
products, increase the proportion of new
and breakthrough products, and use digital
technology to add value.
Discrete products
Practical solutions to practical
challenges. Our focus and passion for
excellence begins with some of the
simplest products in our ranges. Our
scale affords automation and high levels
of efficiency in these high volume lines.
Range
• Breadth and depth
of product systems
Support
• Leading-edge design
expertise
• Application-based
technical support
Competence
• Manufacturing
and logistics scale
• Bespoke product solutions
12 Genuit Group plc Annual Report & Accounts 2021

With four environmental growth drivers
To help our customers
Genuit Group helps professionals
create sustainable, engineered
water and climate management
solutions for the built environment.
Creating sustainable value for our stakeholders
Requirements of
resilient drainage
A warmer, wetter world with
unexpected and more
frequent weather events will
need innovative floodwater
drainage systems better
suited to the climate.
Climate management
solutions for cleaner air
Pollution, particulates and
viruses in the air pose a threat
to health and wellbeing,
particularly in cities. Intelligent
climate management systems
deliver cleaner and more
hygienic air indoors.
The need for green
urbanisation
Growing cities, impacted by
climate change, suffer from
the ‘heat island effect’.
Green urbanisation solutions
mitigate this and help
reduce water scarcity
and increase biodiversity.
Low/zero
carbon heating
As a result of the energy
transition, there is increasing
need for low and zero
carbon heating solutions in
the context of the move
towards a more sustainable
built environment.
Customers
Quality and
innovative products,
engineered solutions
that enable
a sustainable built
environment,
support, value,
range, bespoke
solutions, market
leading brands.
Shareholders
Dividend, capital growth
opportunity, responsible
and ethical investment.
Employees
Training and skills
development,
commitment to diversity,
direct engagement
and empowerment,
providing a chance
to make a difference.
Communities and
the environment
Working towards
a sustainable built
environment,
sustainable products
and practices,
enhancing the
environment,
while engaging
with communities
and charities.
Tackling climate change
We are committed to reducing the carbon
footprint from our operations and products
by focusing on reducing overall emissions
without resorting to carbon offsetting.
Investing in an engaged
and diverse workforce
We are determined to bring in different
perspectives through building a much more
diverse talent pool and supporting our colleagues
and communities to ‘build back better’.
Who then deliver
to the end user
• Housebuilders
• Civils and Commercial
sector developers
• Asset owners and self-builders
Customers
• One-off installers
• Contract installers
• Civil engineers
and contractors
• M&E specifiers
Suppliers
Long-standing
relationships,
fair negotiation,
certainty on payment,
reputation, visibility
on revenues.
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 13

Advancing
the circular
economy
We have a stated objective of being
atthat level by 2025. As product mix
fluctuates then this ceiling does also
move, and unfortunately this
happened to a small extent in 2021.
Thehousing market which had seen
afocus on completions in 2020, saw a
reaction with a significant increase in
starts in 2021 which led to a major uplift
in demand for underground products,
where our ability to use recycled
product is less, due to the prevailing
standards. Despite this headwind, our
2021 tonnage comprised 49.4%
recycled materials.
Genuit Group continues to demonstrate
leadership in its commitment to recycling.
For example, the Group is the largest user
ofrecycled materials within its European
plastic piping peer group. The use of
recycled polymers is constrained by
product standards, such that the maximum
we can use within our mix of products would
be 62.0% of our total polymer consumption.
Target:
Recycled
materials
62.0%
by 2025
Our sustainability
framework
14 Genuit Group plc Annual Report & Accounts 2021

We remain extremely active in
pursuing ways to increase this number.
During the year we approved capital
expenditure at Polypipe Building
Services for a £2.5m investment in a
new extrusion line to allow us to begin
to make multilayer soil pipe using
recyclate through its core; we remain
committed to ensuring our capital
expenditure programmes are focused
upon technology which improves the
sustainability of our products. We are
also actively working to influence
changes to historical standards to
increase the proportion of our ranges
that can be made using recyclate.
Modern technology means that
products using recyclate no longer
have performance disadvantages,
and it is our view that standards need
to reflect the interests of society. Genuit
Group is working hard with regulators
and industry bodies to push these
boundaries further.
Genuit Group believes that recycling
has a key role to play in advancing the
circular economy and the protection
of resources. While reduction in
consumption, and reuse of products
come ahead of recycling in a
hierarchy we believe that taking
something designed for short-term
use and transforming it into something
with a design life of 100 years or more is
inherently sustainable. There was
some discussion in 2021 which sought
to downplay the role of recycling in our
journey of reducing carbon emissions.
This discussion ignores the context of
the products being made. Taking a
so-called single use item, and
recycling it into another low value item,
has dubious environmental merit.
However, when a ‘single use’ item is
transformed into an energy efficient
solution for modern drainage
requirements, then it is fulfilling that
essential requirement with a
significantly lower carbon impact
thaneither the use of virgin polymers,
or legacy solutions – such as clay
orconcrete.
“
Our investments
in recycling
capability allow
us to convert
waste into
products
withadesign
lifeofover
100years.
In 2021 Genuit Group
invested in its ability
to use recycled PVC
£2.5m
Recycling
2021
2020
2019
45.9
49.2
49.4
%
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 15

Tackling
climate
change
As well as providing products and solutions
which improve resilience and adaptation to
the effects of climate change, Genuit Group
is also committed to reducing the impact
ofits own activities and processes. In 2020
we announced that we would reduce our
like-for-like Scope 1 and 2 carbon impact
by66.0% by 2025.
In 2021 we reduced our like-for-like
carbon intensity by 44.0%, using the
market-based methodology of
measurement. Across the Group we
reviewed our sources of electricity
supply, and switched all possible
contracts to being supplied through
renewable-only sources. Once we
have unwound legacy contracts in
ouracquired businesses, thiswill be
completely rolled out across
theGroup.
Target:
66.0%
by 2025
Our sustainability framework
16 Genuit Group plc Annual Report & Accounts 2021

During 2021, we also signed up to the
Pledge to Net Zero process, and have
committed to being aligned with the
more ambitious 1.5 degree Business
Ambition process. Aspart of that
process, we have also committed the
business to Science Based Targets.
Weare working to submit these targets
by the summer of 2022, which will then
be third-party verified and audited by
SBTi, and will form the backbone of our
journey post-2025 to being Net Zero.
Unlike our near-term targets, this will
also include our Scope3 impacts.
During 2021, as well as our energy
management activities we have also
trialled bio-diesel in our commercial
fleet; the findings of that trial suggest
ahelpful reduction in our tailpipe
emissions, and provide an input into a
broader investigation of moving away
from fossil fuels in that fleet. We are
undertaking achange to the
management of our company cars,
and will begin to migrate to Plug-in
Hybrid Electric Vehicles and Electric
Vehicles over the coming months.
“
We have reduced
our carbon intensity
by 44.0% without
using offsets.
Greenhouse gas emissions
Scope 1 and 2 CO
2
intensity
2021
2020
2019
0.252
0.273
0.141
Intensity ratio
CO
²
Financial
StatementsGovernance Remuneration 17
Strategic
Report
Business
Overview

Genuit Group recognises that the future
challenges of resilience and adaptation
will not only be addressed by the
products and solutions of today – that is
why we see innovation as having a key
part to play in developing a sustainable
business for the future.
Many of our existing product ranges in
water and climate management are
addressing the issues created by
climate change. From the large
stormwater solutions of Ridgistorm XL
from Polypipe Civils & Green
Urbanisation, through to the heat
pump powered Under Floor Heating
systems from Nu-Heat, we are
supplying solutions to ever changing
weather events, or providing efficient
heat from renewable sources.
Several innovation programmes were
disrupted by the Covid-19 pandemic in
2020, as well as some of the supply
chain challenges seen around the
world in 2021. Unfortunately, this
impacted some product launches,
and dampened progress against this
target. Nonetheless, several exciting
new solutions were brought to market
during the year, maybe none more so
than the PolySync system, which
connects drainage attenuation
systems with weather forecasting
technology to provide a highly
innovative and adaptive solution to
urban drainage combined with urban
greening.
Our R&D pipeline remains strong, and
although progress versus the Vitality
Index target has been slightly behind
our expectations, our 2021 sales
included £120.0m of revenue from
products which did not exist five years
ago, and that £120.0m represents
growth of 55.6% versus our 2019
baseline year of comparison.
Target:
An ongoing Vitality Index of
25.0%
by 2025
Progress:
In 2021 our Vitality Index was
20.2%
2020: 22.8%
Developing
sustainable
solutions
Our sustainability framework
18 Genuit Group plc Annual Report & Accounts 2021

Bloc Smart
Blue-Green Roof
Our work on the installation of a
ground-breaking climate and water
resilient research roof in the heart of
Manchester, has been completed.
Cited on Bloc, the smart blue-green
roof (designed by EPG and developed
by Polypipe Civils & Green
Urbanisation), combines Permavoid
and PolySync to store and re-use
rainwater at roof level, which reduces
the volume of surface run-off entering
the sewer network. As a result, it will
help lower the risk of flooding
associated with the prolonged
high-intensity storms, which are
becoming more frequent with
climatechange.
The blue-green roof has transformed
acity-centre tower block into the
home of Manchester’s first luscious,
wildflower sky-meadow, which has the
potential to influence the future of
urban design and the role it plays in
managing the impacts of climate
change. The local variety of wildflower
(carefully selected by project partners
STRI) will help to attract pollinators,
including a particularly rare butterfly,
the Manchester Argus.
Using real-time high resolution
weather forecasting data, if heavy
rainfall is forecast in Manchester, the
PolySync system will instruct the
attenuation tank to reduce its stored
water volume ahead of time to
accommodate storm flow without
surcharging the local sewer or river
network. Equally, if a prolonged dry
spell is predicted, the system will
maintain maximum volume for re-use
for the irrigation of the green assets
above and in turn, support Biodiversity
Net Gain requirements. Additionally, it
will support United Utilities (which
co-funded the installation at Bloc) to
develop a greater understanding of
how new construction and data
technologies can support Manchester
to mitigate the impact of climate
change.
Polypipe Civils & Green Urbanisation’s
Permavoid solution was used to
createthis innovative blue-green
roofstructure. The shallow sub-base
attenuation system is comprised of
high strength modular cells connected
using PermaTies to create a structural
raft. Made from 100% recycled polymer,
the system manages rainfall at source.
Financial
Statements
Strategic
Report Governance Remuneration 19
Business
Overview

Investing in
an engaged
and diverse
workforce
Genuit Group realises the role that people
play in achieving its success. It is therefore
vital to our ambition that we are able to
recruit from the widest possible talent pool,
and that all of our colleagues feel valued
members of our Group.
Employee engagement is measured
by way of an annual survey across the
Group. Perhaps unsurprisingly in the
context of Covid-19 and increased
levels of remote working, our
engagement level dropped by 4.6%
during 2021. Nonetheless, we have
processes to investigate some of the
causes behind this decrease, and will
be instigating measures for 2022, in
order to return to the positive trend
wehad seen previously.
We continue to invest heavily in
developing our people, in a variety of
programmes, focusing on technical
orjob specific skills, as well as the
broader requirements of leadership.
Atthe end of 2021, 3.2% of our
colleagues were in some form of
accredited Earn and Learn activity;
that is over a hundred people
improving their various skill sets and
capabilities. Ourbudgets and plans for
2022 will see this number grow further.
“
The breadth of
Genuit Group
provides exciting
opportunities for
our people.
Target:
People in Earn & Learn
5.0%
by 2025
Progress:
3.2%
2020: 3.8%
Our sustainability
framework
20 Genuit Group plc Annual Report & Accounts 2021

We recognise the role diversity and
inclusion play in an organisation, and
we want all colleagues present and
future to see Genuit Group as an
organisation in which they can all
thrive. We have recording and monthly
reporting measures in place on key
areas of diversity and have recently
introduced further analysis and
processes within recruitment activities
to enable us to be more proactive in
ensuring we attract a diverse range of
candidates to the business.
When we rebranded the organisation
as Genuit Group plc in 2021, one of our
underlying objectives was to create a
sense of dual identity for all colleagues
to feel a sense of belonging – both to
the business in which they worked and
the wider Group. This sense of group
belonging is important in order to
facilitate and improve mobility of
people between our businesses, and
help people to have the broadest
possible career paths and
opportunities. We are investing further
in our internal communications
resources in 2022, to ensure that the
momentum of the rebranding of the
Group is carried forward.
Talent & development
A strong, customer-focused
organisation is cultivated
through effective leadership,
organisational bench
strength and proactively
creating the right
development opportunities
for our people.
Performance
management
High performance is
achieved through setting
and measuring both
individual and shared
objectives which are
aligned to the strategic
goals and expected
behaviours of the business.
Culture, engagement,
inclusion
Success is achieved
through consistently driving
the right behaviours and
fostering an inclusive culture
that promotes positivity,
wellbeing and high levels of
employee engagement.
Reward & recognition
Improved business
performance is realised
through incentivising
individuals to create
value, outperform
anddemonstrate the
rightbehaviours.
Realising the potential of our people
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 21

Six Strategic
Growth Drivers
Genuit Group has six growth drivers
which underpin performance. Providing
solutions for adaptation and mitigation
of climate change is at the heart of our
growth strategy.
The increasing need for
resilient drainage
As our climate changes, planners
need to cater for more frequent
extreme weather events. This
combines with increased
urbanisation to place higher
demands upon flood and drainage
management systems, requiring
ever more sophisticated solutions.
The need to manage large volumes
of water, in a sustainable way,
isakey issue facing planners
anddevelopers.
The need for
green urbanisation
As more people live in our towns
and cities, society is placing
demands upon solutions which
integrate drainage functionality,
along with providing better urban
environments. The ability to use
green spaces as part of water
management, and as a way
topromote air quality, is a real
opportunity to move beyond
basicproduct functionality and
toprovideadded societal value.
The focus on clean
andhealthy air
The quality of air we breathe inside
buildings and in external living
spaces is rightly high upon society’s
agenda. There is increased focus
on the removal of harmful
particulates, and the Covid-19
pandemic has placed sharp focus
upon the necessity of ventilating
the spaces in which we live and
work. Specifiers and building
owners now see that air quality
should be given the same focus in
building design as that traditionally
placed upon heating and lighting,
in terms of the environment
itcreates.
2 31
In order to achieve our objective of
outperforming the underlying
construction market by 2-4% per
annum, we focus on the key tailwinds
relating to climate change as well as
two other trends and opportunities.
22 Genuit Group plc Annual Report & Accounts 2021

Low and zero carbon
heating, and low
carbonconstruction
Being able to heat our buildings
with a lower carbon impact has
been a key element of
Government’s suite of policies to
mitigate climate change. This has
involved changes to the building
regulations, such as Part L, as well
as a more holistic view on
transitioning from carbon-based
heating, as expressed in the Heat
&Buildings Strategy published
inOctober 2021, ahead of COP26.
Aswell as the carbon impact of
heating, there is also a wider
acknowledgement of the role
carbon places in construction more
generally and, in order to meet
climate change targets, the entire
supply chain needs to play its part
in reducing the carbon impact of
the way we design and build our
homes and workplaces.
Geographic reach
Given the international nature of
our growth drivers, many of our
solutions are attractive in overseas
markets. We see opportunities to
serve these needs via export
models or cooperation with local
partners. Although we remain
focused primarily on UK
opportunities where we can best
leverage our commercial footprint,
we foresee geographic reach
continuing to be a growth driver.
Legacy material
substitution
Although the majority of our target
segments are now substantially
converted to modern products,
there are still some sectors where
substitution continues to represent
an opportunity. As materials
develop, and attitudes change,
sowe see continued growth
headroom through the ongoing
move to plastic alternatives.
4 5 6
Growth drivers driven
bythesustainability
challengesweface
The built environment has an impact
role to play in climate change
adaption andresilience, and we focus
upon four key growth drivers which
relate to our core strengths of water
management, and ventilation and
climate management.
The increasing need for
resilientdrainage
1
The need for green urbanisation
2
The focus on clean and
healthyair
3
The transition to low and zero
carbon heating
4
In addition to this, we see ongoing
opportunities for growth based around:
Legacy material substitution
5
Geographic reach
6
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 23

Key
Performance
Indicators
As a Board, we continually review
our performance indicators that
are critical to the measurement
and delivery of our strategic
objectives and sustainable
shareholder returns.
Non-financial KPIs
Recycling Accident frequency Developing our workforce Greenhouse gas emissions
Link to strategic objectives:
5 6
The proportion of the Group’s overall
polymerconsumption satisfied with
recycledmaterials.
Importance to Genuit
The Group has a commitment to achieving
the highest standards of environmental
performance, preventing pollution and
minimising the impact of its operations
including reducing waste to landfill.
Link to strategic objectives:
5
The number of reported accidents as a
proportion of the number of production
hours across the whole Group.
Importance to Genuit
Beyond mere compliance, this is an
indicator of the state of health and safety at
our various sites and the degree to which
the workers are protected from work-related
hazards at their workplace. Our aspiration is
to achieve zero accidents every year.
Link to strategic objectives:
5
The proportion of our UK colleagues actively
participating in The 5% Club recognised Earn
and Learn schemes such as apprenticeships,
graduate trainee programmes and student
sponsorships.
Importance to Genuit
Developing and investing in our colleagues
drives sales growth, operational efficiency
and profitability, whilst facilitating employee
retention and enhancing workforce morale.
Link to strategic objectives:
1 2 5
The intensity ratio is defined as the total
tonnes of Scope 1 and 2 CO
2
e produced
pertotal tonnes of production.
Importance to Genuit
The year-on-year improvement in this
measure demonstrates our commitment to
operate in an environmentally sustainable
manner, as the Group continues to grow.
2021
2020
2019
45.9
49.2
49.4
%
Commentary
Our use of recycled material in the year
increased to 49.4% of our total tonnage
consumption. In addition, we invested in
increasing our capability to use recycled
polymer, most notably in our Building
Services business, which should accelerate
our progress towards achieving our target
of 62.0% by 2025.
Commentary
Accident frequency increased following a
Covid-19 impacted 2020, though our
long-term trend is decreasing. The Group
continues to focus on behavioural change
with regular observational inspections and
encouraging an open reporting culture.
Operating businesses across the Group
maintain external industry standards,
ensuring legislation compliance and
adoption of best practice.
Commentary
In 2021, we achieved Silver Status with The 5%
Club and, at the end of the year, we had over
100 UK colleagues participating in accredited
Earn and Learn schemes. The decrease in
relative terms from 2020 primarily reflects the
Adey, Nu-Heat and Plura acquisitions and,
toa lesser extent, the Covid-19 disruption.
Ona like-for-like basis, excluding the 2021
acquisitions, 3.6% of our UK colleagues
participated in accredited schemes in 2021.
Commentary
Group greenhouse gas emissions have
decreased significantly. Our decision to
switch to certified renewable electricity has
directly impacted our emissions intensity.
Moreover, it contributes to reducing our
reliance on fossil fuels in the wider
environment. The Group continues to
develop its strategy and framework to
further reduce emissions through
energyefficiency.
Financial KPIs
Sales growth Underlying operating margin Underlying EPS Cash conversion Return on capital employed
Link to strategic objectives:
3
4
6 7
The annual percentage growth in both
Group and UK (by destination) revenue.
Importance to Genuit
Our strategy is to ensure that investment
inour people and operations drives
salesgrowth which outperforms the
construction market, thus enhancing
ourmarket leadership position.
Link to strategic objectives:
3
4
5 6 7
Underlying operating profit as a
percentage of revenue.
Importance to Genuit
Indicates that we are investing in the
right initiatives and operating efficiently,
by driving out non-value-added costs
and delivering productivity gains.
Link to strategic objectives:
3
4
5 6 7
Underlying diluted earnings per share.
Importance to Genuit
Provides Genuit’s investors, in particular, with
a consistent indication of the Group’s
underlying financial performance.
Link to strategic objectives:
3
4
5 6 7
Operating cash flow excluding non-
underlying items less net capital expenditure
to underlying operating profit.
Importance to Genuit
Our focus on cash conversion demonstrates
our focus on efficiency, as well as enabling
us to fund future organic and inorganic
growth.
Link to strategic objectives:
3
4
5 6 7
Return on capital employed is the ratio of
underlying operating profit, adjusted for the
full year benefit from acquisitions during the
year, where relevant, to average net assets
excluding loans and borrowings, cash and
cash equivalents and taxation.
Importance to Genuit
A key indicator of the efficient deployment
of capital on the right initiatives and of
Genuit’s overall business performance.
2021
2020
2019
49.1
-10.9
3.3
50.6
-11.6
3.6
%
Group UK
2021
2020
2019
16.0
10.6
17.4
%
Commentary
Group revenue increased significantly due
to the accretive impact of the Adey, Nu-Heat
and Plura acquisitions, increased volumes
following recovery from the initial impacts of
Covid-19, and inflation. On a like-for-like
basis, Group revenue increased 29.5%
compared to the overall UK construction
market of 13.3%, as suggested in the CPA
Winter forecast, reflecting our strategy to
target those end markets where profitable
growth prospects are greatest.
Commentary
Underlying operating margin recovered
5.4 percentage points as volumes
recovered following the pandemic. This is
lower than historical levels due to the
normal lag in effecting price increases to
recover inflation and ongoing Covid-19
related costs.
Commentary
Underlying diluted earnings per share
increased due to the accretive impact of the
Adey, Nu-Heat and Plura acquisitions and
increased volumes, following recovery from
the initial impacts of Covid-19, offset by the
higher effective tax rate and increased
share count following the February 2021
equity placing.
Commentary
Our cash conversion was impacted by the
strategic decision to increase inventory
levels to improve customer service
performance following the recovery in
demand after the pandemic.
Commentary
The Group’s return on capital employed
increased significantly, following recovery
from the initial impacts of Covid-19,
although remained lower than historical
levels due to the dilutive impact of goodwill
and other intangible assets recognised
following the Adey, Nu-Heat and Plura
acquisitions.
We have defined our Key Performance
Indicators (KPIs) to measure alignment
between our operating activity and
strategic goals.
Strategic objectives
Sustainable water
management solutions
1
Sustainable climate
management solutions
2
Legacy material substitution
3
Legislative tailwinds
4
Smart solutions, innovation
and continuous improvement
5
Customer-focused
complete solutions
6
Geographic reach
7
24 Genuit Group plc Annual Report & Accounts 2021

Non-financial KPIs
Recycling Accident frequency Developing our workforce Greenhouse gas emissions
Link to strategic objectives:
5 6
The proportion of the Group’s overall
polymerconsumption satisfied with
recycledmaterials.
Importance to Genuit
The Group has a commitment to achieving
the highest standards of environmental
performance, preventing pollution and
minimising the impact of its operations
including reducing waste to landfill.
Link to strategic objectives:
5
The number of reported accidents as a
proportion of the number of production
hours across the whole Group.
Importance to Genuit
Beyond mere compliance, this is an
indicator of the state of health and safety at
our various sites and the degree to which
the workers are protected from work-related
hazards at their workplace. Our aspiration is
to achieve zero accidents every year.
Link to strategic objectives:
5
The proportion of our UK colleagues actively
participating in The 5% Club recognised Earn
and Learn schemes such as apprenticeships,
graduate trainee programmes and student
sponsorships.
Importance to Genuit
Developing and investing in our colleagues
drives sales growth, operational efficiency
and profitability, whilst facilitating employee
retention and enhancing workforce morale.
Link to strategic objectives:
1 2 5
The intensity ratio is defined as the total
tonnes of Scope 1 and 2 CO
2
e produced
pertotal tonnes of production.
Importance to Genuit
The year-on-year improvement in this
measure demonstrates our commitment to
operate in an environmentally sustainable
manner, as the Group continues to grow.
2021
2020
2019
4.26
5.97
5.06
Frequency per 100,000 hours worked
2021
2020
2019
3.8
3.2
2.8
%
2021
2020
2019
0.252
0.273
0.141
Intensity ratio
Commentary
Our use of recycled material in the year
increased to 49.4% of our total tonnage
consumption. In addition, we invested in
increasing our capability to use recycled
polymer, most notably in our Building
Services business, which should accelerate
our progress towards achieving our target
of 62.0% by 2025.
Commentary
Accident frequency increased following a
Covid-19 impacted 2020, though our
long-term trend is decreasing. The Group
continues to focus on behavioural change
with regular observational inspections and
encouraging an open reporting culture.
Operating businesses across the Group
maintain external industry standards,
ensuring legislation compliance and
adoption of best practice.
Commentary
In 2021, we achieved Silver Status with The 5%
Club and, at the end of the year, we had over
100 UK colleagues participating in accredited
Earn and Learn schemes. The decrease in
relative terms from 2020 primarily reflects the
Adey, Nu-Heat and Plura acquisitions and,
toa lesser extent, the Covid-19 disruption.
Ona like-for-like basis, excluding the 2021
acquisitions, 3.6% of our UK colleagues
participated in accredited schemes in 2021.
Commentary
Group greenhouse gas emissions have
decreased significantly. Our decision to
switch to certified renewable electricity has
directly impacted our emissions intensity.
Moreover, it contributes to reducing our
reliance on fossil fuels in the wider
environment. The Group continues to
develop its strategy and framework to
further reduce emissions through
energyefficiency.
Financial KPIs
Sales growth Underlying operating margin Underlying EPS Cash conversion Return on capital employed
Link to strategic objectives:
3
4
6 7
The annual percentage growth in both
Group and UK (by destination) revenue.
Importance to Genuit
Our strategy is to ensure that investment
inour people and operations drives
salesgrowth which outperforms the
construction market, thus enhancing
ourmarket leadership position.
Link to strategic objectives:
3
4
5 6 7
Underlying operating profit as a
percentage of revenue.
Importance to Genuit
Indicates that we are investing in the
right initiatives and operating efficiently,
by driving out non-value-added costs
and delivering productivity gains.
Link to strategic objectives:
3
4
5 6 7
Underlying diluted earnings per share.
Importance to Genuit
Provides Genuit’s investors, in particular, with
a consistent indication of the Group’s
underlying financial performance.
Link to strategic objectives:
3
4
5 6 7
Operating cash flow excluding non-
underlying items less net capital expenditure
to underlying operating profit.
Importance to Genuit
Our focus on cash conversion demonstrates
our focus on efficiency, as well as enabling
us to fund future organic and inorganic
growth.
Link to strategic objectives:
3
4
5 6 7
Return on capital employed is the ratio of
underlying operating profit, adjusted for the
full year benefit from acquisitions during the
year, where relevant, to average net assets
excluding loans and borrowings, cash and
cash equivalents and taxation.
Importance to Genuit
A key indicator of the efficient deployment
of capital on the right initiatives and of
Genuit’s overall business performance.
2021
2020
2019
30.2
13.3
29.2
PPS
2021
2020
2019
93
60
93
%
2021
2020
2019
14.5
8.0
15.2
%
Commentary
Group revenue increased significantly due
to the accretive impact of the Adey, Nu-Heat
and Plura acquisitions, increased volumes
following recovery from the initial impacts of
Covid-19, and inflation. On a like-for-like
basis, Group revenue increased 29.5%
compared to the overall UK construction
market of 13.3%, as suggested in the CPA
Winter forecast, reflecting our strategy to
target those end markets where profitable
growth prospects are greatest.
Commentary
Underlying operating margin recovered
5.4 percentage points as volumes
recovered following the pandemic. This is
lower than historical levels due to the
normal lag in effecting price increases to
recover inflation and ongoing Covid-19
related costs.
Commentary
Underlying diluted earnings per share
increased due to the accretive impact of the
Adey, Nu-Heat and Plura acquisitions and
increased volumes, following recovery from
the initial impacts of Covid-19, offset by the
higher effective tax rate and increased
share count following the February 2021
equity placing.
Commentary
Our cash conversion was impacted by the
strategic decision to increase inventory
levels to improve customer service
performance following the recovery in
demand after the pandemic.
Commentary
The Group’s return on capital employed
increased significantly, following recovery
from the initial impacts of Covid-19,
although remained lower than historical
levels due to the dilutive impact of goodwill
and other intangible assets recognised
following the Adey, Nu-Heat and Plura
acquisitions.
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 25

Sustainable Solutions
Genuit Group has sustainability at its core.
As well as operating ourbusiness sustainably,
the Group is addressing the key issues
around resilience and adaptation to climate
change within thebuilt environment.
Genuit Group’s response
tothese challenges
Adaptation
Although we are fully engaged with
mitigating climate change, there is
anongoing and increasing need
toadapt to the impact that climate
change will continue to have. Even
themost aggressive climate goals
stillexpect impacts, such as
increasedtemperatures and
extremeweatherevents, to be
withuson a permanentbasis.
Resilient drainage
The impact of this is felt no more
sharply than within the built
environment. Drainage designers are
now required to cater for more
extreme rainfall on a more frequent
basis. Our market-leading solutions
within the Polystorm, Pluvial Cube,
Versavoid and Rigistorm XL ranges,
provide designers with a range of
solutions which allow them to combine
efficient drainage design into the
landscaping or broader building
design context. We continue to invest
in innovation to provide smarter
drainage for a warmer, wetter world,
without simply over-engineering
solutions in a wasteful way. For
example, our recently launched
PolySync range combines product
functionality with IoT technology, so
that drainage systems can have
access to weather information.
Climate management solutions
for cleaner air
Air management is not just an issue of
temperature, but also of air quality. The
filtration systems such as Noxmaster
and the Haven range, offered by
Nuaire and Domus, can remove
particulates and help to ensure clean,
fresh and healthy air is moved around
buildings – whether they be offices,
homes or schools. Furthermore, we
can engage with specifiers to propose
integrated solutions such as a
blue-green roof, alongside a
ventilation solution, so that the building
is using the oxygenated cooler air from
the roof. The issue of particulates has
been on the agenda for some time,
and, ofcourse, Covid-19 has brought
ventilation and fresh air into even
sharper focus. We continue to innovate
solutions for both new build and for
retro-fitting, as society recognises the
provision of clean air as being as
important a facet of building design
asthe heating and lighting systems.
Climate change poses
new challenges for the
built environment
Growth drivers
Resilient drainage
Increased, unexpected and more
frequent weather events are testing
the limits of conventional drainage
and sewage. Adapting toclimate
change will require innovative
floodwater drainage systems better
suited to a warmer and wetter world.
Climate management
solutions for cleanerair
Pollution and particulates in the
airpose a threat to health and
wellbeing, particularly in cities.
Intelligent climate management
systems deliver cleaner and
morehygienic air indoors.
26 Genuit Group plc Annual Report & Accounts 2021

Green urbanisation
Urbanisation places further stress
onwater management and
infrastructure. The challenges of
increased rainfall are exacerbated by
increased population density, and this
presents landscape architects and
drainage consultants with additional
challenges such as the urban heat
island effect, as warm air radiates
between buildings in close proximity.
Our product ranges of Permavoid and
PolySync allow these challenges to
be met in an integrated way as
blue-green roofs, podium decks and
rain gardens provide ways to manage
rainwater, whilst using urban greening
to give cooling effects, air quality
improvements and a visually pleasing
environment in which to live and work.
Low/zero carbon heating
Heating and cooling our homes and
workplaces is also an area where the
issues of mitigation and adaptation
meet each other. In terms of
mitigation, regulations such as Part L
and the Government’s recent Heat
and Buildings Strategy, published in
October 2021, place much emphasis
on the transition to low and zero
carbon heating. Several Genuit
businesses are focused on this issue.
Nuaire have been involved in
mechanical heat and ventilation
recovery for some time, both in
commercial and residential
applications; this technology uses
‘waste’ warm air from kitchens and
bathrooms to heat water, or other
parts of a building. Our market-leading
presence in underfloor heating grew
in2021 with our acquisition of Nu-Heat,
which also supplies renewable energy
such as heat pumps and solar as
apart of its proposition. Adey, also
acquired in 2021, are market leaders
inmagnetic filters which significantly
improve the efficiency of water-based
heating systems, meaning they can
provide heat from lower energy inputs.
The challenges of adaptation relate
more to cooling, as we seek more
environmentally friendly solutions than
traditional air conditioning. Nuaire’s air
management solutions can move
naturally cooler air around buildings,
taking advantage of external shading
or sun direction.
Green urbanisation
Growing cities, impacted by
climate change, suffer from
the‘heat island effect’. Green
urbanisation solutions mitigate
this, but also help reduce water
scarcity and increase biodiversity.
Low/zero carbon heating
As a result of the energy transition,
especially the removal of natural
gas from households, there is an
increasing need for low and zero
carbon heating solutions in the
context of the move towards a more
sustainable built environment.
These issues
need new
solutions
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 27

Our sustainability framework
Genuit Group is making the built environment more sustainable
byhelping create a more resilient planet, society and business.
Genuit Group recognises the positive
and sustainable impact that we have
on the built environment, both locally
and at the macro scale. During 2020,
agroup of senior managers from
across the Group developed a series
of granular targets and outline action
plans that apply across the four areas
of our sustainability framework. Some
of these build on what we have been
doing for some time, some stretch us
in new areas, and they combine to
give us a robust approach and series
of targets to accelerate our progress
over the next five years. These targets
are well communicated internally and
externally, and we hold ourselves
accountable for delivery against them
as we ensure a resilient business for
the future. The topics and targets
areembedded in appraisals of staff
and management, and for some
colleagues, form part of performance
evaluation for remuneration.
Embedding our sustainability agenda
across the workforce is a key focus for
us in achieving our objectives. At the
same time, we have to articulate our
sustainability credentials in order to
recruit and retain talented people. We
have committed to raising the bar for
sustainability, for ourselves and for
others, and we want to see smarter
and more sustainable processes right
across our industry. Working together,
we will make the built environment
more sustainable for generations
tocome.
Our progress
in the year
Our sustainability
framework
Our 2025 targets
Advancing the
circular economy
We want to lead the industry in
recycling and waste. It is our ambition
to increase recyclability to its
maximum threshold and to become
azero-to-waste operation.
62%
of tonnage
from recycled
plastics
Recycled
materials:
49.4%
of total tonnage from
recycledmaterials
Zero
waste
to landfill
Despite a more challenging product
mix, we increased our proportion of
recycled materials versus prior year
• We invested £2.5m to increase our
capability and capacity to use
recycled PVCu
• In polyethylene and polypropylene
products, over 75.0% of our material
came from recycled inputs
• We continue to lobby for updates
tostandards to allow greater use
ofrecyclate
28 Genuit Group plc Annual Report & Accounts 2021

Developing
sustainable solutions
In order to drive new areas of growth,
wewant to scale innovation for
sustainable products, increase the
proportion of new and breakthrough
products, and use digital
technology to add value.
Tackling climate change
We are committed to reducing the
carbon footprint from our operations
and products by focusing on reducing
overall emissions without resorting to
carbon offsetting.
Investing in an engaged
and diverse workforce
We are determined to bring in
different perspectives through a
diverse talent pool and supporting
our colleagues and communities
tobuild successful careers.
25%
of sales from products launched
within the preceding five years
Vitality
Index:
20.2%
66%
reduction of CO
2
emissions (Scope 1 and 2)
Carbon intensity:
Reduced by
44.0%
5%
of colleagues to be in earn
&learn programmes
People:
Percentage in earn and learn
3.2%
Innovation continues to be a growth
engine within our businesses, as we
focus on addressing the challenges
ofthe future
• Our Vitality Index measures the
proportion of sales from products
and ranges launched within the
pastfive years
• In 2021, those products totalled
£120m, a 55.6% increase over
our2019baseline
During the year, we made
considerable progress toward our
2025 target, as well as committing to
longer-term goals
• Via green energy sourcing and
efficiency programmes, we
significantly reduced our
carbonimpact
• We signed the Pledge to
Net Zero, using the 1.5 degree
Business Ambition
• We will publish SBT’s during 2022
At the year end, over a hundred
colleagues were in qualifying
earnand learn programmes
• Programmes such as our
HGVDriver Academy provide
opportunities, while addressing
askills shortage
• Our earn and learn programmes
cover a spectrum from
engineering apprenticeships
through to digital marketing
andwe will see this number
increasefurther
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 29

Sustainable
Operations
As well as providing solutions which seek to
limit climate change, orprovide resilience
and adaptation to it, Genuit Group also
hassustainability embedded in the way
itsbusinesses operate.
In the Autumn of 2020, we
communicated a series of
wide-ranging targets across the
sustainability agenda, which would
form part of our road map. Since then,
not only have we progressed against
those initiatives, we have also added
longer-term goals, and begun
processes to have our progress
verified by independent third parties.
Reducing our carbon intensity
We have committed, as an interim
milestone, to reduce our carbon
intensity in Scopes 1 and 2 by 66.0% by
2025 – without resort to offsets. It is
pleasing to report that in 2021, our
carbon intensity using the
market-based method, reduced by
44.0% compared to prior year. During
the year, we transferred the vast
majority of our sites to being supplied
solely from renewable electricity
sources. Only the sites which have
been recently acquired, and which
are subject to legacy supply contracts,
are outside of this scope, and this will
change as those contracts unwind.
This will also apply to any future
acquisition activities.
We have also conducted a trial of
biodiesel in a section of our
commercial fleet. Early results suggest
tailpipe reductions in carbon of around
10.0%, as well as reduction in other
harmful particulates such as Nitrogen
Dioxide. We are taking this trial data
into a broader review of our
commercial fleet, alongside other
options to reduce its carbon impact,
and will report more fully in due course.
We have also committed to a new
leasing contract for our company car
fleet, and will begin a process of
transitioning that fleet to Electric
Vehicles and Plug-in Hybrid Electric
Vehicles beginning in the first half of
2022. We will communicate the
timetable for transition and its carbon
impact in due course.
The company car fleet initiative is one
example of us broadening our carbon
reduction programmes to include
Scope 3. This follows on from us signing
the Pledge to Net Zero in the first half of
2021. Subsequent to signing the Pledge,
we have since subscribed to the
Business Ambition for 1.5 Degrees,
which is the most ambitious of the
target and measurement regimes,
and will be the basis of our Science
Based Targets (SBTs). Genuit Group is in
the 2022 cohort for submitting targets
to Science Based Target Initiative (SBTi),
and this will form the framework of our
transition to net zero by 2050.
Increasing the use
ofrecyclates
For some time, Genuit Group has been
leading the way among European
plastic piping producers in using
recycled polymers. In our 2020 Capital
Markets Event, we committed to
achieving 62.0% of our total tonnage
being from recyclate by 2025. The
products we supply are governed by
various standards and approvals,
using our baseline product mix, 62.0%
would be the maximum permitted
across our ranges under those
standards. In 2021, the proportion of our
tonnage consumed from recyclate
was 49.4%, an improvement on the
prior year figure of 45.9%. This was
achieved despite product mix
challenges which were more toward
those products where standards either
restrict or disallow the use of recycled
materials. Indeed, within that total
figure, some of our ranges are using
much higher levels of recycled inputs.
For example, our polyethylene and
polypropylene ranges both averaged
over 75% recycled content during 2021.
We are investing to increase our
consumption of recycled PVC. During
2021 we committed £2.5m of capital
expenditure to a multi-layer extrusion
line in our Polypipe Building Services
business, which will enable our Terrain
brand to include more sustainable
products within its range. As well as
being consistent with our own
sustainability objectives, we are seeing
increasing demand from our
customers for such products and the
supporting data, which allows them to
reduce the carbon impact of their
construction projects. With that in
mind, we are continuing our efforts to
expand the 62.0% ceiling. We are doing
this by using our positions on industry
and standards bodies to try to drive
change both at a UK and European
level. We are also looking at creating
products that deliver the required
performance levels of those standards,
although they are constructed in
newer, more sustainable ways. We see
our markets being open to accepting
these offerings as being the
appropriate way to reduce the carbon
impact in construction. We are also
working to improve the availability of
carbon data via tools such as
Environmental Product Declarations
(EPDs), so that customers and project
owners can make informed decisions
about their projects.
30 Genuit Group plc Annual Report & Accounts 2021

Greenhouse gas emissions
This report details the energy
consumption and greenhouse gas
(GHG) emissions from the activities
ofGenuit Group plc during the period
1January 2021 to 31 December 2021.
Genuit Group plc GHG emissions,
reportable under Streamlined Energy
and Carbon Reporting (SECR) during
the period specified above, were
22,725 tonnes CO
2
e. This figure has
been calculated using the UK
Government’s most recent GHG
Conversion Factors for Company
Reporting (2021). This is in line with
standard industry practice and
allowsfair comparison with other
UKbusinesses.
This figure includes all the material
Scope 1 and 2 emissions, required
tobe disclosed by the specified
legislation, plus additional Scope 3
emissions. The Scope 3 emissions
include transmission losses and
well-to-tank losses and have been
included voluntarily, in line with
previous submissions.
It can be seen in Table 1 that Genuit
Group GHG emissions were 37.77%
lower than in the 2020 reporting period.
Although there was an increase in
emissions from stationary and
transport-related fuel combustion,
refrigerant usage dropped.
A market-based methodology has
also been applied to the calculations
in Table 1 and throughout the rest of
this report to reflect Genuit’s
investment in a green electricity tariff.
This is the reason for the large
reduction in electricity, and therefore
Scope 2, emissions.
Genuit is committed to improving the
scope and quality of their data
collection for GHG calculations across
the Group and this has partially
contributed to the increase in Scope 1
activity, as well as acquisitions made
during the financial year.
It can also be seen in Table 1 that the
activity of the Group increased by
16.76% when compared to the previous
reporting period. This resulted in the
Group achieving an emission intensity
of 0.152 tonnes CO
2
e per tonne of
production during 2021, a 46.66%
improvement on the previous
submission year.
The Group continues to focus on energy efficiency and, in 2022, planned
implementation and integration of formal energy efficiency and carbon
reduction working groups and committee will be formed to monitor progress,
identify areas ofimprovement and share best practice.
Table 1 Greenhouse gas emissions (tonnes CO
2
e) by source and
reporting period
Emissions Source 2021 2020
2021
Percentage
Share
Percentage
Change
2020
to 2021
Fuel combustion: Stationary 5,489 4,739 24.2% 15.82%
Fuel combustion: Transport 13,704 11,252 60.3% 21.80%
Facility operation: Refrigerants 385 665 1.7% -42.12%
Purchased electricity
*
3,147 19,860 13.8% -84.16%
Total emissions (tCO
2
e) 22,725 36,516 100.0% -37.77%
Output (tonnes of production) 149,490 128,036 16.76%
Intensity (tCO
2
e per tonne of production) 0.152 0.285 -46.66%
* The 2021 emissions figure for purchased electricity above (and used throughout)
reflects our investment in a zero-carbon electricity tariff for the majority of the estate.
In the terms of the Greenhouse Gas Protocol, this is called ‘market-based’ reporting –
as opposed to ‘location-based’ reporting. Location-based reporting does not take into
account the electricity supply contracts a company has and instead uses a national
carbon emissions factor for electricity. Following the location-based methodology
(which is required to be also reported under SECR alongside market-based figures),
our 2021 emissions from electricity were 20,417 tCO
2
e (including transmission and
distribution losses), giving total emissions of 39,995 tCO
2
e and an intensity of 0.268
tCO
2
e per tonne of production – a 6.12% decrease on 2020. The remaining electricity
emissions figure above of 3,147 tCO
2
e is from electricity not covered by our zero-
carbon tariff, and from transmission and distribution losses.
UK legislation requires the public reporting of Scope 1 and 2 emissions, Scope 3
emissions for quoted companies being optional. As mentioned previously, Scope
3 emissions resulting from transmission and distribution, associated with losses
during the use of grid electricity have been included, as well as business travel in
private vehicles (grey fleet).
The split in reported emissions by scope is shown in Table 2 below:
Table 2 Greenhouse gas emissions (tonnes CO
2
e) by scope and
reporting period
Emissions Source 2021 2020
2021
Percentage
Share
Percentage
Change
2020
to 2021
Scope 1 19,547 13,937 86.0% 40.25%
Scope 2 1,487 18,337 6.5% -91.89%
Scope 3 1,691 4,242 7.5% -60.13%
Total emissions (tCO
2
e) 22,725 36,516 100.0% -37.77%
When split by scope, it is Scope 1 which is associated with fuel combustion in
transportation and combustion of fossil fuels at the site that make up the largest
portion of the portfolio (86.0%).
Energy consumption
The introduction of SECR means that companies are required to publish annual
energy consumption as well as emissions. Table 3 below shows the total energy
consumption for the Group and the split in energy source/fuel type.
Table 3 Energy consumption (MWh) by type and reporting period
Emissions Source 2021 2020
2021
Percentage
Share
Percentage
Change
2020
to 2021
Fuel combustion: Stationary 30,092 21,789 17.5% 38.11%
Fuel combustion: Transport 60,868 45,413 35.4% 34.03%
Purchased electricity 81,102 77,363 47.1% 4.83%
Total Consumption (MWh) 172,062 144,565 100.0% 19.02%
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 31

Boundary, methodology
andexclusions
An ‘operational control’ approach has
been used to define the GHG
emissions boundary
1
.
This approach captures emissions
associated with the operation of
allbuildings such as warehouses,
offices and manufacturing sites,
pluscompany-owned transport,
andincludes Genuit Group plc
operations in the UK, Italy, and the
United Arab Emirates.
This information was collected
andreported in line with the
methodology set out in the UK
Government’s Environmental
ReportingGuidelines, 2019.
Emissions have been calculated using
the latest conversion factors provided
by the UK Government. There are no
material omissions from the
mandatory reporting scope.
The reporting period is January 2021
toDecember 2021, as per the
financialaccounts.
1 An operational control approach to GHG
emissions boundary is defined as: ‘Your
organisation has operational control
over an operation if it, or one of its
subsidiaries, has the full authority to
introduce and implement its operating
policies at the operation.’
UK & Global Consumption
A requirement of SECR reporting for PLC companies is that they provide a split of
their Scope 1 and 2 emissions between those that are emitted by UK sites and
those emitted by sites in their portfolio outside of the UK.
Table 4 Energy consumption (MWh) by type and reporting period
Territory Scope tCO
2
e MWh
UK
1
19,516 90,838
Global 31 122
UK
2
1,487 79,245
Global 0 1,857
Total 21,034 172,062
Energy efficiency initiatives
SECR legislation requires that every
company provides some basic
information in their Directors’ Report on
the energy efficiency initiatives carried
out in the financial year covered by
thisReport.
Further to demonstrating their
commitment to sustainability through
the recycling of end of life material at
the Horncastle facility, the Group have
signed the Pledge to Net Zero and
have set ambitious targets with
milestones in 2025 and 2050.
Genuit (as members of the UK’s
Climate Change Agreement (CCA)
scheme) have agreed to achieve a
3.797% improvement, on 2018 efficiency,
by the end of 2022. Eight of the Group’s
manufacturing sites fall under CCAs,
with a further two sites signing up to
the scheme at the end of 2022.
To support achieving this target, Genuit
have committed to reviewing their
approach to energy management
across the Group. Following the efforts
at selected manufacturing sites, the
Group have additional sites
conforming to ISO50001 certification.
There is a Group plan to further
develop and formalise the energy
management processes, including
regular monitoring budgeted project
plans working to facilitate the
identification and implementation
ofenergy-saving opportunities.
Sustainable Operations continued
32 Genuit Group plc Annual Report & Accounts 2021

Task Force on Climate-related
Financial Disclosures Report
“
As a Group, we recognise the risk of
climate change and the impact it will
haveon the planet and our business,
withsustainability being at the heart
ofour growth and operational strategy.
We are committed to continue reducing
our emissions and environmental impact
and will be net zero by 2050, whilst being
transparent on our progress through our
communicated sustainability targets.
Updating our reporting practices to
alignwith the TCFD will articulate this
toour stakeholders in atransparent
andconsistent manner. We are fully
committed to continuing to build on
ourclimate risk reporting framework
toproduce high-quality disclosures
infuture years.
Joe Vorih
Chief Executive Officer
Introduction
The Group understands the serious
threat that climate change poses to
our planet and it recognises its
responsibility in mitigating its impacts
through sustainable business
practices and climate resilient
products. The Group’s purpose is to
address challenges caused by climate
change and urbanisation and has
embedded climate change in its
strategy and day-to-day operations.
Environmental growth drivers and
sustainability framework and targets
are highlighted in the Group’s
AnnualReport and Accounts which
demonstrate its commitment to this.
However, the Group recognises the
benefits of adopting international
frameworks such as the Task Force on
Climate-related Financial Disclosures
(TCFD) to provide consistent and
transparent information to global
markets and, as a result, is committed
to aligning its reporting practices to
the TCFD. In this first TCFD report, the
Group has outlined its current position
and identified any changes that will be
implemented during 2022, to enable
full disclosure against all TCFD
recommendations in our 2022 Annual
Report and Accounts. Where
applicable, the relevant section of our
disclosure is linked to relevant sections
of this Annual Report and Accounts.
Areas of focus 2022
Perform a detailed risk assessment
ofclimate-related risks and
opportunities over the short, medium,
and long term, using two climate
scenarios to analyse and accurately
assess material impact and further
analyse the resilience of our strategy
Further consider climate-related
riskin strategic decisions and
financial planning
Develop a dedicated climate risk
management framework to ensure
management are informed of
climate-related issues and adequately
monitor the associated risks
Continue to regularly monitor
progress made in achieving
oursustainability targets
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 33

Task Force on Climate-related
Financial Disclosures Report
continued
Governance
Disclose the organisation’s governance around climate-related risks and opportunities
a) Describe the
board’s oversight of
climate-related risks
and opportunities
The Group recognises the importance of effective governance in the management of climate-
related risks and opportunities. During 2021, Genuit Group updated its risk reporting processes so
that risks would be consistently monitored and scored, ensuring climate-related risks were
effectively embedded across its businesses as part of ongoing improvements to risk identification
and mitigation procedures. The Board has overall responsibility for addressing environmental
matters and climate-related risks, and delegates the ongoing monitoring and management of
these risks to its Risk Committee, which is responsible for discussing and addressing internal
controls, and risk management systems and opportunities. Further detail on the membership,
activities, responsibilities and frequency of meetings of the Risk Committee can be found in the
Risk Committee Report. Climate risk has been recategorised as a principal risk in 2021, and
consequently will be individually addressed in the context of all strategic decisions considered by
the Risk Committee. The Board is updated quarterly on the progress made by the Group in
achieving its sustainability targets, and the Risk Committee will similarly review progress on these
targets specifically in the context of climate-related risk and will implement any amendments
required to capitalise on opportunities or further mitigate, asappropriate.
Risk
Committee
Report on
pages 78
to80
b) Describe
management’s role in
assessing and
managing climate-
related risks and
opportunities
The Group understands that taking ownership of climate change risk at all levels within the Group
is fundamental to the accurate identification and mitigation of climate-related risk. Divisional
management present to the Risk Committee on a rotational basis which includes any climate-
related risks, and actions and decisions on climate-related risk and opportunities are
communicated by the Risk Committee Chair to the Board in the same way as other principal risks
are. Methods and mitigation for managing these risks are communicated by senior management
to the business units. This ensures full integration and consistency across the Group. Given the
increased prominence climate-related risk will have in Risk Committee meetings going forward,
increased reporting and transparency from business units will be required to enable the Risk
Committee to have a consolidated oversight of climate-related issues across the Group and
report directly to the Board.
Principal
Risksand
Uncertainties
on pages
52to 56
Strategy
Disclose the actual and potential impacts of climate-related risks and opportunities on the organisation’s businesses, strategy, and financial
planning where such information is material
a) Describe the
climate-related risks
and opportunities the
organisation has
identified over the
short, medium, and
long term
Group revenues are primarily generated within the UK and the Group’s production facilities are
also heavily UK concentrated, therefore assessment of the Group’s climate change risk and
opportunity is performed within that context. Although under periodic review, assessment of the
physical risks is deemed to be immaterial. Some risk exists in certain international areas of the
Group’s supply chain linked to extreme weather events, and dual supply arrangements are
agreed where necessary to mitigate risk. The Group recognises issues of transition risk and
therefore has committed its operations to a variety of sustainability targets and will submit
Science Based Targets (SBTs) in 2022, consistent with the 1.5 degree business ambition. These risks
are assessed in a regulatory and reputation-based context, given the importance of these issues
for the Group’s stakeholders. These assessments are carried out as part of the risk management
processes. The issues of adaptation and resilience to climate change provide opportunities for
Group products, and these growth drivers form core parts of the Group’s commercial strategy
and drive its innovation and Mergers and Acquisitions (M&A) agendas. At the same time, the
Group can foresee transition risk in some of its products, and therefore it is in the process of
completing Life Cycle Analysis (LCA) and Environmental Product Declaration (EPD) in order for its
customers to make informed decisions on embedded carbon.
Framework
for
managing
risk on
page51
b) Describe the
impact of climate-
related risks and
opportunities on the
organisation’s
businesses, strategy,
and financial planning
The outcomes of planned scenario analysis during the year will be reviewed and reflected in the
Group’s business strategy. The identification of market changes as a result of climate-related risks
and opportunities are a consideration in deciding the markets in which the Group chooses to
operate. Climate-related risks are inherent and embedded in four of the Group’s six growth drivers,
which focus on addressing issues resulting from climate change. Innovation and M&A activities
focus on identifying opportunities and mitigating risk. The Group has signed the Pledge to Net Zero
and, as an interim target, is committed to a 66.0% reduction in Scope 1 and 2 Greenhouse Gas
(GHG) emissions by 2025. Group initiatives that underpin this centre around energy reduction,
including use of renewable energy sources and reduction in use of fossil fuels in its commercial
and car fleets, and its financial planning processes accommodate these initiatives.
Growth
Drivers
onpages
22to 23
c) Describe the
resilience of the
organisation’s
strategy, taking into
consideration
different climate-
related scenarios,
including a 2°C or
lower scenario
The Group aims to reduce its GHG emissions in alignment with its science-based target to meet
its goal of becoming net zero by 2050, in alignment with the UK Government’s strategy. The Group
has committed to the Science Based Targets Initiative (SBTi), the current most ambitious
science-based carbon reduction strategy. Plans to enable this transition are in progress and will
be published following verification by SBTi. This, alongside its 2025 targets, will ensure that the
Group’s operations are consistent with a transition to net zero, and forms part of its strategy to
achieving this. The Group does not currently see material risk in its revenue streams due to climate
change, but is committed to ensuring this assessment is continually monitored during 2022, as
part of the implementation of its climate-related risk management framework. The product
ranges in water management, climate management, ventilation and low carbon heating, all
assist in providing the built environment with resilience to climate change impact, as described in
the Group’s Principal Risks and Uncertainties.
Tackling
Climate
Change
onpage 16
Principal
Risks and
Uncertainties
on pages
52to56
34 Genuit Group plc Annual Report & Accounts 2021

Risk Management
Disclose how the organisation identifies, assesses, and manages climate-related risks
a) Describe the
organisation’s
processes for
identifying and
assessing climate-
related risks
The Group understands the importance of climate-related risk across its businesses and
manages environmental regulations through impact assessments and aspect reviews in its risk
register. Environmental risk management has been expanded to include climate as a principal risk
in 2021, previously categorised as an emerging risk in 2020. Formal review and ongoing
management of the risk register is a responsibility of the Risk Committee, as outlined in the Risk
Committee Report.
Principal
Risksand
Uncertainties
on pages
52to56
b) Describe the
organisation’s
processes for
managing climate-
related risks
Senior managers from within the business report their key risks, which include sustainability and
climate change related risks, to the Risk Committee. These risks are assessed by the Committee to
understand their likelihood and impact, along with the necessary mitigations and optimal
controls. Given the prominence of sustainability in the Group’s strategy, climate and related risks
are inherent in everyday operations and decision-making. The Group is currently in the process of
developing a dedicated climate risk management framework. For more detail on the framework
for managing risk, please refer to the Principal Risks and Uncertainties section within this Report.
Framework
for
managing
risk on
page51
c) Describe how
processes for
identifying, assessing,
and managing
climate-related risks
are integrated into the
organisation’s overall
risk management
As required by the UK Corporate Governance Code Principle C, the Board should establish a
framework of prudent and effective controls, which enable risk to be assessed and managed. The
responsibility for assessing risk on behalf of the Board was previously that of the Audit Committee,
however, following the creation of the Risk Committee during 2021, the latter is now tasked with
ensuring the effectiveness of the risk management process, as well as confirming that the
Principal Risks and Uncertainties of the business are appropriately disclosed externally. The Risk
Committee reviews and provides the Board with recommendations on all risks, including climate
change. Further details on the Group’s overall risk management process are available within the
Principal Risks and Uncertainties section in this Annual Report and Accounts.
Process for
identifying,
assessing
and
mitigating
risk on
pages 79
to80
Metrics and Targets
Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information
ismaterial
a) Disclose the metrics
used by the
organisation to assess
climate-related risks
and opportunities in
line with its strategy
and risk management
process
The Group understands the importance of target setting and achieving them. It is developing
systems to further improve its data collection and data integrity, with the input of internal resource
and third-party experts. The Group is developing a framework of regular energy efficiency
reporting of site-specific targets, which will be agreed and measured. As detailed in the SECR, we
use standard measures of emissions intensity and monitor performance at site and Group level.
The Group have established both carbon and recycling targets for 2025, using 2019 as the base
year for respective reduction. The wider data integrity and accuracy review which was started in
2021 and will be complete in 2022, provides the Group with the capability to monitor and review
performance on a monthly basis. The Group will have a greater depth of understanding to ensure
behaviours and actions are taken to achieve its targets. As with all of its processes, the Group will
continue to review and ensure it is able to increase the level of data and matrices beyond current
targets and objectives, which will further support its journey to net zero and the adoption of
itsSBTs.
KPIs on
pages
24to25
b) Disclose Scope 1,
Scope 2, and, if
appropriate, Scope 3
greenhouse gas
(GHG) emissions,
andthe related risks
The Group discloses its emissions through SECR, which is included within the Annual Report and
Accounts. The Group will have a Scope 3 emissions inventory within 2022 and has engaged
external advisers to verify this as part of our SBTs. Scope 3 emissions have always been included
with Scopes 1 and 2 as stipulated in GHG reporting, in addition to the conditions in our Climate
Change Agreement, requiring a reduction in carbon intensity throughout the designated
reporting periods. The Group’s energy is sourced from renewable sources which has seen its
carbon impact reduced and the Group has experienced an overall improvement in its operational
energy efficiency and carbon emissions. Reporting period changes and improvements in
emissions are detailed within the SECR.
Greenhouse
Gas
Emissions on
pages
31to32
c) Describe the
targets used by the
organisation to
manage climate-
related risks and
opportunities and
performance
againsttargets
The Group understands the importance of target setting to ensure that it is on a trajectory to
achieving its goals. In 2020, ambitious targets were set, including a 66.0% reduction in like-for-like
carbon intensity in Scopes 1 and 2, without the use of offsetting. The Group believes that offsetting
at this stage does not encourage best practice and should be avoided until it has exhausted all
efforts to reduce its GHG emissions. A target was set to reach 62.0% recycled material usage, and
the Group is aware that its responsibility as a large plastic manufacturer could have a large
positive impact on the environment. The target of 62.0% is what has been identified as the upper
limit of what can be achieved under current product standards, however the Group work
constantly to increase this number. The Group’s state-of-the-art polymer reprocessing plant at its
Polypipe Civils and Green Urbanisation site in Horncastle, is testament to this ambition to do more
and go further and it has recently invested £2m in increasing its capability to using recycled PVC.
The Group is aware that setting these goals was an important element of its sustainability
strategy. Its commitment to sustainability is further evidenced through signing Pledge to Net Zero
and the setting of SBTs with the SBTi, in line with the 1.5 degree commitment. The Group updated its
Remuneration Policy in 2021, which included the refining of performance metrics to include
sustainability targets in its long-term incentive plan. This further reflects the central importance of
sustainability to the Group’s future strategy. More detail on how these are structured can be found
in our Remuneration Report.
Sustainable
Operations
on page 30
Remuneration
Report on
pages 105
to116
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 35

People
We recognise the crucial role that our
people have in delivering our strategy.
industry and beyond. Similarly, our
graduate intake programme is geared
around the present and future needs
of the business, and so, for example,
during 2021 we recruited graduates
insustainability, and material/
polymerscience.
Our online Learning Management
Systems are delivering significant
amounts of training every month
andcover important topics, such
ashealth and safety, compliance,
personal development and on the
jobpracticalskills.
Employee engagement
We believe our organisation performs
at its best when our colleagues are
motivated and engaged, and we
measure engagement levels via a
survey across the Group. 2021 saw
aslight reduction of 4.6 percentage
points, with an engagement rating
of57.2%. Whilst this is somewhat
explainable by the lengthy periods of
remote working and the challenges
ofsafe working practices during the
Covid-19 pandemic, nonetheless we
are focusing efforts on understanding
any broader issues, and our local
management teams are developing
plans to turn this around in 2022.
During 2021, a Chief People Officer was
appointed to the Executive Team to
ensure that we have an overarching
and Group-wide approach to talent,
people development and employee
engagement, giving focus to these
areas at a senior level and consistently
throughout the Group. TheGenuit
brand enables the creation of an
identity within which all colleagues
would feel an equal sense of
citizenship. In order to be an employer
brand of choice and to ensure that our
scale provides opportunities for
people to develop, we need people to
feel a sense of belonging to the
business unit in which they work and
also to the Group to which they belong.
That way we can truly leverage the
capabilities that exist within the
organisation, creating best practice
and knowledge sharing, whilst also
offering real employee development.
People development
We continued to make progress in our
membership of The 5% Club, and were
awarded Silver Status during the year.
Over a hundred of our employees
werein qualifying development
programmes at the year-end. This
represented 3.2% of the total workforce
at that date. Our plans for the year
ahead, will ensure further progress
in2022.
Our apprenticeship programmes
continue to flourish. These cover a
range of disciplines beyond those
which might have been traditionally
associated with apprenticeships.
Forexample, we currently have
apprentices in Digital Marketing, CAD &
Design and Field Sales. Our HGV Driver
Academy programme uses training
asa route to address this specific skill
shortage, which is present across the
“
Our organisation
performs at
itsbestwhen
ouremployees
aremotivated
andengaged.
36 Genuit Group plc Annual Report & Accounts 2021

Diversity & inclusion
We want to be able to attract people
from the widest possible talent pool in
order to achieve our goals and
objectives. This means that people
ofall ethnicities, genders, sexual
orientations and backgrounds must
see Genuit Group as a place in which
they can feel welcomed and can
thrive. Therefore, across our various
businesses, we endeavour to have an
ethnicity mix which reflects our local
communities. We have recording/
reporting measures in place on key
areas of diversity which are reported
on a monthly basis, and have recently
introduced further reporting and
analysis within recruitment activities
toenable us to be more proactive in
ensuring we attract a diverse range
ofcandidates to the business. We are
also taking steps to achieve a Group-
wide gender mix in line with the
Hampton-Alexander report guidelines.
Of course, there is some historical
imbalance given we are a
manufacturing business in the
construction products sector, and we
are exploring programmes and
actions to help redress this. We
recently supported a number of our
female employees to participate in the
‘Yes, She Can Campaign’, a workshop
designed to support and facilitate
female leaders in business/industry.
We continue to monitor gender pay
gap reporting, and as at 5 April 2021
our median average was -11.0% and
mean -15.8% As at the year-end, our
gender split was 75.0% male, 25.0%
female, which compares to wider
construction sector indicators which
suggest an average of 10.0% female.
“
We leverage the
capabilities that
exist within the
organisation,
creating best
practice and
knowledge sharing.
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 37

Health, safety
andwellbeing
Genuit Group is committed to improving
thequality and safety of the working
environment for all of our colleagues.
Each operating site undertakes regular
reviews of health, wellbeing, safety and
environmental performance,
discussing current and emerging risks
and agreeing mitigation plans. Health,
safety and environmental
performance, including details of
significant incidents, are reviewed
during the weekly Executive Team
meetings. Details and learning are
communicated across the Group,
ensuring a consistent approach and to
prevent reoccurrence.
The Group recognises the importance
of understanding and improving its
culture. Highly engaged, informed and
trusting employees enhance health,
safety and environmental
performance. As such, we continue to
deliver Group wide behavioural-based
safety training programmes, the focus
being individual and collective
decision-making and the
consequences of these. Safety
ambassadors, together with
established formal consultation teams,
continually monitor, advise and
improve site HSE performance in
addition to increasing the positive
profile of the cultural change plan.
The Group operates a formal system
for reporting and recording hazards
and near misses. The ‘See it, Sort it,
Report it’ scheme encourages
individuals across the business at all
levels to report hazards and suggest
solutions, and allows trends to be
analysed. This reporting procedure
continues to be the catalyst for
multiple operational and safety-
relatedprojects.
The Group continued the
implementation of a focused,
formalised safety tour programme for
management. These safety tours,
undertaken by Executive Directors
through to department managers,
engage staff and further encourage
health, wellbeing, safety and
environmental discussion
andimprovement.
Covid-19 response and
management
In response to the pandemic and the
changing landscape and
requirements throughout 2021, the
Group implemented a series of
measures to ensure that our operating
sites and offices remained safe and
secure. Throughout the pandemic, the
Group followed Government advice as
a minimum and will continue to do so.
Additional information and guidance
were provided to aid with safe and
sustainable remote working.
Health, safety andwellbeing
Manufacturing is an industry with a risk
of significant workplace injuries and
long-term health hazards, due to the
nature of its manufacturing and
logistics operations. The Group
addresses this through ensuring,
maintaining and continually improving
its health, safety and environmental
standards. The Group’s approach
includes demonstrable actions
andfollow up and creating an
inclusiveculture.
The Group aims to continuously
improve the quality and safety of the
working environment for all employees.
The Group has a published Health,
Safety and Environment policy that
sets out the overriding principles of
health and safety for all employees.
The Group divisions operate to
externally accredited ISO and OHSAS
standards. Group divisions apply the
standards as a minimum level of
compliance with additional internal
processes covering aspects such as
training, incident management, audit
and review.
38 Genuit Group plc Annual Report & Accounts 2021

As well as constantly
improving our working
environment, our
teamsare engaged
ininitiativesto improve
theenvironment
morebroadly
Our employees are actively
encouraged to participate in
initiatives which help reduce the
impact of climate change,
working with each other, as well
as within the communities in
which we operate.
Operating sites across the Group
are committed to eliminating the
impact of plastic waste in the
wider environment. The Group
signed the British Plastics
Federation ‘Operation Clean
Sweep’, and sites continue
toaudit and improve the
management and control
ofmaterials.
We continue to review and
reduce our packaging waste,
working with suppliers and
customers to reduce waste in
the supply chain; engaging with
local schools and encouraging
employees to bring their own
plastic waste for recycling at
ourpolymer processing plant.
The Group’s focus on applying
the waste hierarchy has resulted
in a significant reduction in
waste produced, as we aim
forzero waste to landfill.
Health and safety
achievements inthe year
Following nine consecutive RoSPA
GoldAwards, the Group achieved
theGold Medal Award for exceptional
performance and dedicated
supportfor health and safety
withinthe organisation.
The Group has introduced two internal
occupational health services to further
support colleagues. Onsite and remote
physiotherapy clinics provide
rehabilitation following work and
non-work-related injuries. The
occupational health and physio teams
have provided further advice and
guidance in reviewing operational
behaviours and controls as the Group
works to reduce musculoskeletal injuries.
In 2021, the Group enlisted the services
of a counsellor to provide private and
confidential advice and support to
colleagues across the Group. The
feedback has been overwhelmingly
positive and is a further commitment
to ensure that individual health and
wellbeing is a business priority.
Significant physical and management
measures continue to be implemented
across the Group including:
• Covid-19 specific risk assessments
remain in place, communicated and
under regular review. Additional and
regular training and
communications to all staff
regarding the measures continue to
be carried out.
• The Group continues to check the
temperature of all employees and
visitors on arrival to site. Those with a
high temperature are refused entry
and advised to have a Covid-19 test.
• Established Covid-19 control
measures including face coverings,
social distancing, increased hygiene
regimens were applied throughout
2021, based on internal risk reviews
and in line with Government advice.
Various Group sites have been visited
by the HSE Covid-19 inspection team
as part of their ongoing programme to
check business compliance. The
inspectors noted high levels of
compliance and best practice
beingapplied.
The table below sets out the KPIs used by the Group to monitor
accidentperformance:
2021 2020 2019
Frequency per 100,000 hours worked
– All accidents (excluding HSE reportable accidents*) 4.63 3.78 5.54
– HSE reportable accidents* 0.43 0.48 0.43
* HSE reportable accidents are based on specified injuries and the current seven-day
absence from work reporting requirement in the UK and, although there is no direct
equivalent in Mainland Europe and the Middle East, the same definition is applied.
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 39

Key issues How we engage Outcomes Value created
Customers
• Differentiated product
solutions
• Sustainability
• Innovation
• Relationship building and
customer service
We work collaboratively on project planning
and implementation. We initiate and engage
through collaborative training, education and
facilitate regular cross-community forums and
events. We meet regularly with our customers
to understand the obstacles they face and the
solutions they require in relation to energy
efficiency, waste reduction and traditional
construction methods. Annual surveys are sent
to customers to obtain feedback.
• Increased stability and certainty on project
timeframes, reduced cost and increased
customer loyalty
• Deploy energy efficient components
delivering innovative designs and solutions
• Safer, higher quality and speedier
installations and delivery of value
engineeredsolutions
• Establishment of long-term partnerships
through collaborative working, enabling
delivery of long-term sustainable solutions
• Revenue and profit growth
• Improved efficiencies for the customer in
terms of service, knowledge and
sustainability
• Close partnerships and business
relationships
• Creation of value for our customers by
delivery of high quality, efficient and
innovative products and solutions
• Improved performance and reputation for
our customers with the end users
Shareholders
• Investor returns
• ESG and sustainability
• Innovation
• Risk management
• Strategy
We hold periodic Capital Markets Events inviting
current and potential investors to attend. We
hold roadshows and salesforce briefings after
each results announcement and offer
one-to-one meetings on request. We regularly
attend broker and analyst conferences.
Information for shareholders is available on our
investor relations website and through our
various publications. We also engage with
shareholders via our Remuneration Committee
Chair on key remuneration matters.
• Continued demand for the Company’s
shares (heightening shareholder returns)
• Support for equity placings
• Support for strategy including that
pertainingto ESG
• Support for investment decisions
includingM&A and capital expenditure
• Acceptance of temporarily higher levels
ofdebt
• Stable blue chip register
• Reduced cost of capital
• Stable and sustained share price
• Potential for dividend payments
Employees
• Communication
• Retention of staff and
maintenance of culture
• Learning and development
and future capabilities
• Health and wellbeing
• Long-term effects of
pandemic
We circulate regular newsletters, videos and
emails, use blogs, hold business update
meetings and host employee forums. Regular
social events are organised by divisional social
committees. We have a dedicated Leadership
& Development (L&D) resource and form
partnerships with specialist training providers.
Increased communication is maintained, with
access to an online wellbeing hub, together with
direct access to on-site health and wellbeing
support. We regularly monitor culture and
ensure our Group values are embedded
throughout. Weconduct staff surveys and
regular appraisals to engage with employees.
• Investors in People – Silver Award
• Communication of relevant and timely
information and sharing of knowledge
• Improved levels of engagement and
employee satisfaction, maintaining a
retention of diverse employees with
improved skill set
• Regular access to training at all levels,
obtaining transferable skills
• Prominent awareness and support for health
and wellbeing issues, enhancing working
conditions for all
• Processes improved, initiatives developed,
management buy-in at different levels
• Motivated, loyal and engaged workforce
• Improved health and wellbeing resulting in
reduced sickness absentees, employee
dissatisfaction and improved working
conditions
• Knowledgeable and innovative workforce
with transferable skills to future-proof the
Group workforce strategy
• Attract and retain high-quality employees
• Fosters a culture of trust, honesty, positive
morale and togetherness
Suppliers
• Continuity of supplies and
management of supply
chain constraints
• Ensuring product quality
meets agreed standards
• Accurate demand forecast
• Support and utilising local
suppliers
• Sustainability
• Innovation
We form and develop strong supplier
relationships at all levels and across all
disciplines, regularly engaging and partnering
with key suppliers to develop initiatives for
innovative solutions in a collaborative manner.
We conduct regular reviews and audits,
including virtual audits where required as a
result of the pandemic and collaborate as
appropriate on innovative product
development. We communicate efficiently with
our suppliers in relation to product quality and
forward orders.
• New and improved products and processes
• Multiple sourcing and stable and predictable
production for suppliers
• Fair payment terms and establishment of
long-term partnerships
• Reduction in waste from our production
processes via internal recycling, or onward
sales to a third party to reduce landfill
• Development of bespoke reformulated
material to enhance the performance of our
current product range
• Reduced risk to the business and certainty of
a secure supply of essential materials and
services
• Keeping our suppliers leading in their field yet
remaining competitive
• Innovation (continuous improvement)
• Sustainable and ethical supply chains
• Long-term partnerships
Community
• Education
• Sustainable operations
and minimising
environmental impact
• Charity
• Workforce of the future
• Sponsorship
Regular engagement with local authorities and
businesses, delivering educational and
vocational initiatives, attending schools,
providing mentoring and experience sharing
and opportunities for site visits. Annual adopted
charities, local sponsorships and charitable
donations of products. Participation in
initiatives to reduce environmental impact,
monitoring and responding to voluntary and
legislative requirements, including
performance testing of our products prior to
launch, group litter picking initiatives and
including ways to reduce environmental
impact in educational pieces.
• Donations made to local and national
charities and participation in kickstart and
tempus novo schemes
• Support and development of local
educational institutions, winning awards
such as Business and Education partnership
at Doncaster Chamber Awards 2021
• Long-standing sponsorship of local sports
clubs, regular charitable events and
fundraising
• Cleaner and friendlier areas for the local
communities
• Increasing awareness of plastic processing
and recycling
• Development of employability and financial
capability skills beyond the classroom, to
increase employment opportunities for low
socio-economic families
• Commitment to the delivery of effective
education to disadvantaged student
populations in local areas
• Driving diversity across STEM-related subjects
• Reducing the impact of our overall activities
on the environment and giving something
back to the local communities within which
we operate
• Brand creation, development and awareness
Engagement with
our stakeholders
Effective engagement with stakeholders
is an integral part of the process of
decision-making for both the Board and
our senior management teams and is
crucial to the effective execution of the
Group’s long-term sustainable strategy.
Our purpose is to create sustainable,
engineered water and climate
management solutions for the built
environment. We believe that by
considering material stakeholders
inour strategic decision-making, this
will develop a culture and strategy
thatwillensure the long-term success
of the Group, and we recognise that
eachstakeholder has a vital role to
play inthe Group’s future viability
andsuccess.
To effectively engage with
stakeholders, it is imperative we seek
to understand their needs and the
individual value each of them brings
tothe Group. By considering the
viewpoints of each respectively, we
can ensure that our customers are
satisfied with our innovative products
and benefit from our services; our
employees operate in a safe, diverse
and desirable working environment;
our suppliers experience fair payment
terms and continue to work alongside
us in a collaborative fashion; our
impact on the climate is minimised
and we continue to engage with, and
support, the local communities in
which we operate.
In considering the above, this
approach to decision-making will,
inturn, promote the success of the
Company for the benefit of its
members as a whole and create
long-term sustainable growth and
success for the Group. Engaging with
and understanding the needs of our
stakeholders therefore forms an
integral part of decision-making for
both the Board and our senior
management team. The impact of
Board decisions on the Company’s
stakeholders is regularly considered
bythe Board in the context of its
keydecisions, and the Company
Secretaryacts as a key driver in
ensuring such engagement.
The pandemic continued throughout
2021 and we prioritised minimising the
impact of it on our stakeholders
through numerous methods. We
ensured we kept in touch with
customers and suppliers to inform
them of changes in the environment
that were beyond our control, as well
as communicating the measures we
would be putting in place to minimise
such impact. Employees were
frequently kept up to date with any
developments, and as the regulations
changed throughout the year, their
safety and wellbeing was at the
forefront of all Board decision-making.
Our efforts in the community were
notdampened and we continued
tocreate value and make
improvements to the communities
within which we operate, which is
evident from the strong ties each
ofour businesses has locally.
“
By considering
theviewpoints of
each stakeholder
respectively, we can
ensure decisions are
made to promote the
long-term sustainable
success of the Group.
40 Genuit Group plc Annual Report & Accounts 2021

Key issues How we engage Outcomes Value created
Customers
• Differentiated product
solutions
• Sustainability
• Innovation
• Relationship building and
customer service
We work collaboratively on project planning
and implementation. We initiate and engage
through collaborative training, education and
facilitate regular cross-community forums and
events. We meet regularly with our customers
to understand the obstacles they face and the
solutions they require in relation to energy
efficiency, waste reduction and traditional
construction methods. Annual surveys are sent
to customers to obtain feedback.
• Increased stability and certainty on project
timeframes, reduced cost and increased
customer loyalty
• Deploy energy efficient components
delivering innovative designs and solutions
• Safer, higher quality and speedier
installations and delivery of value
engineeredsolutions
• Establishment of long-term partnerships
through collaborative working, enabling
delivery of long-term sustainable solutions
• Revenue and profit growth
• Improved efficiencies for the customer in
terms of service, knowledge and
sustainability
• Close partnerships and business
relationships
• Creation of value for our customers by
delivery of high quality, efficient and
innovative products and solutions
• Improved performance and reputation for
our customers with the end users
Shareholders
• Investor returns
• ESG and sustainability
• Innovation
• Risk management
• Strategy
We hold periodic Capital Markets Events inviting
current and potential investors to attend. We
hold roadshows and salesforce briefings after
each results announcement and offer
one-to-one meetings on request. We regularly
attend broker and analyst conferences.
Information for shareholders is available on our
investor relations website and through our
various publications. We also engage with
shareholders via our Remuneration Committee
Chair on key remuneration matters.
• Continued demand for the Company’s
shares (heightening shareholder returns)
• Support for equity placings
• Support for strategy including that
pertainingto ESG
• Support for investment decisions
includingM&A and capital expenditure
• Acceptance of temporarily higher levels
ofdebt
• Stable blue chip register
• Reduced cost of capital
• Stable and sustained share price
• Potential for dividend payments
Employees
• Communication
• Retention of staff and
maintenance of culture
• Learning and development
and future capabilities
• Health and wellbeing
• Long-term effects of
pandemic
We circulate regular newsletters, videos and
emails, use blogs, hold business update
meetings and host employee forums. Regular
social events are organised by divisional social
committees. We have a dedicated Leadership
& Development (L&D) resource and form
partnerships with specialist training providers.
Increased communication is maintained, with
access to an online wellbeing hub, together with
direct access to on-site health and wellbeing
support. We regularly monitor culture and
ensure our Group values are embedded
throughout. Weconduct staff surveys and
regular appraisals to engage with employees.
• Investors in People – Silver Award
• Communication of relevant and timely
information and sharing of knowledge
• Improved levels of engagement and
employee satisfaction, maintaining a
retention of diverse employees with
improved skill set
• Regular access to training at all levels,
obtaining transferable skills
• Prominent awareness and support for health
and wellbeing issues, enhancing working
conditions for all
• Processes improved, initiatives developed,
management buy-in at different levels
• Motivated, loyal and engaged workforce
• Improved health and wellbeing resulting in
reduced sickness absentees, employee
dissatisfaction and improved working
conditions
• Knowledgeable and innovative workforce
with transferable skills to future-proof the
Group workforce strategy
• Attract and retain high-quality employees
• Fosters a culture of trust, honesty, positive
morale and togetherness
Suppliers
• Continuity of supplies and
management of supply
chain constraints
• Ensuring product quality
meets agreed standards
• Accurate demand forecast
• Support and utilising local
suppliers
• Sustainability
• Innovation
We form and develop strong supplier
relationships at all levels and across all
disciplines, regularly engaging and partnering
with key suppliers to develop initiatives for
innovative solutions in a collaborative manner.
We conduct regular reviews and audits,
including virtual audits where required as a
result of the pandemic and collaborate as
appropriate on innovative product
development. We communicate efficiently with
our suppliers in relation to product quality and
forward orders.
• New and improved products and processes
• Multiple sourcing and stable and predictable
production for suppliers
• Fair payment terms and establishment of
long-term partnerships
• Reduction in waste from our production
processes via internal recycling, or onward
sales to a third party to reduce landfill
• Development of bespoke reformulated
material to enhance the performance of our
current product range
• Reduced risk to the business and certainty of
a secure supply of essential materials and
services
• Keeping our suppliers leading in their field yet
remaining competitive
• Innovation (continuous improvement)
• Sustainable and ethical supply chains
• Long-term partnerships
Community
• Education
• Sustainable operations
and minimising
environmental impact
• Charity
• Workforce of the future
• Sponsorship
Regular engagement with local authorities and
businesses, delivering educational and
vocational initiatives, attending schools,
providing mentoring and experience sharing
and opportunities for site visits. Annual adopted
charities, local sponsorships and charitable
donations of products. Participation in
initiatives to reduce environmental impact,
monitoring and responding to voluntary and
legislative requirements, including
performance testing of our products prior to
launch, group litter picking initiatives and
including ways to reduce environmental
impact in educational pieces.
• Donations made to local and national
charities and participation in kickstart and
tempus novo schemes
• Support and development of local
educational institutions, winning awards
such as Business and Education partnership
at Doncaster Chamber Awards 2021
• Long-standing sponsorship of local sports
clubs, regular charitable events and
fundraising
• Cleaner and friendlier areas for the local
communities
• Increasing awareness of plastic processing
and recycling
• Development of employability and financial
capability skills beyond the classroom, to
increase employment opportunities for low
socio-economic families
• Commitment to the delivery of effective
education to disadvantaged student
populations in local areas
• Driving diversity across STEM-related subjects
• Reducing the impact of our overall activities
on the environment and giving something
back to the local communities within which
we operate
• Brand creation, development and awareness
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 41

Section 172 Statement
Our Section 172 statement for the year ended 31 December
2021 gives further insight into how our key stakeholders have
influenced some of the strategic decisions taken by the
Board during the 2021 financial year.
One of the primary areas of focus for
the Board is the impact its decisions
oractions may have on key
stakeholder groups which fall under
s172 of the Companies Act 2006.
Boarddiscussions therefore seek to
appropriately consider the impact
andviews of these groups, whilst
always ensuring the need to promote
the success of the Company for the
benefit of its members as a whole. In
light of this, the Board confirms that
during the year under review it has
given due regard (amongst other
matters) to:
• the likely consequences of any
decision in the long term;
• the interests of the
Group’semployees;
• the need to foster the Group’s
business relationships with suppliers,
customers and others;
• the impact of the Group’s
operationson the community
andthe environment;
• the desirability of the Group
maintaining a reputation for high
standards of business conduct; and
• the need to act fairly as between
members of the Company.
This statement aims to help
stakeholders better understand and
toprovide some examples of how
theDirectors have discharged their
s172duties.
Board and management
decision-making
Our key stakeholders are integral to
the Group’s long-term strategy. Their
needs form part of everyday
decision-making and are
considered by the Board throughout
the financial year when making
strategic decisions. Ultimately, Board
decisions are taken against the
backdrop of what it considers to be
in the best interest of the long-term
financial success of the Company
and these key stakeholders, using
the information provided to it about
the impact of the decision in
question on relevant stakeholders.
Some examples of when this has
taken place are set out overleaf.
Customers
We endeavour to create quality products with engineered
solutions that enable a sustainable built environment for
our customers, placing our customers’ needs at the heart
of our strategic decision-making.
Shareholders
Creating a competitive advantage generates long-term
value for our shareholders. Our strategy is to allocate
capital in a disciplined way to fund sustainable profitable
growth, yielding consistent returns to shareholders over
the long term.
Employees
As part of our strategy we are committed to developing
the pool of talent of our employees across the Group,
helping to develop their expertise and knowledge in
theirspecific fields, fostering a culture which is diverse,
recognising, as well as acknowledging, that our
employees are a critical part of the Group’s long-
termsustainable success.
Suppliers
We value our suppliers and understand the benefit of
maintaining long-standing relationships across the
Group. We encourage fair negotiation with all suppliers,
aswell as certainty on payment. Protecting these
relationships ensures positive impacts on the value
chainand thus promotes sustainable success.
Communities and the environment
The impact of our operations on the local communities
and environments within which we operate are of
paramount importance to the Group, in both daily
operations, and also when making strategic long-term
decisions. We recognise the positive differences we can
make in our communities on an ongoing basis and the
importance of regular engagement.
Board decision-making
42 Genuit Group plc Annual Report & Accounts 2021

Key Board decisions in 2021 Stakeholders
Approval of appointments of Chief Executive Officer
andChiefOperatingOfficer
In line with the requirements of the UK Corporate Governance Code, the Board approved the recommendations of the
Nomination Committee in relation to the appointment of Matt Pullen as COO, following the announcement of Glen Sabin’s
retirement, and the appointment of Joe Vorih as CEO, following the announcement that Martin Payne would be stepping
down from the Board during 2022. Having followed a formal, rigorous and transparent recruitment process for both roles,
the Board considered that these appointments were in the best interests of all stakeholders and would ensure that the
Board had the right composition, skills, experience and knowledge to continue to drive and deliver the Group’s strategy.
Approval to proceed with the acquisition of Adey
In line with the Group’s long-term strategy for growth and purpose, the Board gave approval to proceed with the
acquisition of Adey during 2021, having prioritised and considered the long-term consequences of this acquisition on
itsstakeholders. As part of the decision-making process, the Board considered the potential synergies and financial
benefits of the acquisition, as well as the environmental credentials of the target business and the benefit the acquisition
would bring to shareholders and other stakeholders in terms of the long-term growth of the enlarged Group and
potentialreturns.
Decision to carry out a non-pre-emptive placing of new ordinary shares of
the Company in February 2021 to partially fund the acquisition of Adey,
raising gross proceeds of approximately £96m
Following a scenario analysis exercise, the decision was made by the Board to fund the acquisition cost for Adey via a
combination of existing debt facilities and the proceeds of an equity placing, representing c.8.2% of the Company’s issued
share capital at that time. The transaction was signed and completed on the same day, and following the successful
completion of the placing, pro forma 2021 year end leverage will be below 1.5 times, thereby strengthening the Group’s
balance sheet and reducing overall debt. Funding this acquisition by a combination of debt and equity prevented
furtherinvestment from being constrained and business decisions being influenced by a focus on leverage and
covenantmanagement, thereby protecting the Company’s long-term prospects. Approving this placing also provided
stability andstrength to increase competitive positioning to help accelerate growth post-Covid-19, which is beneficial
toall stakeholders.
Decision to rebrand to Genuit Group plc
As the Group has continued to grow via acquisition since its IPO in 2014, the Board made the decision to change its name
from Polypipe Group plc to Genuit Group plc on 6 April 2021, as the view of the Board and the stakeholders it consulted was
that the Polypipe brand was becoming less accurate as a descriptor for the Group as a whole. In considering all
stakeholders, the decision was made to create a more inclusive name for the Group as it moves forwards; with the aim of
more accurately reflecting the structure of the Group, whilst retaining all leading customer facing brands (including
Polypipe) to ensure continuity of service with customers and suppliers.
Decision to pay a final 2020 and interim 2021 dividend
In light of the severity of the pandemic, the Board took the decision to cancel the final dividend for 2019 and the interim
dividend in 2020. Having closely reviewed the performance of the Group through the pandemic, and having considered
all stakeholders when making decisions in line with their s172 duty, the Board agreed to recommend a final dividend for
2020 to shareholders for approval and to approve the payment of an interim dividend in 2021, benefiting all shareholders,
including our numerous employee shareholders.
Decision to relocate Group Head Office
In light of the increased size and geographic expansion of the Group and the increasing pressure on the office space at
the Group’s Broomhouse Lane site in Doncaster, following a detailed review of available options, the Board took the
decision to relocate the Group Head Office to a new Corporate Headquarters in Leeds.
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 43

Section 172 Statement continued
Non-financial information
reporting requirement Development and actions
Our impact and any
related principal risks Page
Environmental matters
• Advancing the
circular economy
• Tackling climate
change
Providing solutions to the environmental challenges facing
infrastructure, buildings and communities is at the heart of the
Group’s strategy and growth agenda, and as a result, the Group has set
ambitious targets to achieve by 2025, including a reduction of CO
2
emissions as part of its Pledge to Net Zero, and an increase in its
tonnage of recycled plastics.
Our Business Model
12
Six Strategic Growth Drivers
22
Sustainable Operations
30
Sustainable Solutions
26
Principal Risk 6 –
Climatechange
54
Employees
• Investing in an
engaged and
diverse workforce
• Education and
work schemes
• Personal
development
• Health and safety
As part of its efforts to consolidate and promote a healthy culture,
the Group places focus on motivating and developing its employees
so they feel valued and engaged in the strategic direction of the Group,
and understand their contribution to its growth. Attracting and retaining
a diverse workforce and investing in employees’ future opportunities
is of paramount importance to the Group, which can be seen from the
appointment of a dedicated Chief People Officer, as well as initiatives
such as the Graduate Scheme, our Apprentice programme and our
membership of The 5% Club.
People
36
Health, safety and wellbeing
38
Stakeholder Engagement
40
Culture
65
Principal Risk 7 – Recruitment
and retention of key personnel
55
Principal Risk 8 –
Health, safety and
environmental
55
Social matters
• Developing
sustainable
solutions
The Group is committed to carrying out its business responsibly,
and ensuring we promote sustainable operations and minimise
adverse environmental and social impacts. Employees are actively
encouraged to participate in initiatives within their communities
which reduce the impact of climate change and offer support
and education to their local communities.
Stakeholder Engagement
40
Culture
65
Human rights
Whilst the Group does not have a specific human rights policy, it does
have an Anti-Slavery policy and Modern Slavery Act transparency
statement which is available on the Company’s website, within which
we state our zero-tolerance approach of any modern slavery or human
trafficking rights violations.
Anti-corruption
and anti-bribery
The Group seeks to prohibit all forms of bribery and corruption within its
businesses and complies with the requirements of all applicable
anti-bribery and corruption laws. The Group requires all relevant
employees to confirm each year that they remain in compliance with
the Group’s Anti-Bribery policy.
Audit Committee Report
85
Principal risk 9 – Breach of
legislation including UK GDPR,
Competition Law, the Bribery
Act and Sanctions Compliance
55
How the Board complied
with its s172 duty
The duties under s172 form an integral
part of the activities and decision-
making of the Board. The Board
recognises that each decision it
makes will have an impact in some
form on all stakeholders, and thus
integrates this into its culture. To ensure
the Board is fully aware of these
potential impacts and to promote
those initiatives which are expected to
have a positive outcome and minimise
those which may have a negative
outcome, it requires high-quality
information to be provided prior to
meetings in a timely manner. This
allows for a detailed and thorough
discussion at meetings, enabling a
considered, informed and balanced
approach to decision-making. Our
2021 internal Board evaluation results
confirmed that this is achieved, with
agendas and papers being sufficiently
detailed and designed to ensure
adequate time is allocated to each
item as appropriate, as well as
confirming that the dynamic of the
Board allows for open discussion and
encourages diversity of thought. You
can read more about our 2021 internal
Board evaluation on pages 72 to 73.
Minimising the impact of the Group’s
operations on the environment is core
to our commercial strategy, and thus
forms an integral part of the Board’s
strategic decision-making. You can
read more about our sustainability
approach and the impact of the
Group’s operations on the environment
in our Strategic Report on pages 26
to35.
Methods of engagement
used by the Board
The Board uses varying methods of
engagement depending on the
stakeholder and the most appropriate
method of engagement for the
circumstances.
Engagement with stakeholders
includes but is not limited to; press
releases, announcements, surveys,
one-to-one contact, newsletters,
forums, emails and videos.
Louise Brooke-Smith is the designated
Non-Executive Director responsible for
employee engagement on the Board’s
behalf. More information about the
Board’s plans for improvements to the
methods of engagement can be
found on page 67.
Non-financial information statement
The following table details the non-financial information required by Section 414CB of the Companies Act 2006,
and highlights where more information can be found elsewhere within the Annual Report.
44 Genuit Group plc Annual Report & Accounts 2021

Chief Financial
Officer’s Report
The Group experienced a strong performance in the year
despitethe pandemic and significant inflationary pressures.
Revenue and operating margin
Group revenue for the year ended 31 December 2021 was £594.3m (2020: £398.6m),
an increase of 49.1%. UK revenue increased by 50.6% following significant demand
as the nation recovered from the Covid-19 pandemic. On a like-for-like basis,
Group revenue increased by 29.5%. This was ahead of the overall UK construction
market where the Construction Products Association (CPA) Winter Forecast
suggested a year-on-year increase of 13.3%. Private housing new build and repair,
maintenance and improvements (RMI) reached a historic high level of growth of
17.0%. Activity in the RMI sector slowed during last Summer as supply constraints
reached a peak but sector demand returned to ‘new normal’ levels towards the
end of the year. Infrastructure activity was again less affected by the pandemic
than other sectors of the construction industry with growth estimated at 23.5%
(source: CPA Winter Forecast/MHCLG).
Operating profit was £67.1m (2020: £30.4m), an increase of 120.7%. The Group
underlying operating margin increased to 16.0% (2020: 10.6%) as volumes
recovered following the pandemic. This is 140 basis points below 2019 as the
Group continued to bear ongoing costs of managing the impact of the
pandemic. Profit before tax was £62.9m (2020: £23.8m), an increase of 164.3%.
The Group continued to invest in product development and innovation
throughout the pandemic. In 2021, underlying operating profit benefited from
£2.0m of HMRC approved Research & Development Expenditure Credit, relating to
the years ended 31 December 2020 and 2021.
Revenue and operating margin
2021
£m
2020
£m Change
Revenue 594.3 398.6 49.1%
Underlying operating profit 95.3 42.2 125.8%
Underlying operating margin 16.0% 10.6% 540bps
Revenue by geographic destination
2021
£m
2020
£m Change
UK 534.1 354.6 50.6%
Rest of Europe 38.3 27.6 38.8%
Rest of World 21.9 16.4 33.5%
Group 594.3 398.6 49.1%
Business review
Revenue
2021
£m
2020
£m
Change
%
LFL
Change
%
Residential Systems 372.9 223.9 66.5 34.5
Commercial and Infrastructure Systems 221.4 174.7 26.7 23.1
594.3 398.6 49.1 29.5
Underlying operating profit
2021
£m
ROS
%
2020
£m
ROS
%
Change
%
Residential Systems 73.1 19.6 29.8 13.3 145.3
Commercial and Infrastructure Systems 22.2 10.0 12.4 7.1 79.0
95.3 16.0 42.2 10.6 125.8
Paul James
Chief Financial Officer
“
The Group achieved
revenue growth of
49.1% and a 540 basis
points improvement
in underlying
operating margin.
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 45

Chief Financial Officer’s Report continued
Residential Systems
Revenue in our Residential Systems segment, which is almost exclusively derived
from the UK market, was 66.5% above the prior year at £372.9m (2020: £223.9m)
and 43.3% ahead of the same period in 2019 (£260.3m). On a like-for like-basis,
revenue was 34.5% ahead of prior year and 15.7% above 2019.
The residential sector continued its fast-paced recovery, due to a combination of
pent-up demand, and Government stimulus. The second quarter of 2020 was the
most impacted by Covid-19, however, the strength of the housing recovery was
highlighted by the first quarter of 2021 seeing private starts and completions at
36.0% and 21.0% higher than prior year, respectively (source: CPA Summer
Forecast/MHCLG). These trends continued beyond the first quarter with private
starts and completions forecasted at 30.0% and 19.0% higher respectively for full
year 2021 (source: CPA Winter Forecast/MHCLG). The CPA full year 2021 estimation is
that total housing output will be slightly below 2019, as the gradient of recovery
begins to shallow out, partly reflecting possible constraining factors on the supply
side, including some key construction materials as well as labour. These supply
side constraints have driven cost inflation through the course of 2021, which was
offset by our ability to pass on cost increases.
In the RMI sector, demand remained high for home renovation driven by the ‘race
for space’ early in the year with activity slowing towards the end of the year, most
likely affected by increases in the cost of living and constraints in supply of key
raw materials and labour. The sector was estimated to have grown by 17.0% in the
year (source: CPA Winter Forecast/MHCLG).
Our acquisitions, Adey and Nu-Heat, performed strongly and increased our mix
toward RMI activity, which was generally less volatile than new housing, and more
profitable. The growth drivers and regulatory framework around low carbon
heating, which support both of these businesses, continue to provide confidence
in their ability to deliver against their strategic plans.
Residential Systems delivered underlying operating profit of £73.1m (2020: £29.8m),
a significant improvement on prior year and 36.9% ahead of the same period in
2019. Operating margin increased to 19.6% (2020: 13.3%).
Commercial and Infrastructure Systems
Revenue in our Commercial and Infrastructure Systems segment was 26.7%
higher than the prior year at £221.4m (2020: £174.7m), 18.2% ahead of 2019. On a
like-for like-basis, revenue was 23.1% ahead of prior year and 8.8% above 2019.
Sales of ventilation products were strong, benefiting from the increased focus on
the importance of fresh air in the workspace, with suitability for retrofitting
minimising the impact of the low level of new build activity. We saw strong
demand for our water management systems with the expansion of larger
housing development sites, which was necessary due to the rapid build out rates
and completions which occurred in the second half of 2020. Plura performed in
line with expectations and is well positioned to benefit from the near-term growth
in infrastructure activity highlighted above.
Commercial and Infrastructure Systems showed some resilience during the
pandemic, with the larger sites and open spaces making continued operation
easier than the housing sector. However, differing trends have been developing
as we emerge from the pandemic, as the impact from wider structural
constraints starts to be seen.
The commercial sector was affected by the move toward home working during
the pandemic, as well as online shopping. This trend was particularly evident in
London, which accounted for over a third of commercial new build activity
(source: CPA). Latest projections forecast growth in this sector of 5.4% in 2022
and3.1% in 2023.
Infrastructure was the strongest performing sector with continued growth in the
regulated sectors such as roads. Although some project delays have caused a
slight movement of work from 2021 to 2022, the CPA estimate for 2021 remains
23.5% ahead of prior year, and 19.0% ahead of 2019.
Revenue 49.1% higher at
£594.3m
2020: £398.6m
46 Genuit Group plc Annual Report & Accounts 2021

Underlying operating profit
125.8% higher at
£95.3m
2020: £42.2m
Commercial and Infrastructure Systems delivered an underlying operating profit
of £22.2m (2020: £12.4m).and operating margin increased to 10.0% (2020: 7.1%).
Acquisitions
On 2 February 2021, the Group acquired Nu-Heat, the leading supplier of
sustainable underfloor heating solutions, air and ground source heat pumps and
other renewable heating systems, for a consideration of £27.0m on a cash-free,
debt-free basis. On 5 February 2021, the Group acquired 51% of the voting rights
and shares of Plura Composites Limited (Plura) for an initial consideration of
£1.25m. Plura provides a range of products for utility companies, road and rail
operations, network builders and designers in the construction and maintenance
of their networks. These acquisitions were both funded entirely from the Group’s
Revolving Credit Facility. Acquisition costs have been charged to non-underlying
items.
On 10 February 2021, the Group acquired Adey for a consideration of £210.0m on a
cash-free, debt-free basis. Adey is the UK’s leading provider of magnetic filters,
chemicals and related products, which protect against magnetite and other
performance constraints in water-based heating systems and improve energy
efficiency.
During February 2021, the Group successfully raised £96.3m through an equity
placing of its shares, funds which were used along with a drawdown on its
Revolving Credit Facility to acquire Adey.
Non-underlying items
Non-underlying items before taxation increased to £28.2m (2020: £11.9m) primarily
relating to the acquisitions of Adey, Nu-Heat and Plura in February 2021. These
consist of non-cash amortisation charges of £14.2m (2020: £7.8m) in respect of
intangible assets arising from acquisitions since 2015, £6.6m (2020: £3.0m) of
costs related to acquisitions and other M&A costs, a product liability claim of
£2.6m, and restructuring costs of £1.1m (2020: £1.1m). There was also £3.7m of fair
value adjustments associated with the Adey acquisition.
Non-underlying items comprised:
2021
£m
2020
£m
Amortisation of intangible assets 14.2 7.8
Acquisition costs 4.7 0.6
Fair value adjustments on acquisitions 3.7 -
Contingent consideration on acquisitions 1.9 2.4
Product liability claim 2.6 -
Restructuring costs 1.1 1.1
Non-underlying items before taxation 28.2 11.9
Tax effect on non-underlying items (3.4) (1.0)
Impact of change in statutory tax rate 9.3 -
Non-underlying items after taxation 34.1 10.9
Exchange rates
The Group trades predominantly in Sterling but has some revenue and costs in
other currencies, mainly the US Dollar and the Euro, and takes appropriate
forward cover on these cash flows using forward currency derivative contracts in
accordance with its hedging policy.
Finance costs
Underlying finance costs decreased to £4.2m (2020: £6.5m) due to lower interest
rates and the prior year included costs related to the full draw down of the
Group’s Revolving Credit Facility (RCF), a £50m Covid-19 facility and a £100m Covid
Corporate Financing Facility, which was repaid in full in September 2020. Interest
cover was 31.3x for the year (2020: 7.8x).
Interest was payable on the RCF at LIBOR plus an interest rate margin ranging
from 0.90% to 2.75%. The interest rate margin at 31 December 2021 was 1.40% (2020:
1.40%). With effect from 4 January 2022, LIBOR was replaced by the Standard
Overnight Index Average (SONIA).
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 47

Chief Financial Officer’s Report continued
Taxation
Underlying taxation
The underlying tax charge in 2021 was £16.0m (2020: £6.3m) representing an
effective tax rate of 17.6% (2020: 17.6%). This was below the UK standard tax rate of
19.0% (2020: 19.0%). Patent box relief contributes to a lowering of the underlying
effective tax rate by some 1.8 percentage points.
Taxation on non-underlying items
The non-underlying net taxation charge of £5.9m (2020: £1.0m credit) represents
an effective rate of 20.9% (2020: 8.4%). The charge includes £9.3m in respect of the
restatement of the deferred income tax liability on intangible assets as a result of
the change in the main UK corporation tax rate.
Earnings per share
2021 2020
Pence per share:
Basic 16.7 8.5
Underlying basic 30.6 13.5
Diluted 16.5 8.4
Underlying diluted 30.2 13.3
The Directors consider that the underlying basic earnings per share (EPS)
measure provides a better and more consistent indication of the Group’s
underlying financial performance and more meaningful comparison with prior
and future periods to assess trends in our financial performance.
Underlying basic EPS increased by 126.7% in 2021 due to a significant increase in
the underlying operating result after taxation following the Group’s strong
recovery from the impact of the Covid-19 pandemic.
Dividend
The final dividend of 8.2 pence (2020: 4.8 pence) per share is being
recommended for payment on 25 May 2022 to shareholders on the register at
the close of business on 22 April 2022. The ex-dividend date will be 21 April 2022.
Our dividend policy is normally to pay a minimum of 40% of the Group’s annual
underlying profit after tax. The Directors intend that the Group will pay the total
annual dividend in two tranches, an interim dividend and a final dividend, to be
announced at the time of announcement of the interim and preliminary results,
respectively, with the interim dividend being approximately one half of the prior
year’s final dividend.
Balance sheet
The Group’s balance sheet is summarised below:
2021
£m
2020
£m
Property, plant and equipment 151.7 134.2
Right-of-use assets 20.6 12.9
Goodwill 467.7 345.4
Other intangible assets 175.1 48.4
Net working capital 22.0 2.0
Taxation (47.4) (10.2)
Other current and non-current assets and liabilities (6.3) (4.1)
Net debt (loans and borrowings, and lease liabilities, net of cash and
cash equivalents) (165.7) (27.7)
Net assets 617.7 500.9
The net value of property, plant and equipment has increased by £17.5m following
the acquisitions in the year and the Group’s continued strategic investment in its
businesses. The value of right-of-use assets has increased by £7.7m.
The acquisitions in the year had an impact on both goodwill and other intangible
assets, with increases of £122.3m and £126.7m, respectively. Net working capital
increased by £20.0m. Net debt is discussed on page 49.
Final dividend of
8.2pps
2020: 4.8pps
48 Genuit Group plc Annual Report & Accounts 2021

Pensions
The Group does not have any defined benefit pension schemes and only has
defined contribution pension arrangements in place. Pension costs for the year
amounted to £5.4m (2020: £4.2m) reflecting the inclusion of the acquisitions
made in the year and an overall increase in the number of scheme participants.
Cash flow and net debt
The Group’s cash flow statement is summarised below:
2021
£m
2020
£m
Operating cash flows before movement in net working capital 111.4 60.0
Add back non-underlying cash items 6.9 2.3
Underlying operating cash flows before movement in net working
capital 118.3 62.3
Movement in net working capital (27.0) 1.5
Capital expenditure, net (34.1) (24.5)
Underlying cash generated from operations after net
capitalexpenditure 57.2 39.3
Income tax paid (9.5) (8.2)
Interest paid (2.9) (5.4)
Non-underlying cash items (6.9) (2.3)
Settlement of deferred and contingent consideration - (1.8)
Acquisition of businesses (236.4) -
Issue of Euro-Commercial Paper - 99.4
Buyback of Euro-Commercial Paper - (99.7)
Net proceeds from issue of share capital 93.5 116.4
Debt issue costs - (0.4)
Dividends paid (21.7) -
Proceeds from exercise of share options net of purchase of own
shares 2.1 2.1
Other (5.7) (4.2)
Movement in net debt – excluding IFRS 16 (130.3) 135.2
Movement in IFRS 16 (7.7) 1.9
Movement in net debt – including IFRS 16 (138.0) 137.1
Delivery of good cash generation remains core to the Group’s strategy.
Underlying cash generated from operations after net capital expenditure at
£57.2m (2020: £39.3m) represents a conversion rate of 60.0% (2020: 93.1%). The prior
year included the benefit of £9.8m of HMRC approved VAT deferral from April and
July 2020, which was paid in February 2021.
Working capital movement in the year was driven by a rebuilding of inventory to
improve customer service performance following the recovery in demand after
the pandemic, as well as the effects of cost inflation and the acquisitions.
Net capital expenditure investment increased to £34.1m (2020: £24.5m) as the
Group continued to focus on investing in key, strategic and innovative projects. In
2022, we anticipate that capital expenditure will be approximately £45.0m.
Net debt of £165.7m comprised:
2021
£m
2020
£m
Change
£m
Bank loans (198.0) (60.0) (138.0)
Cash and cash equivalents 52.3 44.1 8.2
Net debt (excluding unamortised debt issue costs) (145.7) (15.9) (129.8)
Unamortised debt issue costs 0.6 1.1 (0.5)
IFRS 16 (20.6) (12.9) (7.7)
Net debt (165.7) (27.7) (138.0)
Net capital expenditure of
£34.1m
2020: £24.5m
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 49

Chief Financial Officer’s Report continued
Financing
The Group has an RCF committed through to November 2023 with two further
uncommitted annual renewals through to November 2025. The facility limit is
£300.0m with an uncommitted ‘accordion’ facility of up to £50.0m on top. At
31December 2021, £198.0m of the RCF was drawn down.
The Group is subject to two financial covenants. At 31 December 2021, there was
significant headroom and facility interest cover and net debt to EBITDA covenants
were comfortably achieved:
Covenant
Covenant
requirement
Position at
31 December
2021
Interest cover >4.0:1 31.3:1
Leverage <3.0:1 1.2:1
Going concern
The Group continues to meet its day-to-day working capital and other funding
requirements through a combination of long-term funding and cash deposits.
The Group’s bank financing facilities consist of a £300.0m RCF with an
uncommitted ‘accordion’ facility of £50.0m. The extended committed Covid-19
facility of £50.0m expired in May 2021. £102.0m of the RCF was undrawn at 31
December 2021. At 31 December 2021, liquidity headroom (cash and undrawn
committed banking facilities) was £154.3m (2020: £284.1m). Our focus will continue
to be on deleveraging, and our net debt to EBITDA ratio stood at 1.2x times pro
forma EBITDA at 31 December 2021 (2020: 0.3x), increasing to 1.4x (2020: 0.5x) times
pro forma EBITDA including the effects of IFRS 16. This headroom means the Group
is well-positioned with a strong balance sheet.
As a result, the Directors have satisfied themselves that the Group has adequate
financial resources to continue in operational existence for a period of at least the
next 15 months. Accordingly, they continue to adopt the going concern basis in
preparing the consolidated financial statements.
Forward-looking Statements
This report contains various forward-looking statements that reflect
management’s current views with respect to future events and financial and
operational performance. These forward-looking statements involve known and
unknown risks, uncertainties, assumptions, estimates and other factors, which
may be beyond the Group’s control, and which may cause actual results or
performance to differ materially from those expressed or implied from such
forward-looking statements. All statements (including forward-looking
statements) contained herein are made and reflect knowledge and information
available as of the date of preparation of this report and the Group disclaims any
obligation to update any forward-looking statements, whether as a result of new
information, future events or results or otherwise. There can be no assurance that
forward-looking statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements due to the inherent uncertainty therein. Nothing in this report should
be construed as a profit forecast.
Paul James
Chief Financial Officer
Underlying basic earnings
pershare increased to
30.6pence
2020: 13.5pence
50 Genuit Group plc Annual Report & Accounts 2021

Principal Risks
andUncertainties
The Board seeks to mitigate the Group’s
exposure to strategic, financial and
operational risk, both external and internal.
Framework for managing risk
The Board is responsible for ensuring
that the Group maintains an effective
risk management system, enabling it
todeliver its strategic objectives. It
determines the Group’s culture and
approach to risk management and is
responsible for maintaining
appropriate processes and controls.
TheBoard sets the risk appetite and
determines the policies and
procedures to mitigate exposure to
risk. The Board is central to the Group’s
risk review process, including the
scenario planning and detailed stress
testing associated with the Group’s
Viability Statement. The Board is
assisted in this role and its
responsibilities by the Risk Committee,
a formal sub-committee of the Board,
established during 2021.
Process
The Board continually assesses and
monitors the key risks in the business
and the Group has developed a risk
management framework to identify,
report, and manage its principal risks
and uncertainties, and emerging risks.
This process includes the recording of
all principal risks and uncertainties on
a Group Risk Register. Emerging risks
are those that could significantly
impact our industry and/or our
business. These emerging risks are
evolving and often new, and thus, their
full potential impact is still uncertain.
The Board regularly reviews these
emerging risks and, where deemed
appropriate, they are added to the
Group’s Risk Register. In that regard, the
emerging risks from prior year of cyber,
Covid-19, labour availability and
climate change were assimilated
intothe Group’s Risk Register and
principal risks during the current year.
Principal and emerging risks are
analysed, allocated owners, scored
forboth impact and probability,
prioritised, assessed for what
mitigation is required, and updated
atleast every six months.
External risks include macroeconomic
conditions, the weather, Government
action, policies and regulations, raw
material supply and pricing, and
information systems disruption.
Internal risks include reliance on key
customers, and recruitment and
retention of key personnel. The Board
seeks to mitigate the Group’s exposure
to both external and internal risks. The
effectiveness of key mitigating controls
is continually monitored and subjected
to rotational testing by the internal
auditors.
The ongoing impact of the Covid-19
pandemic on the Group and the return
process to business as usual are
continually assessed. The growth
inmarket demand and external
challenges in the wider supply chain
have increased the risks of raw
material supply and pricing,
recruitment and retention of key
personnel, and a shortfall in haulage
capacity. We are proactively
managing these issues and
maintaining our focus on cyber
security risk.
Process
Top down
Identifying, assessing
and mitigating risk
at Group level
Bottom up
Identifying, assessing
and mitigating risk
at business
operational level
The Board
The Board continually assesses and monitors the key risks in the business and the
Group has developed a risk management framework to identify, report and manage
its principal risks and uncertainties; and emerging risks.
This includes:
• The recording of all principal risks and uncertainties on a Group Risk Register,
and an emerging risks register, which are updated at least every six months.
• Analysing risks and allocating owners.
• Scoring risks for impact and probability to determine the exposure to thebusiness.
• Outlining which risks should be prioritised and what mitigation is required.
Internal audit
The effectiveness of key mitigating controls is continually monitored and subjected
to rotational testing by the Group’s internal auditors.
Operational level
The risk management processes are embedded into the different operational
areas within the Group.
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 51

Principal Risks and Uncertainties continued
Emerging risks
Industry
Recycling
As more manufacturers seek to use recycled material and demand for it more generally increases, existing supply
may become constrained. The Group will:
• diversify suppliers whilst maintaining good quality ofsupply,
• continue to monitor price and market behaviour, along with recycling performance, to identify trends early, and
• consider the strategic acquisition of recyclers.
Counterfeiting
Copycat and/or counterfeit products could erode the Group’s market share and/or product reputation. The Group will:
• continue to carefully manage its trademarks, patents and licences over its products and challenge any
infringements, and
• enhance existing products with added benefits and patent protection whilst developing a new range of products.
Regulatory
The Group may be affected by changes in regulatory requirements which could potentially have an adverse impact
on its reputation. The Group will:
• closely monitor the ever-evolving regulatory environment, including, but not limited to, the Building Safety Bill, and
• invest in its digital capabilities.
Customer
Customer
perception
Customer perception – in the post-Grenfell environment there may well be the perception that the Group’s,
and its competitors’, products contribute to an undermining of fire safety. The Group will:
• continue to monitor the evolving regulatory environment and respond accordingly, and
• continue to design and launch improved products that satisfy existing and future market needs.
The heat map opposite highlights the
principal risks and uncertainties that
could have a material impact on the
Group’s performance and prospects
and the mitigating activities which are
aimed at reducing the impact or
likelihood of a major risk materialising.
These risks have all been considered
by the Board when developing the
Group’s Viability Statement. The Board
does recognise, however, that it will not
always be possible to eliminate these
risks entirely. In addition, the principal
and emerging risks listed below do not
comprise all of the risks that the Group
may face.
Risk appetite
The Board determines the appropriate
level of risk for operating the business
and delivering its strategic objectives.
A key focus of the Board is minimising
exposure to operational; financial;
regulatory and compliance; health,
safety and the environment; and
people risks.
1. Raw materials supply and pricing
2. Macroeconomic and
politicalconditions
3. Business disruption
4. Reliance on key customers
5. Failure of information systems or
cyberbreach
6. Climate change
Low Probability
Minor Impact
Severe
High
7. Recruitment and retention
ofkeypersonnel
8. Health, Safety and Environmental
9. Breach of legislation including UK GDPR,
Competition Law, the Bribery Act
andSanctions Compliance
10. Product failures
11. Liquidity and funding
12. Acquisitions do not perform
asexpected
3
12
11
5
1
2
7
89
10
4
6
5
1
7
52 Genuit Group plc Annual Report & Accounts 2021

Risk Potential impact Mitigations
Change in
potential impact
and/or probability
1. Raw materials supply and pricing
The Group is exposed to
security of raw material
supply risks, and volatile raw
material and haulage costs,
due to fluctuations in the
market price of crude oil and
other petroleum feedstocks,
supply-demand imbalances
following post-pandemic
demand surges, foreign
currency exchange rate
movements, and changes to
suppliers’ capacity.
The increased costs could
reduce margins and the risk
of market demand
exceeding raw material
supply and/or haulage
capacity could lead to
inefficient production and
distribution which could
adversely affect the Group’s
financial results.
The Group benefits from the diversity of its business
and end markets.
The Group utilises sales pricing and purchasing
policies, such as dual sourcing, to mitigate these risks.
The Group focuses on supplier relationships, flexible
contracts and the use of hedging instruments to
mitigate supply and cost risks.
The Group owns and manages a significant
proportion of its required haulage capacity.
Significant contracts are reviewed by the Group Legal
Counsel and Company Secretary to avoid
unfavourable and/or inflexible terms.
Increased
2. Macroeconomic and political conditions
The Group is dependent on
the level of activity in its end
markets, especially the
construction industry, and is
therefore susceptible to any
changes in its cyclical
economic conditions,
Government policy, interest
rates, and any political and
economic uncertainty.
Lower levels of activity within
our end markets, especially
the construction industry,
could reduce sales and
production volumes, thereby
adversely affecting the
Group’s financial results.
The Group benefits from the diversity of its business
and end markets; and the proactive development of
its brands, products and services.
The Group continues to target those end markets
where profitable growth prospects are greatest.
The Group closely monitors trends and lead indicators,
invests in market research and is an active member of
the Construction Products Association.
The Group closely manages its demand forecasts and
costs through weekly operational review meetings.
The Group focuses on supplier relationships, flexible
contracts and the use of hedging where desirable.
The Group undertakes scenario planning to support
business resilience.
No change
3. Business disruption
The Group’s manufacturing
and distribution operations
could be subjected to
disruption due to incidents
including, but not limited to,
fire, failure of equipment,
power outages, workforce
strikes, pandemics, or
unexpected or prolonged
periods of severe weather.
Such incidents could result
in the temporary cessation
in activity, or disruption, at
one of the Group’s
production facilities
impeding the ability to
deliver its products to its
customers, thereby
adversely affecting the
Group’s financial results.
The Group has established business continuity, crisis
response, and disaster recovery plans.
The Group performs regular maintenance to minimise
the risk of equipment failure.
Finished goods holdings across the operations act as
a limited buffer in the event of an operational failure.
The Group continually invests in the maintenance and
upgrade of IT infrastructure and information systems
which, amongst other matters, facilitates remote
working.
The Group maintains sufficient liquidity to meet
itsliabilities when due under both normal and
stressedconditions.
The Group maintains a significant amount of
insurance to cover business interruption and damage
to property from such incidents.
Independent insurer inspections take place across all
sites to identify and assess potential hazards and
business interruption risks.
No change
4. Reliance on key customers
Some of the Group’s
businesses are dependent
on key customers in highly
competitive markets.
Failure to manage
relationships with key
customers, whilst continuing
to provide high-quality
products delivered on time
in full, and developing new
innovative products, could
lead to a loss of business,
thereby adversely affecting
the Group’s financial results.
The Group’s strategic objective is to broaden its
customer base wherever possible.
The Group focuses on delivering exceptional customer
service, which is constantly monitored, and maintains
strong relationships with major customers through
direct engagement at all levels.
The Group continually seeks to innovate and develop
its brands, products and services to better meet the
needs of its customers.
The Group closely manages its customer pricing,
rebates and credit terms to ensure that they remain
both competitive and commercial. These are
negotiated and approved by experienced senior
management and reviewed by the Group Legal
Counsel and Company Secretary.
No change
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 53

Principal Risks and Uncertainties continued
Risk Potential impact Mitigations
Change in
potential impact
and/or probability
5. Failure of Information systems or cyber breach
The Group is increasingly
dependent on the
continued efficient
operation of its information
systems and is therefore
vulnerable to potential
failures due to power losses,
telecommunication failures,
or from a security breach
including the increasing
levels and evolving tactics
of sophisticated cyber
criminals targeting
businesses.
Disruption or failure of the
information systems could
affect the Group’s ability to
conduct its ongoing
operations and/or result in
data loss, which could
adversely affect the Group’s
financial results, reputation
and compliance with data
protection regulators.
Firewalls are in place to protect the perimeter of the
Group’s networks and any off-site access to the
Group’s servers and applications is through secure
Virtual Private Network connections.
Email and internet traffic filtering is in place to protect
against potential viruses or malware entering the
Group’s networks. User and server computing devices
have anti-virus software installed to protect from
potential infection.
The Group undertakes cyber security risk audits and
penetration testing performed by internal and
external specialists, including the expedient
introduction of mitigation controls and other
recommended procedure updates.
The Group contracts with several third-party
providers to supply off-site, business continuity
arrangements for wholesale or partial recovery of
thekey servers and applications which are used
within the various business units of the Group.
Thesecontinuity arrangements are subject to
validation and testing.
The Group continually invests in the maintenance
and upgrade of IT infrastructure and information
systems. All upgrades are carefully planned and
actively managed by senior personnel to minimise
potential business disruption.
Employees are subject to continuous awareness
training, including that of cyber risk.
Increased
6. Climate change
The increase in frequency,
intensity and impact of
weather events such as
flooding, drought and
coastal erosion.
The longer-term
implications of climate
change give rise to the
transition risk to address the
challenges expediently.
Adverse weather events
could damage, disrupt or
lead to temporary closure
ofthe Group’s production
and/or office facilities.
Prolonged periods of severe
weather could result in
aslowdown in site
construction activity thus
reducing demand for the
Group’s products.
Growing stakeholder focus
on corporate action to meet
emissions reduction targets
may result in increased
reputational risk and
reduced customer and/or
employee loyalty, investor
divestment and impacts to
customer activity levels.
All of the above potential
impacts could adversely
affect the Group’s
financialresults.
Climate change risk analysis has been developed
andassociated actions are being undertaken
whererelevant.
A clearly defined sustainability framework has been
developed. A series of measures, action plans and
targets have been introduced to accelerate the
Group’s progress over the next five years.
Embedding its sustainability agenda across the
workforce is a key focus for the Group in achieving
itsobjectives. The Group’s products and services
portfolio is focused on addressing the causes and
results of climate change including resilient drainage,
climate management solutions for cleaner air, green
urbanisation and low/zero carbon heating.
In the event of flooding in the short-term, production
ofcertain products can be transferred to other sites.
Inthe longer-term, climate change impact is
monitored and, where deemed appropriate,
flooddefence systems will be installed.
Increased
54 Genuit Group plc Annual Report & Accounts 2021

Risk Potential impact Mitigations
Change in
potential impact
and/or probability
7. Recruitment and retention of key personnel
The Group is dependent on
attracting and retaining
people with the right skills,
experience and capability
as well as the continued
wellbeing and mental
health of our people.
Loss of any key personnel
without adequate and
timely replacement, and/or
skills shortages, could
disrupt business operations,
increase salary inflation, and
adversely impact the
Group’s ability to profitably
implement and deliver its
growth strategy.
Appointment of a Chief People Officer into a newly
created Executive role.
Newly created Board approved People Strategy;
implementation of actions underway.
Remuneration benchmarking of senior and critical
roles undertaken leading to improved remuneration
packages for critical roles.
Engagement survey completed and associated
action plan being developed.
Monthly tracking of staff turnover and key
peopleindicators.
Succession planning in place for critical roles.
Continued roll out of learning and development
programmes across the business.
Mental health policy and associated training
inplace,as well as Employee Assistance and
WellbeingProgrammes.
Increased
8. Health, Safety and Environmental
The Group is subject to the
requirements of UK and
European environmental
and occupational safety
and health laws and
regulations, including
obligations to take the
correct measures to
prevent fatalities or serious
injury, and investigate and
clean up environmental
contamination on or
fromproperties.
Lack of management focus,
poor cultural attitude or
failure of the Group to
comply with health, safety
and environmental
regulations and other
obligations relating to
environmental matters
could result in the Group
being liable for fines,
suffering reputational
damage, requiring
modification to operations,
increasing manufacturing
and delivery costs, and
could result in the
suspension or termination of
necessary operational
permits, thereby adversely
affecting the Group’s
financial results.
The Group has a formal Health, Safety and
Environmental policy, and procedures are in place to
monitor compliance with the policy.
There is a Group Health, Safety and Environmental
Director (with a team throughout the Group) with
clear accountability for health, safety and
environment (‘HSE’). HSE performance is regularly
tracked, reported and reviewed by all levels of
management including the Board.
The Group performs internal HSE audits and is subject
to external HSE audits.
Investigations are performed to identify cause and
key learnings. If employees have failed to adhere to
HSE policies, then they may be subject to disciplinary
action. Key messages are constantly reinforced
throughout the Group.
No change
9. Breach of legislation including UK GDPR, Competition Law, the Bribery Act
andSanctionsCompliance
Failure to comply with
elements of a significantly
increased and still evolving
governance, legislative and
regulatory business
environment including,
butnot limited to, the UK
General Data Protection
Regulation, Competition
Law, the Bribery Act and
Sanctions Compliance.
Significant increases in the
penalty regime across all
areas of business could lead
to significant fines and
financial penalties in the
event of a breach, alongside
damage to the Group’s
reputation and potential
current and future business.
The Group’s in-house legal department and other
specialist functions, supported by specialist external
advisers, are responsible for monitoring changes to
laws and regulations that affect the business and
ongoing monitoring and training.
Specific polices are in place in respect of UK GDPR,
Competition Law, a Code of Ethics (including the
Bribery Act), Sanctions Compliance, etc.
Regular declarations of compliance are undertaken
in respect of Competition Law and the Bribery Act.
All business in higher risk countries requires approval
by the Group Legal Counsel and Company Secretary.
An external agency (Refinitiv) is used to check
sanctions against companies and/or individuals.
Training is provided to all relevant new employees on
Competition Law, including those changing roles.
The independent third-party Safecall helpline is
available to employees.
No change
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 55

Risk Potential impact Mitigations
Change in
potential impact
and/or probability
10. Product failures
The Group manufactures
products that are
potentially vital to the safe
operation of its customers’
products or processes.
These products are often
incorporated into the fabric
of a building or dwelling or
buried in the ground as part
of an infrastructure system
and in each case, it would
be difficult to access,
repair,recall or replace
such products.
A product failure or recall
could result in a liability
claim for personal injury or
other damage leading to
substantial financial
settlements, damage to the
Group’s brands, costs and
expenses and diversion of
key management’s
attention from the operation
of the Group, which could all
adversely affect the Group’s
financial results.
The Group operates comprehensive quality
assurance systems and procedures at each site.
Wherever required, the Group obtains certifications
over its products to the relevant national and
European standards including Kitemarks, BBAs,
WRCsand WRACs.
The Group maintains product liability insurance to
cover third-party claims arising from potential
product failures or recalls.
No change
11. Liquidity and funding
The risk that the Group will
not be able to meet its
short-term liquidity and
long-term funding financial
obligations as they fall due.
Insufficient cash deposits
and/or finance facilities
could result in the Group
notbeing able to fund
itsoperations.
The Group’s approach to managing liquidity is to
ensure that it will always have sufficient liquidity to
meet its liabilities when due, under both normal and
stressed conditions, without incurring unacceptable
losses or risking damage to the Group’s reputation.
This is achieved through suitable committed and
uncommitted banking facilities with significant
headroom, regular communication with the Group’s
investors and relationship banks (including visits to
the Group’s business units), regular review of its
banking covenants and capital structure, ensuring
itsfuture cash flow is sustainable through detailed
budgeting processes and reviews, robust forecasting
and budgeting processes, and ensuring that credit
risk arising from cash deposits with banks is mitigated
by investments of surplus funds only being made with
banks that have, as a minimum, a single A-credit rating.
No change
12. Acquisitions do not perform as expected
The management of
acquisitions activity and
their integration play a
partin delivering the
Group’s growth strategy
and there is a risk that
anyacquisition may not
perform as expected.
Ineffective management of
acquisitions could lead to
management distraction, a
drain on financial resources,
and impact on the Group’s
ability to successfully
implement and deliver its
growth strategy.
Formal Board level approvals are required in
accordance with the Group’s delegation of authority
matrix for any acquisition activity.
Full due diligence is performed before any acquisition
is made.
The Group seeks contractual assurances from
thesellers to mitigate against any identified
issuesorrisks.
Where appropriate, the Group will pay deferred
consideration linked to the ongoing performance of
the acquisition.
The progress of any integration is closely monitored
at Board and senior management team level.
No change
Joe Vorih
Chief Executive Officer
15 March 2022
Principal Risks and Uncertainties continued
56 Genuit Group plc Annual Report & Accounts 2021

Governance
Chairman’s Letter 58
Directors and Officers 62
Corporate Governance Statement 64
Nomination Committee Report 74
Risk Committee Report 78
Audit Committee Report 81
Directors’ Report 86
Directors’ Responsibilities Statement 90
Financial
Statements
Business
Overview
Strategic
Report Remuneration 57
Governance

Chairman’s Letter
Good governance provides the
infrastructure to improve the quality of the
Board’s decisions and enables the more
effective creation of long-term value.
I am also pleased to welcome Joe
Vorih to the Group, having been
appointed as Chief Executive Officer
(CEO) and a member of the Board on
28 February 2022 following a thorough
recruitment process. Further detail on
this process is outlined on page 77.
Onbehalf of the Board and the Group,
Iwould like to thank the outgoing CEO,
Martin Payne, for the significant
contribution he has made to the Group
during the last six years, including
steering it successfully through the
Covid-19 crisis and implementing a
strategy that has seen the Group
broaden in scope and size during his
tenure. We wish Martin all the best for
the future.
Dividend
The Board is pleased to report that
business performance has recovered
such that it is recommending a final
dividend for 2021 of 8.2 pence per
share, payable in May 2022.
Sustainability
Sustainability continues to be at the
heart of our growth agenda. We will
continue to invest in innovative
solutions to capitalise on key
environmental drivers, as well as drive
growth through ongoing legacy
material substitution and increasing
our geographic reach. Our acquisitions
during 2021 showcase our desire to be
the leading, UK-focused, sustainable
construction products group, offering
our customers solutions for the
environmental challenges facing
infrastructure, buildings and
communities. Our growth drivers
will continue to drive performance in
the years to come and sustainability
will be at the heart of how we run our
businesses, so they are fit for the future.
We have been monitoring the progress
towards achieving our 2025
sustainability targets, and have
successfully incorporated these into
our long-term incentive arrangements
for the Executive Directors and senior
management. We are committed to,
and will continue to make changes
toensure that where possible,
sustainability underpins everything
wedo.
2021 in review
I am pleased to present the Genuit
2021 Annual Report and Accounts
following a strong and resilient
performance by the Group, despite the
ongoing challenges during the year as
a result of the Covid-19 pandemic. The
pandemic has continued to impact
the UK and global economy, which has
resulted in inflation, difficulties with raw
material supply, and supply chain
issues being seen across all industries
and sectors. As a result, 2021 continued
to bring economic and political
uncertainty and difficult market
conditions in UK construction as a
whole, but our businesses performed
well in the circumstances. This strong
performance is down to the hard work
of our colleagues around the Group
who have risen to, and overcome, the
challenges we faced in the aftermath
of 2020 and throughout 2021. The
Group also completed three
acquisitions during the first quarter of
2021, welcoming new colleagues from
Adey, Nu-Heat and Plura, diversifying
the product offering and culture of the
Group as a result.
Board changes
We made a new appointment during
the year, with Matt Pullen joining as
Chief Operating Officer (COO) and a
member of the Board on 1 November
2021 following Glen Sabin’s retirement
from the Board. Glen served as an
Executive Director for four years and
was an employee for 17 years, and I
would like to thank Glen on behalf of
the Board and the Group for his
important contribution during this
time, and wish him well for his future
endeavours. Matt is a valuable new
addition to the Executive team and I
believe that we have a strong, diverse
and multi-skilled Board in place with
the necessary motivation and an
appropriate balance of experience
tocontinue to lead the Group during
the next phase of its strategic
development.
Ron Marsh
Chairman
“
Sustainability is
atthe heart of our
growth agenda.
58 Genuit Group plc Annual Report & Accounts 2021

People
Following the appointment of Clare
Taylor, our Chief People Officer
(pictured above), in March 2021, the
Board has received regular detailed
updates on employee matters. We
continue to be impressed by the
knowledge, enthusiasm, loyalty and
commitment of our employees across
the Group. Diversity and inclusion
remain a priority as we seek to attract
people of all ethnicities, disabilities,
genders, sexual orientations and
backgrounds so that they see Genuit
Group as a place in which they can
feel welcomed and capable of
achieving their goals.
Succession planning continues to
bean area of focus on the Board’s
agenda, and further details on
thiscanbe found in the Nomination
Committee Report. There is a preference
for promoting and recruiting internal
candidates, as we recognise the
significant pool of talent across the
Group and subsequently endeavour
tocreate training and development
opportunities for employees to enable
them to progress. As part of our
sustainability drivers, we have joined
The 5% Club, as a commitment to
ensuring our employees are actively
involved in ‘earn and learn’ schemes,
and for 2021 I am pleased to report
that 3.2% of our employees are
enrolled in qualifying ‘earn and
learn’schemes.
We have seen the benefits during 2021
of having a dedicated Chief People
Officer driving the people agenda, and
we look forward to continued progress
in this area over the coming years.
“
We seek to
attractpeople
ofallethnicities,
disabilities, genders,
sexual orientations
and backgrounds so
that they see Genuit
Group as a place
inwhich they can
feel welcomed and
capable of achieving
their goals.
Financial
Statements
Business
Overview
Strategic
Report
Governance Remuneration 59

Culture
The Board continues to align the
Company’s purpose, values and
strategy to the culture of the Group, to
enable the delivery of long-term
business and economic success. The
Board is responsible for shaping,
monitoring and overseeing that
culture, and recognises that for the
right culture to exist across all of our
businesses, our core values must be
embedded in the leadership,
management and long-term strategic
decisions of the Group. We delegate as
much decision making as possible to
those people who are closest to their
respective customers and who are
experts in their fields. As a result, the
Board understands the importance of
promoting a culture whereby
employees understand the common
Group purpose and strategy, but also
feel empowered to act, and an open
and transparent culture is encouraged
across the Group which is responsive
to stakeholder expectations and
needs. You can read more about the
culture of the Group and some
examples of the way in which the
Board encourages and engages
within this Governance Report on
pages 65 to 67.
There was regular interaction during
the year between the Board and
members of the senior management
teams across the Group through
presentations, Board and Committee
meetings and the annual strategy day;
as well as direct engagement with
employees. Louise Brooke-Smith is our
designated NED for workforce
engagement, and has attended local
employee forums across the Group to
gain an insight into those issues of
concern. This helps the Board ensure
effective employee engagement on a
regular basis, as well as providing a
mechanism for a workforce voice at
Board level.
Board evaluation
During the 2021 financial year we
undertook an internal evaluation of the
Board and its Committees, and the
results of this evaluation were
discussed by the Board at its meeting
in December 2021. The evaluation
followed the same structure as in 2020,
focusing on four areas: Board Structure
and Functionality; Board Meetings;
Board Administration and Corporate
Governance; and Personal
Effectiveness and Overall Board
Effectiveness. As noted in our 2020
Annual Report and Accounts, progress
on areas identified for improvement in
2020 would be reviewed as part of the
2021 evaluation, and an additional
section was therefore added to
understand progress made. This
method of evaluation allows Directors
to have an opportunity to provide
comments on those areas they feel still
require improvement, as well as
confirming those areas where the
necessary improvements had been
seen. We also introduced an additional
evaluation for new Directors on the
induction and onboarding process, to
allow them to provide direct feedback
on their experience since joining the
Group and allow us to formally
evaluate our induction process. The
results of the evaluation concluded
that the Board and its Committees
continue to operate efficiently and
effectively, and that Executive and
Non-Executive Director views are
generally aligned. Further detail on the
results of the evaluation is set out on
page 72 of this Governance Report.
Section 172 Statement
In accordance with the 2018 UK
Corporate Governance Code
and the Companies Act 2006,
the Board, in its decision-making
process, considers what is
mostlikely to promote the
success of the Company for its
shareholders in the long term, as
well as considering the interests
of the Group’s employees and
other stakeholders and
understanding the importance
of taking into account their views.
The Board also considers,
andtakes seriously, the
Group’simpact on the local
communities within which it
operates, as well as reviewing
actions being taken to mitigate
any negative impacts our
operations have on the
environment. Considering this,
the Directors have acted in a
way that they considered, in
good faith, to be most likely to
promote the success of the
Company for the benefit of its
members as a whole. The
Board’s activities and
considerations in meeting this
requirement are covered in
detail in our s172 Statement.
Read more on pages 42 to 44
Chairman’s Letter continued
60 Genuit Group plc Annual Report & Accounts 2021

Board composition
anddiversity
The composition and size of the
Board continues to be kept under
review. We believe that our Board is
well-balanced and diverse, with the
right mix of skills, experience,
independence and knowledge to
allow it to discharge its duties and
responsibilities effectively.
The Board is committed to and
supports diversity in the widest sense,
acknowledging the advantages that
come from having diverse viewpoints
across the Group’s businesses and in
the decision-making process at Board
and senior management level. The
Company currently has 33% women
on its Board and is committed to
working towards having 33% women
insenior management positions.
Following the recruitment of a Chief
People Officer who joined the
Company in March 2021, the Company
now has 26% female representation at
senior management level, being the
executive committee and its direct
reports. The Company remains
committed to achieving the 33% target
but acknowledges that given the
relatively small size of this Group and
the limited turnover of those within it,
there is limited scope for immediate
change. Our Nomination Committee is
continuing to further develop its strong
succession plans for the Board and
senior management in conjunction
with the Chief People Officer. You can
read more about the work of our
Nomination Committee on pages
74to77.
Looking at 2022 and beyond
During 2022, we will continue to
address the challenges caused by
climate change and urbanisation by
developing and producing sustainable
solutions, focusing on our
environmental growth drivers, trends
and opportunities. We will continue to
foster a culture across our businesses
that will result in the right decisions
and actions to promote the success of
the Group for the long term, and for the
benefit of our members as a whole,
whilst holding ourselves accountable
against our sustainability targets,
raising the bar for sustainability to
promote the generation of smarter
and more sustainable policies and
practices across our industry. Working
together, we will make the built
environment more sustainable for
generations to come, whilst
maintaining a robust governance
structure which continues to address
and understand the needs of all
ourstakeholders.
Corporate Governance Report
I am also pleased to present the
Company’s Corporate Governance
Report for the year ended 31 December
2021, on behalf of the Board.
The following pages of this
Governance Report and the Directors’
Remuneration Report set out in greater
detail how the principles and
provisions of the 2018 UK Corporate
Governance Code (the Code) have
been applied and how the Board and
its Committees have fulfilled their
responsibilities during the year to
ensure high levels of governance are in
place across the Group. Engaging with
our stakeholders is a priority, and
further detail on how we have done
this during 2021 can be found on pages
40 to 41. As always, we welcome
questions or comments from
shareholders either via our website or,
if appropriate, in person at the Annual
General Meeting (AGM) scheduled to
be held at the Leeds Marriott Hotel on
19May 2022.
Ron Marsh
Chairman
15 March 2022
Financial
Statements
Business
Overview
Strategic
Report
Governance Remuneration 61

Directors
and Officers
Committees
In addition to the Genuit Group plc
Board, there are four Committees:
Audit Committee
A
Nomination Committee
N
Remuneration Committee
R
Risk Committee
Ri
Chairman of Committee
N
R
Ron Marsh
Independent Non-Executive
Chairman
Appointed: 27 May 2015
Ron Marsh was appointed to the Board on
28 March 2014 as the Senior Independent
Director, and became Independent
Non-Executive Chairman on 27 May 2015.
Ron is currently a Non-Executive Director of
R. Faerch Plast A/S, the Senior Independent
Director of Walstead Group Limited and was,
from 1989 until 2013, Chief Executive of RPC
Group. He is also Chairman of the UK-based
Packaging Federation and the Alliance
forEuropean Polymers which was
established under the auspices of EuPC
(European Plastic Converters) in 2015.
Ronhas aBachelor of Arts in History
fromOxfordUniversity and is Chair
oftheNominationCommittee.
Mark Hammond
Senior Independent Director
Appointed: 16 April 2014
Mark Hammond’s executive career spanned
over 25 years in banking and private equity,
most recently as Deputy Managing Partner
of Caird Capital LLP at the time it led the IPO
of Genuit (formerly Polypipe) in 2014. He has
been a member of the Institute of Chartered
Accountants of Scotland since 1991 and was
previously a director of David Lloyd Leisure
Limited and Tuffnell Parcels Express. Mark
iscurrently a director of Chaffin Holdings
Limited and serves as Chair of Governors
ofBeechwood Park School, Markyate,
Hertfordshire. Mark was appointed Senior
Independent Director on 22 June 2020.
Louise Hardy
Non-Executive Director
Appointed: 25 June 2018
Louise has over 25 years’ experience in the
construction sector, including working for
Laing O’Rourke as Infrastructure Director
within CLM, the consortium delivery partner
for the Olympic Delivery Authority for the
London 2012 Olympics. She has also worked
at Bechtel Limited, AECOM and London
Underground Limited, and is a Non-
Executive Director of Crest Nicholson plc,
Severfield plc and Balfour Beatty plc. She
has a Bachelor of Science from the
University of Warwick and is a fellow of the
Institution of Civil Engineers. Louise is Chair
of the Remuneration Committee.
Kevin Boyd
Non-Executive Director
Appointed: 22 September 2020
Kevin Boyd has extensive listed plc
experience in the engineering and
manufacturing sectors, bringing a strong
combination of financial, strategic and
multi-organisational expertise to the Board.
He was previously the Chief Financial Officer
of global engineering group Spirax-Sarco
Engineering plc and, prior to that, Chief
Financial Officer of Oxford Instruments plc
and Radstone Technology plc. Kevin has
aBEng from Queen’s University Belfast,
isaChartered Engineer, a Chartered
Accountant and a Fellow of the Institute
ofChartered Accountants in England and
Wales and the Institution of Engineering and
Technology. He is currently a Non-Executive
Director and the Audit Committee Chair
ofEMIS Group plc and a Non-Executive
Director of Bodycote plc. Kevin is Chair
of the Audit Committee.
A
N
R
A
N
R
A
N
R
62 Genuit Group plc Annual Report & Accounts 2021

N
Ri
Joe Vorih
Chief Executive Officer
Appointed: 28 February 2022
Joe Vorih is our Chief Executive Officer. Joe
joined Genuit from Spectris plc, a FTSE 250
company, where he was president of HBK,
astandalone division and key platform
business within the Group from January
2019, having joined Spectris in 2016. Prior to
that, he worked for Clarcor Corporation,
aNYSE listed business delivering filtration
solutions and Danaher Corporation, also
aUS listed global business in industrial,
testand medical equipment. He has a
Bachelor of Science, a Master of Science
inMechanical Engineering from the
Massachusetts Institute of Technology
andan MBA from Rensselaer
PolytechnicInstitute.
Paul James
Chief Financial Officer
Appointed: 5 March 2018
Before joining Genuit, Paul James served
asGroup Financial Controller of Dixons
Carphone plc, and prior to this role held the
position of Group Financial Controller and
Treasury Director of Inchcape plc following
an international career at British American
Tobacco plc, including markets in western
Europe and Russia. He is a Fellow of the
Institute of Chartered Accountants in
England and Wales, has an MBA and a
Bachelor of Science in Civil Engineering
fromEdinburgh University.
Matt Pullen
Chief Operating Officer
Appointed: 1 November 2021
Matt Pullen is our Chief Operating Officer
and was appointed on 1 November 2021.
Before joining the Group, Matt was
Managing Director of British Gypsum, a part
of the Saint-Gobain Group, based in the UK.
Prior to that, he worked for AkzoNobel for
eight years undertaking various commercial
and leadership roles of increasing seniority
in the UK, Ireland and Northern Europe with
his last role as Managing Director, UK &
Ireland. Prior to that Matt held various
operational roles within the FMCG sector.
Heis a Trustee of the Construction
Industrycharity CRASH and an Industrial
CadetsAmbassador.
Lisa Scenna
Non-Executive Director
Appointed: 24 September 2019
Lisa Scenna has over 25 years’ business
experience working at executive director
level in large private and publicly listed
multinational corporations with a strong
background in strategic and financial
business change, with her most recent
executive role being with the Morgan Sindall
Group as Managing Director of MS
Investments. Prior to this, she held executive
roles with Laing O’Rourke, Stockland Group
and Westfield Group in Australia. She is a
Non-Executive Director of Harworth Group
plc, as well as Cromwell Property Group,
anAustralian listed company. Lisa has a
Bachelor of Commerce from the University
of NSW, and is a fellow of the Australian
Institute of Company Directors and
theInstitute of Chartered Accountants
inAustralia.
Louise Brooke-Smith
Non-Executive Director
Appointed: 24 September 2019
Louise Brooke-Smith has extensive expertise
in the property, construction and
infrastructure industries, being an
experienced property and planning adviser,
past Global President of the Royal Institution
of Chartered Surveyors and member of the
Royal Town Planning Institute. She was
formerly a partner at Arcadis LLP and is
currently Global Development and Strategic
Planning Adviser and Director for Consilio
Strategic Consultancy Limited. She is a
Governing Board member of Birmingham
City University, Chair of the Board of All We
Can (International Relief & Development
Agency), a regional Board member of the
CBI, and a Board Trustee of The Land Trust
and a Trustee of Birmingham Museum & Art
Gallery. Louise holds a Bachelor of Science
from Sheffield Hallam University and an
honorary doctorate, and is a Freeman of
theCity of London. Louise is our nominated
workforce engagement NED.
Emma Versluys
Group Legal Counsel and
Company Secretary
Appointed: 28 June 2017
Emma Versluys is our Group Legal Counsel
and Company Secretary and is Secretary
tothe Board and the Audit, Remuneration
and Nomination Committees. Before joining
Genuit, Emma was Deputy Company
Secretary at Provident Financial plc, and has
also held company secretarial roles at
Serco plc and Alliance UniChem plc. She is
an Associate of The Chartered Governance
Institute and is also a solicitor.
A
N
R
A
N
R
Ri Ri
Ri
Financial
Statements
Business
Overview
Strategic
Report
Governance Remuneration 63

Corporate Governance
Statement
This statement outlines the processes the Company has undertaken
throughout the year to apply the UK Corporate Governance Code
and demonstrates compliance with each provision.
Compliance with the UK
Corporate Governance
Code(the Code)
This Report, which is also available on
the Company’s website, explains key
features of the Company’s
governance structure and is designed
to provide a greater understanding of
how the principles of the Code,
published in July 2018 by the Financial
Reporting Council (FRC), have been
applied and the areas of focus during
the year. The Code can be found on
the FRC’s website at www.frc.org.uk.
In accordance with the Listing Rules of
the Financial Conduct Authority, the
Board confirms that throughout the
year ended 31 December 2021 and as
at the date of this Report, the
Company has complied with the
principles of the Code.
The Report also includes items
required by the FCA’s Disclosure
Guidance and Transparency Rules.
The Board has ultimate responsibility
for the approval of the Annual Report
and Accounts. It has considered the
content of the Annual Report and
Accounts and confirms that, taken
as a whole, it is fair, balanced and
understandable and provides
the necessary information for
shareholders to assess the Company’s
position and performance, business
model and strategy.
Section 1: Board leadership and company purpose
pages 58 to 73
A
Effective and entrepreneurial board to promote the long-term sustainable success
of the company, generating value for shareholders and contributing to wider society
B
Purpose, values and strategy with alignment to culture
C
Resources for the company to meet its objectives and measure performance.
Controls framework for management and assessment of risks
D
Effective engagement with shareholders and stakeholders
E
Consistency of workforce policies and practices to support long-term sustainable success
Culture
65 to 67
Risk framework
51
Stakeholder engagement
40 to 41
Section 2: Division of responsibilities
pages 66 to 67
F
Leadership of board by chair
G
Board composition and responsibilities
H
Role of non-executive directors
I
Company secretary, policies, processes, information, time and resources
Directors’ biographies
62 to 63
Roles and responsibilities
66
Section 3: Composition, succession and evaluation
pages 72 to 77
J
Board appointments and succession plans for board and senior management
and promotion of diversity
K
Skills, experience and knowledge of board and length of service of board as a whole
L
Annual evaluation of board and directors and demonstration of whether
each director continues to contribute effectively
Board evaluation
72 to 73
Diversity
75
Succession planning
76 to 77
Section 4: Audit, risk and internal controls
pages 78 to 85
M
Independence and effectiveness of internal and external audit functions
and integrity of financial and narrative statements
N
Fair, balanced and understandable assessment of the company’s position and prospects
O
Risk management and internal control framework and principal risks company
is willing to take to achieve its long-term objectives
Fair, balanced, understandable
83
Risk management
78 to 80
Internal control framework
81 to 85
Section 5: Remuneration
pages 92 to 116
P
Remuneration policies and practices to support strategy and promote long-term
sustainable success with executive remuneration aligned to company purpose and values
Q
Procedure for executive remuneration, director and senior management remuneration
R
Authorisation of remuneration outcomes
Remuneration Policy
97 to 104
Remuneration Report
105 to 116
64 Genuit Group plc Annual Report & Accounts 2021

Board Leadership
The Board
The Board is responsible for the
leadership and direction of the Group
and is ultimately responsible to the
Company’s shareholders for the
Company’s long-term success. The
Board takes the lead in areas such as
establishing the Company’s purpose,
values, strategy, financial policy and
ensuring that a sound system of
internal control is maintained, whilst
continually seeking to represent the
interests of all material stakeholders.
By delegating authority to its
Committees, the Board directs and
reviews the Group’s operations within
an agreed framework of controls,
allowing risk to be assessed and
managed within defined parameters.
The Board has established a formal
schedule of matters reserved for its
approval which are detailed later in
this Report, and has delegated other
specific responsibilities to its principal
committees: the Audit, Nomination,
Remuneration and Risk Committees.
The Risk Committee was established
during 2021, further detail of which can
be found in the Risk Committee Report
on page 78. Each Committee’s
responsibilities are clearly defined
within their Terms of Reference, which
are reviewed on an annual basis to
ensure they remain appropriate and
that the Committees continue to
operate effectively.
Empowered employee
engagement
• Monitoring health
and wellbeing
• Providing learning and
development opportunities
Risk management
• Assisted by the Risk Committee
• Risk appetite reviewed
regularly by the Board
Employee understanding
• Group purpose and strategy
• Core values of trust, support,
experience and innovation
• Regular engagement through
dedicated NED
Remuneration and culture
• Assisted by the
RemunerationCommittee
• Alignment of remuneration
with strategy
How the Board
monitors culture
in a decentralised
Group
Reinforcing a healthy corporate culture
The Board has also delegated to the
Chief Executive Officer (CEO) the
responsibility for implementing the
Group’s business model and for the
day-to-day operational management
of the Group, supported by the Chief
Financial Officer (CFO), the Chief
Operating Officer (COO) and the senior
management team. The Board has
direct access to the Company
Secretary, who is responsible to the
Board for ensuring that Board
procedures are complied with and
that the Board has full and timely
access to relevant information.
TheBoard may take independent
professional advice in the furtherance
of its duties, if necessary, at the
Company’s expense.
Board Committees
The Board has delegated specific
responsibilities to its Committees to
assist it in successfully performing its
duties. The Committees discuss and
propose matters to the Board to allow
it to make reasoned decisions, and if
required, take appropriate actions.
Each Committee has reported on its
contributions to the Board’s
decision-making during the year,
details of which can be found later in
this Report. Biographies of the Chairs of
each of the Board Committees, as well
as all other Directors, are set out on
pages 62 and 63.
Culture
The Board is conscious of, and
understands the importance of,
aligning the Company’s purpose,
values and strategy to the culture of
the Group to enable long-term
business and economic success. This
has been even more prevalent during
2021 with the rebranding of Polypipe
Group to Genuit Group and the
integration of the three acquisitions.
Ithas been a priority for the Board to
ensure that the culture of the Group is
clear and understood in all of the
Group’s businesses as it continues to
grow under its new brand.
Our culture is unique as we are
a decentralised Group where
day-to-day decision making and
product expertise is close to our
customers and our markets. As a
result, the Board promotes a culture
whereby employees understand the
common Group purpose, strategy and
decision-making hierarchy, but also
feel empowered to act. We recognise
that our employees are our greatest
asset in helping us achieve our vision
of being the leading UK-focused,
provider of sustainable construction
products. The Board is aware of the
role it plays in shaping, monitoring and
overseeing our culture, and recognises
that for the right culture to exist across
the Group, our core values must be
embedded in its approach to
leadership, management and
long-term strategic decisions,
settingand implementing culture
using a top-down approach.
Financial
Statements
Business
Overview
Strategic
Report
Governance Remuneration 65

Corporate Governance Statement continued
Roles and responsibilities
The Board
The Board is responsible for the leadership and direction of the Group and is ultimately responsible to the Company’s shareholders for
the Company’s long-term success.
Chairman
• Provides overall
leadership and
governance
• Sets the Board agenda
• Promotes a culture
ofopenness,
challengeand
constructive debate
• Ensures Directors
understand the views
of major shareholders
and stakeholders
Chief Executive
Officer
• Executive
management of the
Group’s business
• Develops and
implements Group
strategy and
commercial objectives
• Leads senior
management team
in effecting decisions
of the Board
• Communicates
with the Board,
shareholders,
employees and
otherstakeholders
Executive Directors
• The CFO implements,
manages and controls
the Group’s
financial-related
activities, including the
development of
appropriate financial
strategies and the
management of
investor relations
• The COO is responsible
for the effective and
efficient management
of operations across
theGroup
Non-Executive
Directors
• Scrutinise and
constructively
challenge the
performance of
Executive Directors
andcontribute to
setting strategy,
succession plans and
remuneration strategy
• Senior Independent
Director acts as a
sounding board for
Chairman, appraises
his performance,
leads the other NEDs,
and is a direct contact
for shareholders
ifnecessary
Company
Secretary
• Provides advice
to theBoard on all
governance and
legal-related matters,
as well as advising
Directors on their duties
• Assists with all Board
and shareholder
meetings and related
paperwork
• Facilitates induction
and training
programmes
forDirectors
• Overseeing financial
reporting
• Internal control systems
• Internal and external
audit functions
• Reviewing structure, size
and composition of the
Board and its Committees
• Board succession planning
• Determining the skills and
characteristics needed in
Board candidates to ensure
a diverse skill set
• Considering stakeholder
perspectives when deciding
on recruitment processes
and selection criteria
• Setting remuneration
policy for Executive Directors
• Operating the Company’s
share incentive
arrangements
• Senior management
remuneration
• Oversight of remuneration-
related policies
• Setting the risk appetite,
risk tolerance and risk
strategy of the Group
• Reviewing and reporting on
risk management, principal
risks and uncertainties
and emerging risks
• Overseeing and
implementing internal
risk controls and risk
management systems
Audit
Committee
Remuneration
Committee
Nomination
Committee
Risk
Committee
Board Committees
The Board has delegated specific responsibilities to its Committees to assist it in successfully performing its duties.
Board
of Directors
Board
Committees
66 Genuit Group plc Annual Report & Accounts 2021

items and promotes a culture of
openness, challenge and debate at
Board meetings. The Chairman is also
responsible for ensuring that the
Directors have an understanding of
the views of major shareholders.
Supported by the Company Secretary,
the Chairman keeps under review the
adequacy of the training received by
all Directors (particularly on
stakeholder-related matters), the
induction received by new Directors
(especially those without previous
Board experience), as well as
determining how best to ensure that
the Board’s decision-making
processes give sufficient consideration
to material stakeholders.
The Chief Executive Officer is
responsible for executive
management of the Group’s business,
consistent with the strategy and
commercial objectives agreed by the
Board. He leads the senior
management team in effecting
decisions of the Board and its
Committees and is responsible for the
maintenance and protection of the
reputation of the Group.
The Chief Executive Officer is also
responsible for ensuring that the
affairs of the Group are conducted
with the highest standards of integrity,
probity and corporate governance.
Whilst the roles of the Chairman and
Chief Executive Officer are separate,
the partnership between both is based
on mutual trust and facilitated by
regular contact between them. The
separation of authority enhances the
independent oversight of the executive
management by the Board and helps
to ensure that no one individual on the
Board has unfettered authority.
Role of the Senior
IndependentDirector
Mark Hammond was appointed Senior
Independent Director (SID) of the
Company in June 2020. He is available
to shareholders if they have concerns
that cannot be addressed through
normal channels. The role of the SID is
to act as a sounding board for the
Chairman and an intermediary for the
other Directors when necessary. The
SID is also available to chair the Board
in the absence of the Chairman and
has authority to add items to the
agenda of any regular or special
meeting of the Board. The role of the
SID is considered to be an important
check and balance in the Group’s
governance structure.
responsive to stakeholder expectations
and the external environment will
continue to be a priority for the Board.
It will continue to work to ensure this
remains successfully embedded in its
operations and to promote a culture
whereby our employees understand
their value and contribution to the
Group’s overall success, motivating
them and bringing them on our
journey in addressing the challenges
caused by climate change and
urbanisation.
Board composition,
qualification and experience
At the year end, the Board comprised
the independent Non-Executive
Chairman, three Executive Directors
and five Non-Executive Directors. The
Non-Executive Directors were
appointed for the diversity of their
backgrounds as well as their personal
attributes and experience. The current
Board members bring a wide range of
skills and experience to the Board and
actively contribute to discussions.
During 2021, Matt Pullen was appointed
as Chief Operating Officer, and in
February 2022, Joe Vorih was
appointed as Chief Executive Officer.
More details about the recruitment
and induction process for both Joe
and Matt can be found later in this
Report as well as in the Nomination
Committee Report on pages 74 to 77.
Biographical details of the individual
Directors can be found on pages 62
and 63.
The Nomination Committee and the
Board have considered the
independence of each of the Non-
Executive Directors. The Board
considered the Chairman and all the
Non-Executive Directors to be
independent throughout the period (or
where applicable, from appointment).
In accordance with Code Provision 18,
all of the Directors are subject to
annual re-election. Joe Vorih and Matt
Pullen will offer themselves for election
at the 2022 AGM and for re-election
annually thereafter.
Separation of the
rolesofChairman and
ChiefExecutiveOfficer
The roles and responsibilities of the
Chairman and the Chief Executive
Officer are separate and clearly
defined, with a distinct division
ofresponsibilities.
It is the Chairman’s duty to provide
overall leadership and governance of
the Board. In performing this role, the
Chairman sets the Board agenda,
ensures that adequate time is
available for discussion of all agenda
Our core values of trust, support,
experience and innovation underpin
our culture. Our businesses therefore
adopt these core values and articulate
them in a way which suits them, their
customers, their employees and the
communities in which they operate.
These nuances are what makes our
culture unique, because despite these
subtle adaptations across our
businesses, our core values do not
change and each business is working
towards the same purpose.
The appointment of a dedicated
employee engagement Non-Executive
Director means there is a mechanism
in place for employee views to be
considered by the Board in its strategic
decision-making process. The
Executive Directors then communicate
the agreed strategic direction, in terms
of how we can fulfil our purpose
through our values, to the senior
management teams across the
Group, ensuring there is a consistent
approach at all levels.
Employee engagement is therefore
one of the key methods to ensuring a
unified culture exists across the Group.
Our methods of engagement come in
a variety of forms and from all levels.
On a regular basis, emphasis is placed
on the health and wellbeing of our
employees to ensure they feel safe
and supported. We provide regular
opportunities for our employees to
develop their skills through training
and development, encouraging
innovation, experience and career
development, as well as ensuring at a
local level that employees understand
our goals and the role that they can
play in achieving them. We are
committed to carrying out our
business responsibly and ensuring we
promote sustainable operations and
minimise adverse environmental and
social impacts.
This is embedded in management
and employee reward schemes, where
health and safety matters remain one
of the key performance parameters.
Inaddition to regular engagement,
additional engagement takes place
when required. Further efforts will be
made during 2022 to increase the
exposure of everyday engagement
with the dedicated Non-Executive
Director, to ensure she is fully
appraised of as wide a range of views
as possible and can appropriately
inform Board discussion and
decision-making as a result.
Encouraging an open and transparent
culture across the Group to promote
our values, help achieve our purpose
and vision, as well as fostering and
maintaining a culture which is
Financial
Statements
Business
Overview
Strategic
Report
Governance Remuneration 67

Corporate Governance Statement continued
• there is an ongoing process for
identifying, evaluating and
managing the principal risks
facedby the Group;
• the systems have been in place for
the year under review and up to the
date of approval of the Annual
Report and Accounts;
• the systems are regularly reviewed
by the Board; and
• the systems accord with the FRC
guidance on risk management,
internal control and related financial
and business reporting.
The effectiveness of these systems is
also reviewed through the work of the
Risk Committee described on pages
78 to 80. The key risks which the Board
has focused on this year, together with
their potential impact and mitigating
actions are set out on pages 51 to 56.
The Company has a risk management
framework which adopts a top-down
and a bottom-up view of the key risks,
which involves both the downward
cascade and upward escalation of
risks between the Group and the
business units. It comprises a risk
register template, a risk profile
template and assessment guidelines
to be used by both the Group and
business units when considering risk. It
also includes a detailed approach to
formally recording and independently
assessing Group level risks. Given the
increased size of the Group and the
remit of the Audit Committee, a review
was conducted of the risk
management framework and
reporting structure and a separate Risk
Committee was established during
2021, with responsibility for risk
management on behalf of the Board.
Further information about the work
and structure of the Risk Committee
can be found in the Risk Committee
Report on pages 78 to 80.
The Board has conducted a review of
the effectiveness of the system of
internal controls and risk
management, following a detailed
review undertaken by the Risk
Committee and the Audit Committee,
as appropriate, and is satisfied that it
complies with Provision 29 of the Code.
Joe Vorih joined the Board in February
2022 and is in the process of
completing his induction.
As the internal and external business
environment changes, it is important
to ensure that Directors’ skills and
knowledge are refreshed and updated
regularly. The Board was therefore
given presentations during the year
bythe Company’s financial advisers,
brokers and lawyers, as well as several
presentations by senior management,
in addition to the annual strategy day.
At Board meetings held during the
year, the Company Secretary updated
the Board on new legislation and
regulations as well as changes to the
current legislative and regulatory
regimes to which the Company
issubject.
Directors’ conflicts of interest
Each Director has a duty under the
Companies Act 2006 to avoid a
situation where he or she may have a
direct or indirect interest that conflicts
with the interests of the Company. The
Company has robust procedures in
place to identify, authorise and
manage such conflicts of interest, and
these procedures have operated
effectively during the year.
All potential conflicts approved by the
Board are recorded in a conflicts of
interest register which is maintained by
the Company Secretary and reviewed
by the Board on a regular basis.
Directors have a continuing duty to
update the Board with any changes to
their conflicts of interest.
Directors’ indemnity
andinsurance
The Company maintains Directors’ and
Officers’ liability insurance to cover
legal proceedings against Directors
and Officers acting in that capacity.
Details of the Directors’ indemnity
arrangements can be found on page
87 of the Directors’ Report.
Internal controls
andriskmanagement
The Board is responsible for
determining the nature and extent of
the significant risks it is willing to take in
achieving its strategic objectives. It is
also responsible for maintaining sound
risk and internal control systems in
accordance with the Code and
confirms that:
Appointment and tenure
The Non-Executive Directors serve on
the basis of letters of appointment,
which are available for inspection at
the Company’s registered office. The
letters of appointment set out the
expected time commitment of the
Non-Executive Directors who, on
appointment, undertake that they
have sufficient time to carry out
theirduties.
There is no fixed expiry date. The
Executive Directors’ service contracts
are also available for inspection at the
Company’s registered office. The
notice period for the Executive
Directors is 12 months.
External appointments
As outlined in the Code, all
Non-Executive Directors should
havesufficient time to meet their
Board responsibilities. To ensure this
ismonitored regularly, all external
appointments, including those of the
Chairman, are reviewed at every Board
meeting. The Board has reviewed the
nature of each appointment and the
expected time commitment for each
Director and concluded that none of
these appointments compromise the
effectiveness of the individual Director
or the Board, and is satisfied that each
Non-Executive Director has sufficient
time to discharge their duties to the
Company. Further details of our
Non-Executive Directors’ external
appointments can be found in their
biographies on pages 62 and 63.
Directors’ induction and
training/professional
development
The Chairman, with the support of the
Company Secretary, is responsible for
the induction of new Directors and the
ongoing development of all Directors.
Matt Pullen joined the Board during the
year and received an induction which
involved visits to all operational sites,
product briefings and training, and
individual meetings with the members
of the Board, the executive team,
members of senior management
andthe Company’s brokers.
68 Genuit Group plc Annual Report & Accounts 2021

Board and Director
Recruitment and
InductionProcess
In light of the active year with the
recruitment of our new Chief
Operating Officer and Chief Executive
Officer, we have taken the
opportunity to outline our approach
to recruiting and onboarding
Directors, ensuring a successful
induction is provided following
appointment. The recruitment
process is designed to ensure the
search for new Directors is thorough
and inclusive, and ensures recruits
not only have the necessary
experience and skills to support the
Company’s strategic direction, but
also showcase an understanding of
the Group’s culture and purpose.
Their induction then provides an
effective introduction to the
boardroom and facilitates a
comprehensive understanding
of the diverse portfolio of
businesses across the Group.
The Chairman leads the Nomination Committee to develop a candidate
specification. The candidate brief is then placed with an executive search
agency who must be a signatory to the Voluntary Code of Conduct for
Executive Search Firms in line with our Board Diversity Policy.
The executive search agency reviews the specification and, following
extensive desktop research, produces a long list of potential candidates
fromvarious backgrounds and industries.
The Chairman identifies a short list of candidates following discussion with
the Senior Independent Director and other members of the Committee
(orappointed sub-committee, as appropriate).
The candidates are interviewed and assessed against pre-determined
criteria and in line with the specific candidate brief. This typically also includes
meeting various Board members on a more informal basis to determine
interpersonal dynamics.
The successful candidate is then recommended for appointment to the
Board, with the Company Secretary tasked with the formalities.
The Company provides the new Director with a comprehensive and tailored
induction process, which includes visiting sites, meeting with Executive and
Non-Executive Directors and the Chairman and having introductory meetings
with senior management and external advisers where appropriate. If
necessary, new Directors are provided with training to address their role
andduties as a Director of a quoted public company.
In addition to meeting with key personnel and having access
to training where required, the newly onboarded Director has immediate
access to the following key documents:
• Historic Board and Committee meeting papers (as appropriate)
• Management accounts and divisional MD reports
• Budget and five-year plan
• Recent broker reports and analyst reports
• Information on our sustainability strategy and growth drivers,
along with any targets where relevant
• The Group’s risk appetite, risk register, principal risks and uncertainties
and emerging risks
• Organisation charts, overview of all Committee membership
and Non-Executive Director tenure
• Matters reserved for the Board and the Committees,
including access to the Terms of Reference for each
• Board dates and scheduling
Review
Search
Assess
Identify
Appoint
Induct
Financial
Statements
Business
Overview
Strategic
Report
Governance Remuneration 69

Corporate Governance Statement continued
Financial and business
reporting process
The Board recognises its duty to
ensure that the Annual Report and
Accounts, taken as a whole, is fair,
balanced and understandable and
provides the information necessary for
shareholders to assess the position
and performance, strategy and
business model of the Company. In
addition to the Annual Report and
Accounts, the Company also ensures
that other price-sensitive reports
andother information are
publishedexternally.
The Group has a thorough assurance
process in place in respect of the
preparation, verification and approval
of periodic financial reports, which is
set out in the Report of the Audit
Committee on pages 81 to 85.
This process includes:
• the involvement of qualified,
professional employees with an
appropriate level of experience
(bothin Group Finance and
throughout the Group’s businesses);
• formal sign-off from appropriate
business unit senior executives;
• comprehensive review and,
whereappropriate, challenge
fromappropriate Group
seniormanagement and
ExecutiveDirectors;
• a transparent process to ensure full
disclosure of information to the
external auditor;
• oversight by the Audit Committee,
involving (amongst other duties);
• a detailed review of key financial
reporting judgements which have
been discussed by management;
• review and, where appropriate,
challenge on matters including:
• the consistency of, and any
changes to, significant accounting
policies and practices during
theyear;
• significant adjustments resulting
from an external audit;
• the viability statement
assumptions; and
• the going concern assumption.
In order to ensure our financial and
business reporting is fair, balanced
and understandable, the Company
follows the process outlined below:
Fair
• Is the report fair?
• Is the whole story presented?
• Are the key messages in the narrative
reflected in the financial reporting?
Balanced
• Is there a good level of consistency
between the narrative reporting in
the front and the financial reporting
in the back of the report?
• Are the statutory and adjusted
measures explained clearly with
appropriate prominence?
Understandable
• Is there a clear and understandable
framework to the report?
• Are the important messages
highlighted appropriately
throughoutthe document?
This process provides comfort to the
Board that the Annual Report and
Accounts, taken as a whole, is fair,
balanced and understandable, and
following its review, the Board was of
the opinion that the 2021 Annual Report
and Accounts is representative of the
year and presents a fair, balanced and
understandable overview.
Board meetings
In total, there were 16 Board meetings
held during the year, the majority of
them virtually, to discuss and review
progress on issues affecting the Group.
A number of Committee meetings
were also held during the year.
Detailsof attendance at Board and
Committee meetings are shown in
thetable below.
As the table demonstrates, every effort
is made to ensure that all Directors,
where possible, attend scheduled
Board meetings. However, in the event
that a Director is unable to attend a
meeting, they are nevertheless
provided with the meeting papers and
information relating to the meeting
and are able to discuss the issues
arising with the Chairman and
otherDirectors.
Senior management from across the
Group as well as external advisers,
attend some of the meetings for
discussion of specific items in greater
depth, and to provide training
andupdates.
Board and Committee attendance during 2021
Directors
Board
Attendance
Audit
Committee
Attendance
Nomination
Committee
Attendance
Remuneration
Committee
Attendance
Risk
Committee
Attendance+
Ron Marsh 16/16 - 5/5 6/6 -
Martin Payne 16/16 - 3/5 - 3/3
Mark Hammond 16/16 3/3 5/5 6/6 -
Paul James 15/16 - - - 3/3
Matt Pullen
†
3/3 - - - -
Glen Sabin* 13/13 - - - 3/3
Louise Hardy 16/16 3/3 4/5 6/6 -
Lisa Scenna 16/16 3/3 5/5 6/6 -
Louise Brooke-Smith 13/16 3/3 4/5 5/6 -
Kevin Boyd 16/16 3/3 2/5 6/6 -
†
Joined the Board on 1 November 2021
* Retired from the Board on 1 November 2021
+ The Strategy and Marketing Director, Chief People Officer and Company Secretary are also members of the Committee and
attended all Risk Committee meetings held during the year
70 Genuit Group plc Annual Report & Accounts 2021

In order to provide the Board with
greater visibility of the Group’s
operations and to provide further
opportunities to meet senior
management, the Board will usually
visit the Group’s business unit locations
on a rolling basis each year. Such visits
allow the Board to gain a deeper
understanding of local market
dynamics and to assess management
performance and potential. However,
due to the restrictions in place during
the year as a result of Covid-19, the
Board was only able to visit the
Polypipe Civils site in Loughborough
and the Group’s new Head Office in
Leeds. The Board also held a Board
dinner ahead of the scheduled Board
meetings where possible to provide a
more relaxed forum for the Board
members to have additional
discussions amongst themselves, as
well as with the senior management
team from that location. This improved
the focus of the formal Board meeting
and allowed for further employee
engagement by the Board.
Every year the Board holds an annual
strategy day, where it spends a full day
with senior management to discuss
current performance of the Group and
the strategic plan. Members of senior
management from across the Group
present the updated strategy and
proposed implementation of this
strategy within each division. The
strategy day during 2021 was held on
23 November, with engagement and
challenge from the Board and senior
management at a high level
throughout the day, and an informal
dinner thereafter to discuss and reflect
on the discussions during the day in
amore informal environment. During
theyear, the Chairman held regular
(virtual) meetings with the
Non-Executive Directors without
theExecutive Directors present, and
the Non-Executive Directors held
discussions without the Chairman
being present to appraise the
Chairman’s performance, as
discussed later in this Report.
Schedule of matters
reservedfor the Board
The schedule of matters reserved for
the Board includes the consideration
and approval of:
• strategy and overall management
and leadership of the Group;
• financial items – including the
Group’s annual budget, dividend
policy, annual and half-yearly
accounts, accounting policies, and
monetary limits;
• the risk management system and
internal controls;
• contracts with third parties not in the
ordinary course of business;
• legal, administration and
pensionarrangements;
• the Group’s corporate governance
arrangements;
• the operation of the Company’s
share option schemes as
recommended by the
RemunerationCommittee;
• Directors’ and Officers’ insurance
coverage and the commencement
or settlement of any major litigation;
• setting and assessing the
appropriateness and ongoing
development of the Group’s culture,
and monitoring behaviour across the
businesses to ensure culture is
aligned with the Group’s values;
• communications with
shareholdersand the issue
ofshareholder circulars;
• identifying those who they consider
their key stakeholders to be and why,
keeping this under regular review;
• Board and senior
management appointments
andarrangements; and
• conflicts of interest where permitted
by the Company’s Articles of
Association.
Board Committees
The Board has appointed four Board
Committees: the Audit Committee,
theNomination Committee, the
Remuneration Committee and the
RiskCommittee. The role and
responsibilities of each Committee are
set out in formal Terms of Reference.
These Terms of Reference have been
reviewed during the year and adjusted
as necessary to reflect legislative
changes and best practice and to
improve the individual and collective
Committees’ efficiency and
effectiveness. The Terms of Reference
for each Committee are available on
the Company’s website.
The Committees carry out their
required duties and make
recommendations to the Board
forapproval. Each Committee Chair
provides an update to the Board on
the key discussions and decisions
made at the preceding
Committeemeeting.
Financial
Statements
Business
Overview
Strategic
Report
Governance Remuneration 71

Board and committee evaluation cycle
Internal
evaluation
2020
Internal
evaluation
2021
External
evaluation
2022
Internal evaluation 2021
Board structure and functionality
The current size and composition
ofthe Board is appropriate and
makes for effective collective
decision-making.
Personal effectiveness and
overall Board effectiveness
Directors are frequently updated on
legislative changes and best practice
guidance and know where to go to fill
in gaps in skills or knowledge. This
enables effective decision-making
and allows Directors to effectively
contribute to Board discussions.
Board meetings
Board meetings are effective, well
organised and discussions seek to
appropriately consider the impact and
views of key stakeholder groups.
Quality and experience
of the induction process
The induction process is designed to
ensure Directors receive appropriate
information to allow them to perform
their role effectively, including ensuring
they have access to advice on matters
of a statutory or regulatory nature and
are updated in a timely manner on
new legislation and evolving best
practice in relation to Board and
Committee responsibilities.
Overall effectiveness of induction:
Board administration and
corporategovernance
The Board gives adequate
consideration to corporate
governance and is adaptable
inchanging environments.
Areas targeted for improvement
during 2022
Employee engagement
A more detailed structure for
employee engagement to be agreed
Governance review
Review of the Risk Committee to be
undertaken to confirm whether its
function remains appropriate
Informal Board interactions
More informal engagement between
Board members and senior
management to be encouraged
Periodic monitoring
A matrix of items for review by the
Board at the half year to be prepared
Corporate Governance Statement continued
Strongly Agree
Agree
Disagree
Strongly Disagree
Strongly Agree
Agree
Disagree
Strongly Disagree
Strongly Agree
Agree
Disagree
Strongly Disagree
Strongly Agree
Agree
Disagree
Strongly Disagree
Strongly Agree
Agree
Disagree
Strongly Disagree
Strongly Agree
Agree
Disagree
Strongly Disagree
Strongly Agree
Agree
Disagree
Strongly Disagree
Strongly Agree
Agree
Disagree
Strongly Disagree
72 Genuit Group plc Annual Report & Accounts 2021

Board evaluation
andeffectiveness
In accordance with Code Provision 21,
which outlines the requirement to
conduct an external Board evaluation
every three years, following the
external evaluation in 2019 and internal
evaluation during 2020, the Board
conducted another internal evaluation
during the financial year. This followed
the same format as 2020 using an
anonymous questionnaire, to allow
all Directors to give honest feedback.
The questionnaire focused on four
different areas: Board Structure and
Functionality, Board Meetings, Board
Administration and Corporate
Governance and Personal
Effectiveness and Overall Board
Effectiveness. In addition, it contained
a section which specifically targeted
those areas that had been focused on
for improvement during 2021, to give
the Board an indication of progress.
Following this, the results were
discussed between the Chairman and
the Company Secretary in the first
instance, and then shared with the
Board at its December 2021 meeting.
The results showed that the Board
remained collective in its opinion of
itsoverall effectiveness, thatit was
operating efficiently and effectively,
and Executive Directors’ and
Non-Executive Directors’ views
werelargely aligned which was
apositive outcome.
In addition to the full Board and
Committee evaluations, a separate
evaluation was conducted which
assessed the quality and experience
of the induction process for newly
appointed Directors. Results of this
evaluation showed the induction to
be effective and the overall induction
process was rated highly. The
Chairman and Company Secretary
continue to review the induction
process and endeavour to make
improvements wherever possible to
ensure any newly onboarded Directors
successfully integrate and prove
effective at their role as quickly as
possible. Further details on the
structure of ourboard evaluation
process are detailed below.
Annual General Meeting
The Company’s Annual General
Meeting (AGM) is scheduled to be held
on 19 May 2022. All shareholders have
the opportunity to attend and vote, in
person or by proxy, at the AGM. A copy
of the notice of AGM can be found on
the Company’s website.
The AGM is the Company’s principal
forum for communication with private
shareholders. The Chairman of the
Board and the Chair of each of the
Committees will be available to
answer shareholders’ questions at
theAGM.
The notice of AGM will be sent out to
shareholders at least 20 working days
before the meeting. Results will be
announced to the London Stock
Exchange via a Regulatory Information
Service announcement and published
on the Company’s website.
Re-election of Directors
At the AGM, all Directors will retire and
submit themselves for election or
re-election. As a result of the Board
evaluation exercise, as Chairman, I am
satisfied that each Director continues
to show the necessary level of
commitment to their role and has
sufficient time available to fulfil his or
her duties, to justify their re-election.
Joe Vorih and Matt Pullen will offer
themselves for election at the 2022
AGM and for re-election annually
thereafter.
Approved by the Board and signed on
its behalf.
Ron Marsh
Chairman
15 March 2022
Board evaluation process
Stage 1.
Evaluation
design
Questionnaires for the Board and its Committees
were developed by the Company Secretary in
consultation with the Chairman. Questions were set
having consideration for relevant recommendations
from 2020, in addition to best practice and revised
guidance such as the Code and the FRC Guidance
on Board Effectiveness.
Stage 2.
Evaluation
process
Questionnaires were issued to Board members and
responses were collated and draft reports which
summarised the findings and included proposed
recommendations for discussion, were prepared by
the Company Secretary. These were then discussed
with the Chairman.
Stage 3.
Discussion
and actions
The relevant report of anonymised findings was
presented at the corresponding Board and
Committee meetings between December and
March. Through review and discussion, actions were
agreed for implementation and monitoring as
outlined opposite.
Financial
Statements
Business
Overview
Strategic
Report
Governance Remuneration 73

Nomination
Committee Report
Letter from the Chair of
theNominationCommittee
During the year, the Committee also
oversaw the successful recruitment
ofa new Chief Operating Officer (COO),
MattPullen, who was appointed as
COO and a member of the Board on
1November 2021. This follows Glen
Sabin’s retirement from the Board and
the Company on 1 November 2021.
Glen remained available to the Board
and Company until 31 December 2021
to facilitate an effective handover.
Further details of the recruitment
process for each of the new Board
members are described in this Report.
The Committee is supported by a
strong Secretariat function and has
access to the Company Secretary at
all times, ensuring it is kept up to date
with all recommended guidance. The
guidance issued by the Financial
Reporting Council (FRC), as well as the
Guidance on Board Effectiveness,
Board Diversity and Effectiveness in
FTSE 350 Companies, and the Code,
recommend that Nomination
Committees should look deeper into
the Company to identify future leaders,
adopting a wider outlook in identifying
potential directors, as well as taking a
more diversity-friendly approach to
Board recruitment. The senior
management succession plan was
reviewed and updated at the
Committee meeting inDecember 2021,
ensuring developments and related
guidance were incorporated into the
future succession planning strategies
of the Committee. In addition, the
recruitment of the new executive role
of Chief People Officer in 2021 has
ensured an increased focus on
recruitment processes and succession
planning at a senior level and provided
invaluable support to the Committee
throughout these processes.
The Committee will continue to focus
on ensuring that individual Directors
and the Board as a whole have the
necessary experience and skills to
support the Company’s strategic
direction, as well as the Board’s ability
to successfully oversee its delivery of
such strategy. Our considerations on
these matters when making changes
to the Board during the year are set
out in more detail in this Report.
I will be available at the AGM to
answer any questions about the
workof the Committee.
Ron Marsh
Chair of the Nomination Committee
15 March 2022
Dear Shareholder
I am delighted to present the Report
ofthe Nomination Committee (the
Committee) for 2021, reporting on the
work of the Committee during the year,
as well as its ongoing objectives
andresponsibilities.
The role of the Nomination Committee
is to establish and maintain a process
for appointing new Board members
and to support the Board in fulfilling its
overall duties. Given the numerous
changes to the composition of the
Board during 2021 and early 2022, it has
been essential that the Committee
has operated efficiently and effectively
to enable the management of a
successful recruitment and
onboarding process; ensuring any
appointed Executive Director not only
has the necessary experience and
skills to support the Company’s
strategic direction, but can also show
an understanding of the Group’s
culture and purpose. With the
implementation of the updated UK
Corporate Governance Code (the
Code) in 2018, the Committee’s
importance and prevalence in
maintaining and promoting the culture
of the Company has become more
apparent, and this is one of the key
ongoing considerations of the
Committee as it implements its
succession planning strategy.
During 2021, Martin Payne announced
that he would be stepping down as
Chief Executive Officer and from the
Board after leading the Group for five
years. As a result, and following a
rigorous recruitment process, the
Committee recommended to the
Board that Joe Vorih be appointed as
his successor and accordingly, Joe
was appointed as Chief Executive
Officer and a member of the Board on
28 February 2022. Martin Payne
stepped down as Chief Executive
Officer, following a period of handover
with Mr Vorih. He remains an employee
of the Company and is available to the
Board in an advisory capacity until
20May 2022.
Ron Marsh
Chair of the Nomination Committee
2021 Key Achievements
Appointment of Joe Vorih as
ChiefExecutive Officer
Appointment of Matt Pullen as
ChiefOperating Officer
Areas of Focus in 2022
Succession planning for Non-
Executive Directors
Continuation of the development
ofsuccession plans, talent
management and diversity
inconjunction with the Chief
PeopleOfficer
74 Genuit Group plc Annual Report & Accounts 2021

Board* (%)
Male Female
Executive Committee and
DirectReports* (%)
Male Female
Committee membership
andmeetings
The Committee comprises Ron Marsh
(the Chairman), all the Non-Executive
Directors, being Kevin Boyd, Mark
Hammond, Louise Hardy, Lisa Scenna
and Louise Brooke-Smith, and Joe
Vorih (Chief Executive Officer). Clare
Taylor (Chief People Officer), also
attends the meetings by invitation.
Accordingly, there are seven members.
The Committee is chaired by the Board
Chairman except when considering
his own re-election.
In accordance with Code Provision 17,
the majority of the Committee
members were independent. The
members of the Committee and
details of their attendance at all
Committee meetings are set out on
page 70. Biographies of each member
are shown on pages 62 and 63. Under
the Committee’s Terms of Reference,
the Committee will normally meet not
less than twice a year and at such
other times as the Chairman shall
require. The Committee held two
scheduled formal meetings during the
year under review and an additional
three meetings to discuss and
progress the appointment of the new
Executive Directors. After each
Committee meeting, the Chairman
reports to the Board on the main items
discussed, aswell as reporting on the
nature andcontent of its discussion,
recommendations and action
tobetaken.
Role of the Committee
The Committee’s main responsibilities
are to evaluate the structure, size and
composition (including the skills,
knowledge, experience and diversity)
required of the Board and the
Committees; to give full consideration
to succession planning of Directors
and other senior executives; and to
assist with the selection process for
new Executive and Non-Executive
Directors including the Chairman.
The Committee’s Terms of Reference
explain the Committee’s role and
responsibilities and were reviewed
inDecember 2021 to ensure they
remainappropriate. The Terms
ofReference can be found on the
Company’s website.
The Company Secretary acts as
Secretary to the Committee. In
accordance with its Terms of
Reference, the Committee is
requiredto:
• review the structure, size and
composition of the Board and make
recommendations to the Board,
asappropriate;
• consider succession planning for
Directors and other senior executives,
taking into account the challenges
and opportunities facing the Group
and the future skills and expertise
needed on the Board;
• review the leadership needs of the
organisation, both Executive and
Non-Executive, with a view to
ensuring the continued ability of the
organisation to compete effectively
in the marketplace;
• identify the balance of skills,
knowledge, diversity and experience
on the Board;
• identify and nominate candidates to
fill Board vacancies as and when
they arise and recommend them for
the approval of the Board;
• review the time commitment
required from Non-Executive
Directors;
• review the results of the Board
performance evaluation process
that relate to the composition of the
Board and the Committee’s own
performance; and
• review and approve the Group’s
diversity policy and evaluate its
effectiveness on a regular basis.
Governance
In accordance with Code Principle L,
the Board and its Committees are
required to be evaluated on an annual
basis. Following an external evaluation
in 2019, an internal evaluation of the
performance of the Board and its
Committees was conducted during
2021, focusing on how effectively
members work together to achieve
objectives. Appointments to the Board
are subject to formal, rigorous and
transparent procedures and include
consideration, where appropriate, of
comments and feedback from the
annual evaluation of the Board. This
was particularly relevant in the context
of the recruitment of the two new
Executive Directors during 2021.
At its meeting in December 2021, the
Committee considered the contents of
the review and concluded that the
evaluation had found the Committee
to be operating effectively and
efficiently, communicating as required
with the Board in relation to matters
within its remit, thereby assisting in
theBoard’s decision making. Further
details of the results of the Board
evaluation can be found on page 72
ofthe Corporate Governance Report.
Diversity
Promoting diversity within the
workplace continues to be a key item
on the UK Corporate Governance
agenda and the Committee
welcomed the Hampton-Alexander
Review which sought to improve Board
and senior leadership diversity across
FTSE 350 companies, as well as the FRC
Board Diversity and Effectiveness in
FTSE 350 Companies. The Company
made good progress towards
achieving the requirement of 33%
women in its Executive Committee and
direct reports thereto, having achieved
the 33% requirement at Board level in
2019. The Company also has 26%
female representation at senior
management level, being the
Executive Committee and its
directreports.
2021
2020
2019
33
33
33
26
25
20
Board Executive Committee
and Direct Reports
Gender Diversity* (%)
*as reported in Hampton-Alexander
Financial
Statements
Business
Overview
Strategic
Report
Governance Remuneration 75

Nomination Committee Report continued
Whilst we continue to commit to
making progress on diversity
throughout the organisation, we
recognise that further progress is still
necessary in order to fulfil our overall
diversity ambitions and as set out
above, it is a priority for 2022 to
achievemore in this areawith our
Chief PeopleOfficer.
Main activities during the year
During the year under review, the
Committee carried out a process to
recruit a new Chief Executive Officer.
Inaddition, the Committee oversaw
the recruitment process for Glen
Sabin’s successor, Matt Pullen, the
newly appointed COO. The Committee
alsocarried out its duties as listed
above and has given particular focus
to succession planning for both
theBoard members as well as
seniorexecutives.
As stated in the Corporate Governance
Report, all of the Company’s Directors
will retire and each will offer
themselves for election or re-election
at the forthcoming AGM, in
accordance with Code Provision 18.
The Chairman confirms that the
Committee has considered the
performance evaluation and the
contribution and commitment of all
Directors. The Chairman has
confirmed to the Board that their
performance and commitment is such
that the Company should support their
election or re-election, as appropriate.
In addition, the Board evaluated each
Director’s time commitments, and was
satisfied that, in line with the Code,
they each continued to allocate
sufficient time in order to discharge
their responsibilities effectively,
including attendance at Board and
applicable Committee meetings as
well as time needed to prepare for
meetings, and other additional
commitments that may arise during
the usual course of business.
The Committee supports and
encourages diversity in line with
Principle J of the Code, acknowledging
the advantages that come from
having diverse viewpoints and the
influence this can have on
decision-making. It is the aim of the
Committee to always consider the
benefits that arise from a diverse
Board when making Board
appointments. The Company’s
recruitment and appointment strategy
is based on the merits of the individual
candidates, without bias towards age,
gender, marital or family status, race,
sexual orientation, religion or belief or
any disability. Currently, three of the
nine Directors are female, as well as
the Company Secretary.
Diversity will continue to be a key
consideration for the Committee into
2022 when assessing the composition
of the Board and senior management,
to ensure the continued development
of a diverse pipeline for succession
and to develop our policies and
procedures to help integrate diversity
into strategic decision-making. By
continuing to embrace diversity, the
Committee believes the Board and
Group will better understand how
differences in approach, background,
mindset and experience amongst
employees can benefit the Company
and ultimately its stakeholders, in line
with the Directors’ s172 duties and
commits to working towards the
recommendations of the Parker
Review to have at least one
representation of ethnic minority on
the Board by 2024. The Committee
does not only consider board
candidates from a top-down
perspective, it also monitors the
pipeline from the bottom up. This
ensures diversity is on the hiring and
promoting agenda at all levels of the
organisation, to build board potential
as well as building relationships
externally with independent directors.
Overall workforce
who are female
25%
2020: 24%
The Committee recognises the
importance of the time commitment
of each Director to shareholders, and
this will therefore continue to be kept
under review for all Directors during
2022. No Director was able to vote
inrespect of their own election/
re-election when consideration was
given to Director election/re-election
at theAGM.
Information on the Directors’ service
agreements, shareholdings and share
options is set out in the Directors’
Remuneration Report on pages 105
to116.
During the year, the Committee
appointed Odgers Berndtson to assist
in identifying potential candidates
tosucceed Martin Payne as Chief
Executive Officer, and Russell Reynolds
and Korn Ferry to assist in identifying
potential candidates to succeed
GlenSabin as Chief Operating Officer.
Odgers Berndtson and Russell
Reynolds confirmed their
independence on appointment and
that they had no other connection
withthe Company or any individual
Directors. Korn Ferry are the appointed
advisers to the Remuneration
Committee, but the work carried out in
relation to the appointment of the COO
was carried out by a team separate
tothe remuneration advisory team.
“
Diversity will
continue to be a
key consideration
for the Committee
into 2022.
76 Genuit Group plc Annual Report & Accounts 2021

Succession planning
A key activity of the Committee is to
keep under review the Group’s
succession plans for members of the
Board and senior managers across
the Group over the short, medium
andlong term to ensure that the
composition of the Board and senior
management team remains
appropriately balanced between
newand innovative thinking and
longer-term stability. Management
training and development plans are
provided to senior and middle
management where appropriate in
order to continue to develop a diverse
pipeline of internal talent for the future.
In addition, the Committee considers
emergency succession planning and
is comfortable that a framework is in
place should key management roles
need to be covered on an interim
basis. Board appointment criteria
areconsidered automatically as
partofthe Committee’s review of
successionplanning and matters
ofDirector tenure are viewed on a
case-by-casebasis.
Tenure of Non-Executive
Directors
Appointments to the Board are
typically made for an initial term of
three years and are ordinarily limited
to three consecutive terms in office,
subject to annual re-election by
shareholders at the AGM.
By order of the Board.
Ron Marsh
Chair of the Nomination Committee
15 March 2022
Chief Executive Officer
In light of Martin Payne’s intention to
step down from the Board in 2022,
the Committee, following an arms
length tender process, appointed
Odgers Berndtson to identify
potential candidates for the Chief
Executive Officer role.
Odgers Berndtson undertook an
extensive search process using the
brief provided by the Committee,
reviewed CVs and interviewed
numerous external candidates.
On the authority of the Committee,
asub-committee comprising the
Chairman, Mr Hammond and
MsScenna supported by the Chief
People Officer, were appointed to
review the longlist of candidates.
The merits of all candidates on
thelonglist were discussed in
detailbyOdgers Berndtson and
thesub-committee, including
feedbackfrom the interviews
carried out bythem.
Following this discussion, a shortlist
of candidates was prepared by
Odgers Berndtson and these five
candidates were interviewed by
thesub-committee and the
ChiefPeople Officer.
Following this process, the
sub-committee recommended
twocandidates be interviewed by
the Executive Directors, the other
Committee members, the Chief
Financial Officer and the
CompanySecretary.
As a result, all Committee members
unanimously agreed that Joe Vorih
had the necessary attributes and
skills that were being sought for the
Chief Executive Officer role and
recommended his appointment
totheBoard.
Executive Director
recruitment
The Committee conducted a robust
recruitment process during the year
for the recruitment of both the Chief
Operating Officer, and Chief Executive
Officer. Further detail on this process is
outlined below.
Chief Operating Officer
In light of Glen Sabin’s intended
retirement from the Board in 2021, the
Committee, following an arms length
tender process, appointed Russell
Reynolds to identify potential
candidates for the Chief Operating
Officer role.
Russell Reynolds undertook an
extensive search process using the
brief provided by the Committee,
reviewed CVs and interviewed
numerous internal and external
candidates.
On the authority of the Committee, a
sub-committee comprising Mr Payne,
Ms Hardy and the Chairman were
appointed to review the longlist of
candidates. The merits of all
candidates on the longlist were
discussed in detail by Russell Reynolds
and the sub-committee, including
feedback from the interviews carried
out by them.
Following this discussion, a shortlist of
candidates was prepared by Russell
Reynolds and these candidates,
including two internal candidates, were
interviewed by the sub-committee.
Following this process, the
sub-committee recommended five
candidates be interviewed by the
Executive Directors and the other
Committee members. The participants
failed to reach a unanimous
conclusion, and Korn Ferry was then
appointed to start a second process.
A shortlist of four candidates was
identified from the longlist compiled by
Korn Ferry, who were interviewed by the
members of the newly appointed
sub-committee, comprising Mr
Hammond, Ms Scenna and the
Chairman. As a result, twopreferred
candidates were interviewed by the
remaining Committee members and
the ChiefFinancial Officer.
As a result, all Committee members
agreed that Matt Pullen had the
necessary attributes and skills that
were being sought for the Chief
Operating Officer role, and
recommended his appointment
totheBoard.
Financial
Statements
Business
Overview
Strategic
Report
Governance Remuneration 77

Risk Committee
Report
Letter from the Chair of the Risk Committee
• reviews, manages and agrees the
risk appetite, tolerance and strategy
of the Group;
• assists the Board in fulfilling its
reporting responsibilities in the
Annual Report for risk reporting,
including:
• the internal risk management and
control systems in place,
• principal risks and uncertainties,
• emerging risks,
• risk appetite and any respective
stress testing; and
• overseeing and implementing the
Group’s internal controls and risk
management systems.
All proceedings of the Committee are
reported formally to the Board by the
Chair of the Committee, who reports
on all matters within the Committee’s
remit, and recommendations are
made to the Board where action or
approval is required.
Despite the Committee being in its
infancy, I am confident that its
establishment further strengthens the
Group’s risk management structure,
allowing more dedicated time and
detailed consideration to be given to
the various aspects of the risk
management process and ensuring
its continuing development across the
Group. This will in turn enable specific
areas of development to be targeted,
further increasing the awareness
across the Group of the importance of
risk management.
Further detail of our considerations
and the progress which has been
made during the year on our risk
management processes and structure
are explained in more detail in this
Report. Details of our principal risks and
uncertainties as well as our emerging
risks, can be found on pages 51 to56.
I will be available at the AGM to answer
any questions about the work of
theCommittee.
Paul James
Chair of the Risk Committee
15 March 2022
Dear Shareholder
I am pleased to present the first Report
of the Risk Committee (the Committee)
for the year ended 31 December 2021,
which provides detail on the work of
the Committee during the year, as well
as its ongoing objectives and
responsibilities.
As noted in the 2020 Annual Report
and Accounts, following an Internal
Audit conducted by Grant Thornton LLP
(UK), changes were recommended to
develop the risk reporting processes
previously in place. Raising the profile
of risk review and its management
across the Group was one of these
recommendations. It was therefore
agreed by the Board that the creation
of a dedicated Risk Committee
wouldsatisfy and improve the
overallrisk reporting culture of the
Group, consolidating, standardising
andcementing existing risk
reportingprocesses.
The membership of the Committee
comprises the Executive team, being
the three Executive Directors, the Group
Marketing and Strategy Director, the
Chief People Officer and the Group
Legal Counsel & Company Secretary.
In accordance with its Terms of
Reference, the Committee meets a
minimum of twice a year. The Group
Financial Controller is in attendance at
all Committee meetings and divisional
management and functional heads
are invited to attend Committee
meetings as and when required.
The requirement for the Audit
Committee to review and monitor risk
management systems no longer
forms part of its duties and
responsibilities, and the responsibility
for monitoring and reviewing such
systems has passed to the Risk
Committee. The Committee has
oversight of the Group risk profile and
risk appetite as a whole and, unless
required otherwise by regulation,
carries out the duties below, reporting
to the Board as appropriate:
2021 Key Achievements
Creation and establishment of
theCommittee
Review and update of the Group’s
Risk Appetite
Further development of risk
management reporting processes
Areas of Focus in 2022
Ongoing implementation of updated
risk management processes
Continue to monitor and update
principal risks and uncertainties and
emerging risks where required
Continue to manage all Covid-19
related risks
Inclusion of TCFD disclosures in the
context of climate-related risk
Paul James
Chair of the Risk Committee
78 Genuit Group plc Annual Report & Accounts 2021

Role of the Committee
The Committee’s main responsibilities
are to ensure adequate and effective
risk management systems and
controls are in place across the Group
on behalf of the Board, in accordance
with Principle O, as well as ensuring
that the Group is acting in accordance
with its approved risk appetite. It
advises the Board on its risk appetite,
tolerance and strategy and provides
recommendations to the Board on the
effectiveness of the internal control
environment. The Committee’s Terms
of Reference explain the Committee’s
role and responsibilities and were
reviewed in January 2022 to ensure
they remain appropriate. The Terms of
Reference can be found on the
Company’s website.
The Assistant Company Secretary
actsas Secretary to the Committee.
Inaccordance with its Terms of
Reference, the Committee is
requiredto:
• monitor and review the effectiveness
of the Company’s risk management
and internal control systems;
• review the Company’s procedures
tomanage or mitigate principal
risksand to identify emerging risks;
• assistin the Board’s assessment
ofprincipal and emerging risks;
• review and assess the Company’s
risk appetite and associated
stresstesting;
• evaluate the Company’s principal
risks, to be taken into account by the
Board when assessing the
Company’s prospects;
• review and approve the statements
to be included in the Annual Report
concerning internal controls and risk
management;
• advise the Board on the Company’s
overall risk appetite, tolerance and
strategy, and the principal and
emerging risks the Company is
willing to take in order to achieve its
long-term strategic objectives; and
• advise the Board on the likelihood
and the impact of principal risks
materialising, and the management
and mitigation of principal risks to
reduce the likelihood of their
incidence or their impact.
Committee membership
andmeetings
The Committee comprises Paul James,
Joe Vorih, Matt Pullen, Martin Gisbourne
(Strategy and Marketing Director),
Clare Taylor (Chief People Officer) and
Emma Versluys (Group Legal Counsel
& Company Secretary). Key members
of the Group Finance team are invited
to attend all meetings, and Divisional
Managing Directors and Finance
Directors, as well as functional heads,
are invited to attend and provide an
update to the Committee on a
rotational basis. Accordingly, there
aresix members.
Code Provision 25 requires risk
management systems be either
reviewed by the Audit Committee, a
risk committee composed of
independent Non-Executive Directors,
or the Board. Although the Committee
is comprised of Executive Directors and
senior management rather than
Non-Executive Directors, it reports on
all its activities to the Board and the
Board is required to approve any
changes to the risk management
structure across the Group. It was
agreed that the Risk Committee
composition would enable Committee
meetings to be constructive and
effective at reviewing and discussing
the granular detail of risk across
individual divisions and the Group as a
whole, and that the appropriate
oversight by the Board would be
gained by the formal reporting
process in place.
Under the Committee’s Terms of
Reference, it will normally meet not less
than twice a year and at such other
times as the Chairman shall require.
The Committee held three scheduled
meetings during the year under review.
After each Committee meeting, the
Chairman reported to the Board on
themain items discussed, as well as
reporting on the nature and content of
its discussion, recommendations and
action to be taken.
Governance
In accordance with the Code Principle
L and Provision 21, the Board and its
Committees are required to be
evaluated on an annual basis. As the
Committee was not established until
partway through 2021, it was not
included in the 2021 internal evaluation
as it did not have sufficient history
toallow a full assessment of its
effectiveness and performance. The
Committee will be included in the
external evaluation to be carried out
in2022 and the results of this will be
included in the 2022 Annual Report
and Accounts.
Risk management process
The Board, with the support of the
Committee, is responsible for ensuring
that an effective risk management
process is in place, that it is fit for
purpose, and is effectively operated
throughout the year. It is therefore
imperative that the Committee
ensures the Board has a clear view
ofthe level of risk throughout the
Group by taking both:
• a top-down view of the key risks:
identifying, assessing and mitigating
risk at a Group level which could
prevent achievement of the Group
strategy; and
• a bottom-up view of risks: identifying,
assessing and mitigating risk at a
business/operational level which
may have an implication at business
unit level but could also affect
achievement of the Group strategy.
Each business unit applies a
systematic risk management process
in line with Group prescribed
mandatory standards and is
responsible for keeping and
maintaining their own risk registers,
whereby each risk is recorded and
scored for both impact and probability,
allowing the most significant risks to be
identified/prioritised. Business units are
required to formally review the risk
register and risk profile (as a minimum
by the business unit’s Managing
Director and Finance Director) at
leasttwice a year.
Financial
Statements
Business
Overview
Strategic
Report
Governance Remuneration 79

Risk Committee Report continued
Risk registers must be submitted to
Group Finance at least twice a year so
that the Group risk register can be
updated every six months. The Group
risk register is the consolidation of all
risks considered to be significant at
Group Level. It is maintained by the
Group Financial Controller and is
reviewed and updated annually by
theCommittee.
Emerging risks are included as part of
the reporting and monitoring process
described above.
A robust assessment of the principal
risks facing the Group is performed by
Group Finance following the collation
of the Group risk registers. This process
identifies those risks that could
threaten future performance and
solvency or liquidity, as well as the
Group’s strategic objectives over the
coming 12 months. The principal risks
are then presented to the Committee
and are reviewed, discussed and
approved by its members prior to
submission to the Board for final
approval and inclusion in the Annual
Following the Committee’s reviews, the
Committee confirms that it is satisfied
that the Group’s internal risk control
and management procedures:
• operated effectively throughout the
period; and
• are in accordance with the guidance
contained within the FRC’s Guidance
on Risk Management, Internal
Control and Related Financial and
Business Reporting.
Key matters considered bythe
Committee during theyear
Risk appetite, tolerance
andstrategy
• Submission of an updated Group risk
appetite statement to the Board for
review and approval
• Defined accepted tolerance levels
for individual risk in accordance with
the updated risk appetite statement
• Reviewed risks in the context of
theoverall strategic direction of
theGroup
• Reviewed and monitored updates
from Divisional management about
their principal and emerging risks,
their approach to risk management,
monitoring and mitigation to ensure
each was aligned with the Group risk
reporting structure
Internal risk controls and
management systems
• Reviewed and approved principal
risks and uncertainties, emerging
risks and made any changes
required, prior to submission to
theBoard
• Updated processes, forms and
templates to implement consistent
reporting processes across
theGroup
• Reviewed the Group’s risk information
and reporting procedures
Governance
• Establishment of the Committee
andits reporting responsibilities
totheBoard
• Reviewed the alignment of any
identified risks to Group strategy
andremuneration policy
• Reviewed Terms of Reference and
appropriate scheduling for
2022meetings
By order of the Board.
Paul James
Chair of the Risk Committee
15 March 2022
Report and Accounts. Principal risks
aredocumented to include
comprehensive overview of the key
controls in place to mitigate the risk
and the potential impact on strategic
objectives and KPIs. Changes to those
principal risks which are disclosed
annually can only be made with
approval from the Committee and the
Board. Principal risks are presented to
the Committee at least twice a year to
ensure they are monitored on an
ongoing basis. More detail on those
risks which have been determined as
the Group’s principal risks and
uncertainties can be found on pages
51 to 56.
As part of the above process, the
Group also identifies, collates and
assesses emerging risks, being those
that could impact the business in the
medium to long term. Emerging risks
are discussed by the Committee at
each meeting and are included in the
annual submitting to the Board along
with the principal risks and
uncertainties for inclusion in the
Annual Report and Accounts.
Board
• Overall responsibility for risk management and internal control
• Reviews and approves the risk appetite statement drafted by the Risk Committee
• Sets strategic objectives
Senior Management
• Maintain the Group’s risk registers and implement the bottom-up approach
review of risks
• Manage the Group’s risk management procedures
• Monitor the operation and effectiveness of key controls, and report to the Risk
Committee on a rotational basis
• Provide guidance and advice to employees in identifying risk and implementing
mitigation plans
Risk Committee
• Works alongside the Board to set
the risk tolerance levels for the
Group in drafting and maintaining
the risk appetite statement
• Monitors and reviews the Group’s
riskregister
• Identifies and evaluates Principal
Risks and Uncertainties and
emerging risks, and presents these to
the Board for approval and inclusion
in the Annual Report and Accounts,
as well as ensuring they are
appropriately managed
Audit Committee
• Monitors assurance and internal
financial control arrangements
• Manages the external audit process
and reviews the auditors’ reports
Risk management process continued
80 Genuit Group plc Annual Report & Accounts 2021

Audit Committee
Report
Letter from the Chair of the Audit Committee
consider such challenges and the
financial and operational implications
they presented. This Report outlines
some of these considerations in more
detail. Areas of focus included the
impact of the supply chain constraints,
raw material inflation and the resulting
implications for the interim and full
year financial statements as well as
integration of the three acquisitions,
and the Group’s financial reporting
processes. Despite such unprecedented
events, the Committee and Board
have faced these with resilience
anddedication, reacting quickly and
appropriately. The creation of the Risk
Committee and therefore thechange
in the remit of the Audit Committee as
a result, has been a key change in the
governance structure of the Group.
Further information in this regard is set
out in the Risk Committee Report.
Annual Report 2021
As part of its responsibilities under its
Terms of Reference, the Committee is
required, on behalf of the Board to
oversee the process for determining
whether the Annual Report and
Accounts, when taken as a whole, is
fair, balanced and understandable,
and provides the information
necessary for shareholders to assess
the Group’s financial position and
performance, business model and
strategy. The judgements and factors
the Committee considered when
reviewing the 2021 Annual Report are
outlined on page 84, as well as its
conclusions in this regard.
Performance of the Committee
As a result of its work undertaken
during the year and taking into
account the feedback from the annual
internal Board and Committee
evaluation (further details are set out
on page 73), the Committee considers
that it has acted in accordance with its
Terms of Reference and has ensured
the independence, objectivity and
effectiveness of the external and
internal auditors. This Report outlines
some of the main activities of the
Committee during the financial year.
I would like to thank my Committee
colleagues for their work and support
during the year, and I look forward to
the future years ahead in this role as
the Group continues to grow as the
newly branded, ‘Genuit Group’.
I will be available at the AGM to answer
any questions about the work of
theCommittee.
Kevin Boyd
Chair of the Audit Committee
15 March 2022
Dear Shareholder
I am pleased to present the Report of
the Audit Committee (the Committee)
for 2021. Having served as Committee
Chair since September 2020, this is my
first full year as Committee Chair.
The role of the Committee is to support
the Board in fulfilling its governance
responsibilities, ensuring that the
interests of our stakeholders are
properly protected (particularly our
shareholders and customers) in
relation to financial reporting.
Members of the Committee are
appointed by the Board on the
recommendation of the Nomination
Committee, from its Non-Executive
Directors, in accordance with the 2018
UK Corporate Governance Code (the
Code) requirements and other
FRC-related guidance.
The roles and responsibilities of the
Committee have been reviewed and
updated during the 2021 financial year
following the creation of a standalone
Risk Committee, and thus the
assessment, monitoring and
management of risk are discussed in
the Risk Committee Report on pages
78 to 80. This change in governance
structure results in the Audit
Committee now focusing on the
integrity of the Group’s financial
reporting practices, internal controls,
and the quality of the internal and
external audit processes, providing
challenge to the decisions and
judgements made by management.
This separation of responsibilities has
proved to be effective and we hope
our shareholders recognise and are
assured by this positive change in our
governance structure. We will continue
to keep our activities under review to
ensure we comply with all applicable
regulations and that we remain
confident that the Company continues
to operate in a controlled and managed
way. The main responsibilities and
activities of the Committee are
detailed further in this Report.
Changes during 2021
2021 has continued to be a year of
ongoing challenges and, as a result, the
Committee was required to regularly
2021 Key Achievements
Oversight of full year and
interimaudits
Review of the draft 2020 Annual
Report and Accounts and oversight
of the external audit
Review of the interim results
Review and the recommendation of
final dividend and reserves
Review of the acquisitions and
financial process onboarding of
Adey, Nu-Heat and Plura
Areas of Focus in 2022
Planning for the external audit tender
scheduled for 2023
Kevin Boyd
Chair of the Audit Committee
Financial
Statements
Business
Overview
Strategic
Report
Governance Remuneration 81

Committee membership
andmeetings
The Committee comprises five
Non-Executive Directors, being Kevin
Boyd, Mark Hammond, Louise Hardy,
Lisa Scenna and Louise Brooke-Smith.
All Committee members are
considered to be independent in
accordance with the UK Corporate
Governance Code.
In accordance with the requirements
of Provision 24 of the Code, Kevin Boyd
is designated as the Committee
member with recent and relevant
financial experience. All other
members of the Committee are
deemed to have the necessary ability
and experience to understand the
financial statements.
The Committee as a whole has
competence relevant to the sector in
which the Group operates. The
Committee discharges its
responsibilities through a series of
scheduled formal meetings during the
year. Each meeting has a formal
agenda which is linked to the events in
the financial calendar of the Group.
Attendees at each of the meetings
include the Committee members as
well as, by invitation, the Chairman, the
Chief Executive Officer, the Chief
Financial Officer, the Chief Operating
Officer, the Group Financial Controller,
the external auditor, Ernst & Young LLP
and Grant Thornton UK LLP who provide
internal audit services to the Group.
The Company Secretary is also
Secretary to the Committee.
The Committee held three formal
meetings during the year. In
accordance with best practice, the
Committee met with the Ernst & Young
LLP lead audit partner without
executive management being present.
The Committee also met with Grant
Thornton UK LLP without executive
management being present.
Role of the Committee
The full responsibilities of the
Committee are set out in its Terms of
Reference which are available on the
Company’s website. The Terms of
Reference have been reviewed during
the year to reflect the creation of the
Risk Committee and to ensure they
remain appropriate and any relevant
updates made accordingly.
The key responsibilities of the
Committee are to:
• assist the Board with the discharge
of its responsibilities in relation to
internal and external audits;
• monitor and review the effectiveness
of the Group’s internal audit function
in the overall context of the
Company’s risk management
system and the work of compliance,
finance and the external auditor;
• monitor the integrity of the financial
statements of the Group including its
annual and half-yearly reports,
trading updates, preliminary results
announcements and any other
formal announcements relating to its
financial performance, and
reviewing significant financial
reporting issues and judgements;
• where requested by the Board,
review the content of the Annual
Report and Accounts and advise the
Board on whether, taken as a whole,
it is fair, balanced and
understandable and provides the
information necessary for
shareholders to assess the Group’s
financial position and performance,
business model and strategy;
• oversee the relationship with the
external auditor including their
appointment, reappointment and/or
removal; approval of the scope of
the annual audit, their remuneration
and the terms of engagement;
monitor and review their
independence and objectivity, the
effectiveness of the audit process
and the extent of non-audit services
performed; and
• report to the Board on how it has
discharged its responsibilities.
Audit Committee Report continued
Agenda planning
Adequate planning for the
content of the agenda for the
Committee is imperative for its
success and compliance. With
the change in the Committee
Terms of Reference during the
financial year to remove the
responsibility for managing and
assessing risk, an updated
review of the Committee
agenda planning was
conducted. Part of the usual
agenda planning process is to
analyse the Terms of Reference,
breaking down the specific
responsibilities and
requirements of the Committee
during the year and cross-
referencing these with the events
in the financial calendar of the
Group. This offers assurance to
the Board that the Committee is
compliant with its Terms of
Reference, but also that it
discusses specific financial
events at timely points during
the financial year. The process is
completed by the Secretary and
any required updates to the
Committee agendas
implemented as required, and
approved by the Committee
Chair. A review is undertaken
annually as part of the Terms of
Reference review, to ensure that
any changes made to the
Termsare reflected in the
sameCommittee agenda
planningreview.
82 Genuit Group plc Annual Report & Accounts 2021

Viability statement
The viability statement is a longer-term
view of the sustainability of the
Company’s proposed strategy and
business model, considering wider
economic and market developments
as well as giving a clearer and broader
view of solvency, liquidity and risk
management. The Committee
considered the current viability
statement during the year and the
current three-year period and
remained of the opinion that this
continued to be appropriate, taking
into account the risk scenarios
presented, the sensitivities for the
impact of the combined risks, the
reverse stress testing, and the
available headroom after applying the
sensitivities. The full statement can be
found in the Directors’ Report on page
86, which contains further detail on the
process, assumptions and testing
which underpin it.
Going concern
In determining whether the Group can
continue to adopt the going concern
basis, the Committee considers and
reviews the Group’s overall resources
for the foreseeable future covering a
period of at least 15 months. Following
this review, the Committee agreed
thatthe forecasts presented were
reasonable, and therefore the Annual
Report and Accounts have been
prepared on a going concern basis.
Our going concern statement for the
Group can be found in the Directors’
Report on page 86.
Financial reporting
During the year, Committee meetings
were held prior to the Board meetings
to approve the Group’s interim and
final results announcements and to
consider the financial reporting
judgements made by management.
These considerations are made
through a review of the accounting
papers and financial reports
preparedby management and
reports prepared by the Group’s
externalauditor.
Fair, balanced and
understandable
A key requirement of the financial
statements is that they are fair,
balanced and understandable. In
reaching a judgement as to whether
this is the case, the Annual Report and
Accounts is reviewed and assessed by
the Committee to ensure that the
information being presented to
shareholders is in such a way that
allows them to accurately review and
determine the position of the Group.
As part of this assessment, the
Committee considers and reviews the
disclosures and the processes and
controls underlying its production and
ensures that it correctly reflects the
Company’s performance in the
reporting year in a clear and concise
manner, as well as being consistent
throughout. Further details on this
process can be found in the Corporate
Governance Report on page 70.
Following this assessment, the
Committee concluded that in its
opinion, the Annual Report and
Accounts were appropriate and
consistent and therefore enabled the
Committee to report to the Board that
it had determined that the Annual
Report and Accounts is fair, balanced
and understandable.
Governance
In accordance with best practice, the
effectiveness of the Committee was
evaluated this year as part of the
internal Board and Committee
evaluation. This took the same format
as the 2020 internal evaluation, as an
anonymous questionnaire to
encourage open feedback, ensuring
the evaluation provided a valuable
feedback mechanism for identifying
concerns, improving effectiveness and
highlighting areas for further
improvement. An external evaluation
was conducted in 2019, thus an
externally facilitated evaluation is not
due until 2022 in accordance with
theCode.
At its meeting in March 2022, the
Committee considered the results of
the internal evaluation and concluded
that it had found the Committee to be
continuing to operate efficiently and
effectively. All responses to the
questionnaire showed that the
Committee was unanimous in its view
of the effectiveness of all functions of
the Committee, which is particularly
reassuring given the changeover in
leadership of the Committee at the
end of the 2020 financial year. This
provides the Board with a high level of
assurance that key issues are being
dealt with appropriately.
Main activities during the year
As part of the process of working with
the Board to carry out its
responsibilities and to maximise its
effectiveness, meetings of the
Committee normally take place prior
to the Board meetings, at which the
Chair of the Committee provides an
update to the Board.
Details of the areas focused on by the
Committee are set out in the
remainder of this Report.
Financial
Statements
Business
Overview
Strategic
Report
Governance Remuneration 83

Audit Committee Report continued
Significant financial
reportingrisk, judgement
andestimates
The significant financial reporting
riskreviewed by the Committee in
respect of the year under review
wasas follows:
• Revenue recognition and customer
rebates – the Committee considered
the operating effectiveness of
controls surrounding revenue
recognition and management’s
subjective assessment and
recognition of customer rebate
liabilities at the half year and
yearend.
The significant estimates reviewed by
the Committee in respect of the year
under review were as follows:
• Impairment of non-financial assets
– the Committee considered
adetailed report prepared by
management setting out the
assumptions used in determining
whether goodwill, other intangible
assets or property, plant and
equipment required impairment
forany of the business units. This
included a review of the discount
rate and growth factors used to
calculate the discounted projected
future cash flows, the sensitivity
analysis applied, and the discounted
projected future cash flows used to
support the carrying amount of
thegoodwill.
• Contingent consideration – the
Committee considered various
reports prepared by management
which assess the likelihood that
targets will be achieved which
triggera liability to the previous
owners of Plura, quantify the possible
range of that liability, and how that
liability should be calculated and
disclosed in the consolidated
financial statements.
• Detailed review of the Group’s Cash
Generating Units (CGUs) – it was
agreed to consolidate these down to
four Divisional CGUs, plus four further
separate CGUs.
• Business combinations – the
Committee considered whether
amounts contingently payable to
previous owners of the businesses
acquired should be recognised as
aremuneration cost in the income
statement, or within total
consideration that is allocated to
thefair value of assets and liabilities
included in the balance sheet.
Internal control and
internalaudit
Internal audit performs an integral role
in the Group’s governance structure
and the Committee has reviewed and
approved the scope of the rolling
internal audit programme in relation to
the Group’s internal controls and
procedures at each of the meetings
held during the year. The Committee
reviews and challenges the results and
reports from Grant Thornton UK LLP,
who carry out the internal audit work,
and the adequacy of management’s
responses and proposed resolutions.
As reported in our 2020 Audit
Committee Report, given the
increased size of the Group and the
extensive remit of the Committee, a
separate risk committee was to be
established during 2021 with
responsibility for risk management on
behalf of the Board. Details of how risk
is assessed, managed and controlled
as well as an outline of its purpose in
the governance structure of the Group
can be found in the Risk Committee
Report on page 80. Details of the
Group’s principal risks and
uncertainties and emerging risks can
be found in the Strategic Report on
page 51.
Other activities
Other activities undertaken by the
Committee during the year included
the following:
• consideration of the external audit
plan and approval of the audit fee;
• consideration of the internal audit
plan, internal audit reports and
action tracker;
• consideration of the impact of
newfinancial reporting standards
andlegislative requirements on
theGroup;
• received regular cyber security
updates from the Group IS Director;
• approved the implementation
ofanexternal third-party
whistleblowing hotline;
• review of the Committee’s
performance, effectiveness
andconstitution;
• review of the Group’s tax strategy;
and
• recommending the Report of the
Audit Committee for approval by
theBoard.
External audit appointment
The Committee carefully considers the
reappointment of the external auditor
each year prior to making its
recommendation to the Board. As
partof this process, the Committee
considers the independence of the
external auditor, the effectiveness
ofthe external audit process, its
remuneration, and the terms of
engagement. Having reviewed the
performance of Ernst & Young LLP in
2021, the Committee has decided to
recommend to the Board that Ernst &
Young LLP should be reappointed for
the 2022 audit.
In accordance with current
professional standards, the external
auditor is required to change the lead
audit partner every five years in order
to protect auditor independence and
objectivity. Ernst & Young LLP were
awarded the external audit in 2012
following a competitive tender
process. The lead audit partner was
rotated in 2017 and the current lead
audit partner will be rotated in 2022.
Inaddition, the senior audit manager
was rotated in 2019 following
completion of the 2018 full-year audit.
In accordance with the Code, the
Competition and Markets Authority
(CMA) Order and the EU Audit Directive,
it is the Company’s intention to put the
audit out to tender at least every ten
years from when the Company
became subject to the rotation
requirements. Accordingly, the
Company plans to run a competitive
tender process during 2023.
Effectiveness of the external
audit process
The Committee operated a formal
process for reviewing the effectiveness
of Ernst & Young LLP during the year
under review. This included:
1. An assessment of the lead audit
partner and the audit team
2. A review of the audit approach,
scope, determination of significant
risk areas and materiality
3. The execution of the audit
4. Interaction with management
andthe Committee
5. The quality of any
recommendationpoints
6. A review of independence,
objectivity and scepticism
84 Genuit Group plc Annual Report & Accounts 2021

Fraud, whistleblowing
andtheUK Bribery Act
The Committee recognises the
importance of effective whistleblowing
policies as being an additional tool to
strengthen governance, by ensuring a
reliable system is in place to identify
and correct any unlawful or unethical
conduct. The Committee monitors any
reported incidents under its
whistleblowing policy, and the
Company has implemented a
third-party reporting provider to
support the internal processes and to
give employees the confidence to
freely report concerns.
This policy is included in the Employee
Handbook as well as being accessible
as a standalone policy, and sets out
the procedure for employees to raise
legitimate concerns about any
wrongdoing in financial reporting or
other matters such as:
• something that could be unlawful;
• a miscarriage of justice;
• a danger to the health and safety of
any individual;
• damage to the environment; and
• improper conduct.
There were no incidents during
theyear which were required to
bebrought to the attention of
theCommittee.
The Committee also reviews the
Group’s procedure for detecting fraud
and the systems and controls in place
to prevent a breach of anti-bribery
legislation, and policies are in place
across the Group to which all
employees must adhere and are
aimed at reducing the risk of fraud
occurring. The Group is committed to
a zero-tolerance position with regard
to bribery. Those employees whom the
Group considers are more likely to be
exposed to potential breaches of the
Group’s anti-bribery policy and
statutory obligations under the UK
Bribery Act have been provided with
relevant guidance on compliance with
their obligations. The Group will
continue to maintain a record of all
employees who have received this
guidance and request annual
confirmations from each relevant
individual stating that they have
complied with the Group’s policy.
By order of the Board.
Kevin Boyd
Chair of the Audit Committee
15 March 2022
Ernst and Young LLP confirmed its
independence in November 2021 and
March 2022 as it presented to the
Committee on its determination of
independence, to enable the
Committee to fully, and appropriately,
assess its independence.
Following this review, the Committee
concluded that the external auditor
remained independent. As a result,
and after considering the above
matters, the Committee considered
that the audit had been effective and
recommended to the Board that Ernst
& Young LLP be reappointed as
external auditor to the Group and a
resolution to this effect will be
proposed at the 2022 AGM.
Non-audit services
The Group’s non-audit services policy
restricts the external auditor from
performing certain non-audit services
in accordance with the Revised Ethical
Standard 2016 issued by the FRC. All
non-audit services proposed to be
performed by the external auditor
must be pre-approved and sponsored
by a senior executive with a detailed
written recommendation including: the
nature and scope of the proposed
service, the supplier selection process
and criteria, the chosen supplier and
selection rationale, the relationship of
the individual within the external
auditor to perform the proposed
service with those undertaking the
audit work, a fee estimate and the
category of non-audit service, if
relevant. In addition, the external
auditor must provide a written
statement of independence approved
by the lead audit partner. All non-audit
services proposed to be performed by
the external auditor with a fee estimate
in excess of £10,000 must also be
pre-approved by the Committee. This
policy and approach further enhances
auditor objectivity and independence,
and was reviewed by the Committee
at its meeting in November 2021. There
were no exceptions to this policy
during 2021.
Implementation of the
Whistleblowing Policy
andreporting process
Committed to maintaining the
highest standards of honesty,
openness and accountability,
activity was undertaken during
2021 to source a reputable,
independent and confidential
reporting service to enhance
whistleblowing procedures.
Following the appointment of
Safecall, the Group undertook a
full review of its policy and
procedures and organised a roll
out procedure with Safecall’s
experienced input; jointly
designing the reporting landing
page and strong messaging. It
was important the independent
service supported the diversity
of our workforce by providing a
reporting tool in various
languages and availability
across different time zones.
Paramount to a successful roll
out was the clarity around
messaging and accessibility to
supporting materials. The launch
consisted of a full poster
campaign in prominent places
around all our businesses to
connect with contractors,
employees and workers, updates
to our policy and individual
wallet cards and FAQs being
issued to each employee.
Messaging was reinforced
through works committees and
toolbox talks. Now in our third
and final phase, to continue to
reinforce our commitment to
education and understanding
around the importance of
Whistleblowing, the Group’s
e-learning module has been
updated to align to the new
policy design, with a mandatory
completion target applied and
monitored by the Committee.
Financial
Statements
Business
Overview
Strategic
Report
Governance Remuneration 85

Directors’ Report
Statutory and other information
Going concern statement
The Directors have made enquiries into
the adequacy of the Group’s financial
resources, through a review of the
Group’s budget and medium-term
financial plan, including cash flow
forecasts. The Group has modelled
arange of scenarios, with the base
forecast being one in which, over
the18months ending 30 June 2023,
sales volumes grow in line with
ormoderately above external
construction industry forecasts.
In addition, the Directors have
considered several downside
scenarios, including adjustments
tothe base forecast, a period of
significantly lower like-for-like sales,
profitability and cash flows. Consistent
with our Principal Risks and
Uncertainties, these downside
scenarios included, but were not
limited to, loss of production, loss of
amajor customer, product failure,
recession, increases in interest rates
and increases in raw material prices.
Downside scenarios also included a
combination of these risks and
reversestress testing. The Directors
have considered the impact of
climate-related matters on the going
concern assessment and it is not
expected to have a significant
impacton the Group’s going concern.
At 31 December 2021, the Group had
available £102.0m of undrawn
committed borrowing facilities in
respect of which all conditions
precedent had been met. These
borrowing facilities are available until
at least November 2023, subject to
covenant headroom. The Directors are
satisfied that the Group has sufficient
liquidity and covenant headroom to
withstand reasonable variances to the
base forecast, as well as the downside
scenarios. In addition, the Directors
have noted the range of possible
additional liquidity options available
tothe Group, should they be required.
As a result, the Directors have satisfied
themselves that the Group has
adequate financial resources to
continue in operational existence for a
period of at least the next 15 months.
Accordingly, they continue to adopt
the going concern basis in preparing
the consolidated financial statements.
Viability statement
In accordance with Provision 31 of the
Code, the Directors have assessed the
prospects of the Group over a longer
period than the 15 months required by
the ‘going concern’ provision. The
Board conducted this review for a
period of three years as the Group’s
Strategic Review covers a three-year
period.
During 2021, the Board carried out a
robust assessment of the principal
risks facing the Group, including those
that would threaten its business
model, future performance, solvency
or liquidity.
In their assessment of the viability of
the Group, the Directors have
considered each of the Group’s
principal risks and uncertainties,
including a combined scenario which
reflects the impact of multiple risks,
detailed on pages 51 to 56 of the
Strategic Report. The Directors believe
that the Group is well placed to
manage its business risks successfully,
having considered the current
economic outlook. In making this
assessment, the Board has assumed
that the Revolving Credit Facility (RCF)
expiring in November 2023 will be
extended or replaced with an
equivalent facility.
Accordingly, the Board believes that,
taking into account the Group’s current
position, and subject to the principal
risks faced by the business, the Group
will be able to continue in operation
and to meet its liabilities as they fall
due for the period up to 31 December
2024, being the period considered
under the Group’s current three-year
strategic plan.
Introduction
The Directors present their Annual
Report and Accounts for the year
ended 31 December 2021. In
accordance with the Companies Act
2006 as amended, and the Listing
Rules and the Disclosure Guidance
and Transparency Rules, the Reports
within the Governance section of the
Annual Report and Accounts should be
read in conjunction with one another,
and with the Strategic Report. As
permitted by legislation, some of the
matters normally included in the
Directors’ Report have instead been
included in the Strategic Report
(pages 6 to 56) as the Board considers
them to be of strategic importance.
The Company
Genuit Group plc is a public company
limited by shares, incorporated in
England and Wales, with registered
number 06059130. Since 16 April 2014,
the Company has been listed on the
premium segment of the London Stock
Exchange. While the Group operates
predominantly in the UK, it does have
operations in Ireland, Italy, the
Netherlands and the Middle East.
Strategic Report
The Companies Act 2006 requires the
Company to present a fair review of
the development and performance
ofthe Group’s business during the
financial year and the position of the
business at the end of that year. This
review is contained within the Strategic
Report on pages 6 to 56. The principal
activities of the Group are described in
the Strategic Report on pages 12 to 39.
Financial risk management
The Group’s financial risk
management objectives and policies,
including information on financial risks
that materially impact the Group and
financial instruments used by the
Group (if any), are disclosed in Note 28
to the Group’s consolidated financial
statements on pages 157 to 159.
86 Genuit Group plc Annual Report & Accounts 2021

Directors
The current Directors’ biographies are
set out on pages 62 and 63. In
accordance with the Code, each
Director will retire annually and put
themselves forward for re-election at
each AGM of the Company. Joe Vorih
joined the Board on 28 February 2022
and Matt Pullen joined the Board on
1November 2021, so both will offer
themselves for election at the 2022
AGM, and for re-election annually
thereafter.
Appointment and
replacement of Directors
The rules about the appointment and
replacement of Directors are
contained in our Articles of Association
(the Articles). They provide that
Directors may be appointed by
ordinary resolution of the members or
by a resolution of the Directors.
Directors must retire and put
themselves forward for election at the
first AGM following their appointment
and every third anniversary thereafter.
However, the Directors wishing to
continue to serve as members of the
Board will seek re-election annually in
accordance with the Code.
Details of the Non-Executive Directors’
letters of appointment are given on
page 68 under ‘Appointment and
tenure’. The Executive Directors have
service contracts under which 12
months’ notice is required by both the
Company and the Executive Director.
Powers of Directors
The general powers of the Directors set
out in Article 104 of the Articles provide
that the business of the Company shall
be managed by the Board which may
exercise all the powers of the
Company, subject to any limitations
imposed by applicable legislation or
the Articles. The general powers of the
Directors are also limited by any
directions given by special resolution
of the shareholders of the Company
which are applicable on the date that
any power is exercised.
Compensation for loss
ofoffice
The Company does not have
arrangements with any Director that
would provide compensation for loss
of office or employment resulting from
a takeover, except that provisions of
the Company’s share plans may
cause options and awards granted
under such plans to vest on a takeover.
Further information is provided in the
Directors’ Remuneration Report on
page 103.
Directors’ indemnity
arrangements
Directors and officers of the Company
are entitled to be indemnified out of
the assets of the Company in respect
of any liability incurred in relation to the
Company or any associate Company,
to the extent the law allows. In this
regard, the Company is required to
disclose that, under Article 224 of the
Articles, the Directors have the benefit
of an indemnity, to the extent
permitted by the Companies Act 2006,
against liabilities incurred by them in
the execution of their duties and
exercise of their powers. This indemnity
has been in place since the
Company’s listing in 2014 and remains
in place. The Company has purchased
and maintained throughout the
financial period Directors’ and Officers’
liability insurance.
Share capital
As at 31 December 2021, the share
capital of the Company was
248,170,247 ordinary shares of £0.001
each, of which 965 ordinary shares
were held in treasury. Details of the
Company’s share capital are disclosed
in Note 23 to the Group’s consolidated
financial statements on pages 152
and153. As at 15 March 2022, the
sharecapital of the Company was
248,170,247 ordinary shares of £0.001
each, of which 965 ordinary shares
were held in treasury.
Authority of the Directors
toallot shares
The Company passed a resolution at
the AGM held on 20 May 2021
authorising the Directors to allot
ordinary shares up to an aggregate
nominal amount of £164,779.51
(representing approximately two-
thirds of the ordinary share capital).
On4 May 2021, the Company allotted
500,000 shares and on 19 October
2021allotted a further 500,000 shares
pursuant to this authority in
connection with the Company’s
employee share schemes. This
authority will expire at the Company’s
2022 AGM and the Directors will be
seeking a new authority to allot shares,
to ensure that the Directors continue to
have the flexibility to act in the best
interests of shareholders, when
opportunities arise, by issuing new
shares. There are no current plans to
issue new shares except in connection
with employee share schemes.
Issue of shares
A special resolution was passed at the
AGM held on 20 May 2021 granting the
Directors the authority to issue shares
on a non-pre-emptive basis up to an
aggregate nominal amount of
£12,358.46 (representing 12,358,460
ordinary shares or approximately 5% of
the ordinary share capital). A special
resolution was also passed granting
the Directors the authority to issue
shares on a non-pre-emptive basis in
respect of an additional 5% of the
ordinary share capital in connection
with an acquisition or specified capital
investment.
These authorities will expire at the
Company’s 2022 AGM and the
Directors will be seeking a new
authority to issue shares for cash on a
non-pre-emptive basis up to
£165,446.19. In addition to this, the
Directors will seek authority to issue
non-pre-emptively for cash shares up
to £12,408.46 (representing 12,408,464
ordinary shares or approximately 5% of
the ordinary share capital) for use only
in connection with an acquisition or
specified capital investment, in
accordance with the Pre-Emption
Group Statement of Principles as
updated in March 2015.
Financial
Statements
Business
Overview
Strategic
Report
Governance Remuneration 87

Results and dividends
An interim dividend of 4.0 pence per
share was paid on 24 September 2021.
The Board recommends a final 2021
dividend of 8.2 pence per share.
Shareholders will be asked to approve
the final dividend at the AGM, for
payment on 25 May 2022 to
shareholders whose names appear
onthe register on 22 April 2022.
Total ordinary dividends paid and
proposed for the year amount to
12.2pence per share or a total return
toshareholders of £30.2m.
Employees
The Group is committed to
employment principles which not only
follow best practice, but are based on
equal opportunities for all colleagues,
irrespective of gender, pregnancy,
race, colour, nationality, ethnic or
national origin, disability, sexual
orientation, age, marital or civil partner
status, gender reassignment or
religion or belief. Full and fair
consideration is given to applications
for employment from disabled
persons, having regard to their
particular aptitudes and abilities. The
Group encourages and supports the
continued employment and training,
career development and promotion of
disabled persons employed by the
Group; including making reasonable
adjustments where required. If any
employee becomes disabled, every
effort is made by the Group to support
and ensure their continued
employment, either in the same or an
alternative position, with appropriate
retraining given if necessary.
Amendment to the
Company’s Articles
The Company may alter its Articles by
special resolution passed at a general
meeting of the Company. A resolution
to amend the Articles was voted on
and passed by shareholders at the
2020 AGM.
Political donations
The Group made no political donations
during the year.
Greenhouse gas emissions
Information on the Group’s
greenhouse gas emissions is set out
inthe Strategic Report on pages 31
to32 and forms part of this Report
byreference.
Future developments within
the Group
The Strategic Report contains details of
likely future developments within the
Group. The Group’s research and
development costs are disclosed in
Note 6 to the Group’s consolidated
financial statements on page 142.
Overseas operations
As explained in the Strategic Report,
the Group operates in the UK, Ireland,
Italy, the Netherlands and the
MiddleEast.
Post balance sheet events
There have been no significant post
balance sheet events to report.
Principal risks and
uncertainties
The Board has carried out a robust
assessment of our current key risks
and these are summarised in the
Principal Risks and Uncertainties
section of the Strategic Report on
pages 51 to 56.
Purchase of own shares by
theCompany
A special resolution was passed at the
AGM held on 20 May 2021 granting the
Directors the authority to make market
purchases of up to 37,050,675 ordinary
shares with a total nominal value of
£37,050.67, representing approximately
14.99% of the Company’s issued
ordinary share capital. The authority to
make market purchases will expire at
the Company’s 2022 AGM and the
Directors will be seeking a new
authority to make market purchases
up to 14.99% of the Company’s issued
ordinary share capital, which will only
be exercised if the market and
financial conditions make it
advantageous to do so. Further details
are set out in the explanatory notes of
the notice convening the AGM.
Rights attaching to shares
The rights attaching to the ordinary
shares are summarised as:
• the ordinary shares rank equally for
voting purposes;
• on a show of hands each
shareholder has one vote and on a
poll each shareholder has one vote
per ordinary share held;
• each ordinary share ranks equally for
any dividend declared;
• each ordinary share ranks equally for
any distributions made on a
winding-up of the Company;
• each ordinary share ranks equally in
the right to receive a relative
proportion of shares in the event of a
capitalisation of reserves;
• the ordinary shares are freely
transferable; and
• no ordinary shares carry any special
rights with regard to control of the
Company and there are no
restrictions on voting rights.
Directors’ Report continued
88 Genuit Group plc Annual Report & Accounts 2021

Substantial shareholders
As at 31 December 2021 and 9 March 2022, the Company was aware of the
interests in voting rights representing 3% or more of the issued ordinary share
capital of the Company set out below. This information was correct at the date of
notification. It should be noted that these holdings may have changed since they
were notified to the Company. However, notification of any change is not required
until the next applicable threshold is crossed.
As at 31 December 2021 As at 9 March 2022
Name of shareholder
Ordinary
shares
%
Voting
rights
Ordinary
shares
%
Voting
rights
Standard Life Aberdeen 20,934,963 8.44 20,588,069 8.30
Impax Asset Mgt 16,297,219 6.57 16,297,219 6.57
Lansdowne Partners 11,547,297 4.65 11,424,402 4.60
Franklin Templeton 8,891,699 3.58 9,697,699 3.91
Vanguard Group 7,513,798 3.03 7,728,462 3.11
Auditor
A resolution to reappoint Ernst & Young
LLP as the Company’s external auditor
and to authorise the Directors to fix the
auditor’s remuneration will be
proposed at the 2022 AGM.
Directors’ statement of
disclosure of information
toauditor
Each of the Directors has confirmed
that as at the date of this Report:
• So far as each Director is aware,
there is no relevant audit information
of which the Company’s auditor is
unaware; and
• The Directors have taken all
reasonable steps that they ought to
have taken as Directors in order to
make themselves aware of any
relevant audit information and to
establish that the Company’s auditor
is aware of that information. This
confirmation is given and should be
interpreted in accordance with the
provisions of Section 418 of the
Companies Act 2006.
Requirements of the
ListingRules
Apart from the details of any long-term
incentive scheme as required by
Listing Rule 9.4.3.R, which is disclosed
inthe Directors’ Remuneration Report
onpages 105 to 116, disclosure of the
information listed in Listing Rule 9.8.4R
is not applicable.
Annual General Meeting
The 2022 AGM is scheduled to be held
on 19 May 2022. A full description of the
business to be conducted at the
meeting is set out in the separate
notice of AGM.
By order of the Board.
Emma Versluys
Company Secretary
15 March 2022
Financial
Statements
Business
Overview
Strategic
Report
Governance Remuneration 89

Directors’
Responsibilities
Statement
Directors’ responsibility
statement
The Directors confirm, to the best
oftheir knowledge:
• the Group’s consolidated financial
statements, prepared in accordance
with IFRSs, give a true and fair view of
the assets, liabilities, financial
position and profit or loss of the
Company and undertakings
included in the consolidation taken
as a whole;
• the Annual Report and Accounts,
including the Strategic Report,
includes a fair review of the
development and performance of
the business and the position of the
Company and undertakings
included in the consolidation taken
as a whole, together with a
description of the principal risks and
uncertainties that they face; and
• they consider the Annual Report and
Accounts, taken as a whole, is fair,
balanced and understandable and
provides the information necessary
for shareholders to assess the
Group’s position, performance,
business model and strategy.
By order of the Board.
Joe Vorih
Chief Executive Officer
Paul James
Chief Financial Officer
15 March 2022
• provide additional disclosures when
compliance with the specific
requirements in IFRSs is insufficient to
enable users to understand the
impact of particular transactions,
other events and conditions on the
Group’s financial position and
financial performance;
• state whether IFRSs have been
followed, subject to any material
departures disclosed and explained
in the Group’s consolidated financial
statements; and
• prepare the Group’s consolidated
financial statements on the going
concern basis unless it is appropriate
to presume that the Group will not
continue in business.
The Directors are responsible for
keeping adequate accounting records
that are sufficient to show and explain
the Group’s transactions and disclose
with reasonable accuracy at any time
the financial position of the Group and
enable them to ensure that the
Group’s consolidated financial
statements comply with the
Companies Act 2006. They are also
responsible for safeguarding the
assets of the Group and hence for
taking reasonable steps for the
prevention and detection of fraud
andother irregularities.
Under applicable law and regulations,
the Directors are also responsible for
preparing a Strategic Report, Directors’
Report, Remuneration Report and
Corporate Governance Statement
thatcomply with that law and
thoseregulations. The Directors are
responsible for the maintenance and
integrity of the corporate and financial
information included on the
Company’s website.
The Directors are responsible for
preparing the Annual Report and the
Group’s consolidated financial
statements in accordance with
applicable law and regulations.
UK company law requires the Directors
to prepare financial statements for
each financial year. Under that law the
Directors have elected to prepare the
Group’s consolidated financial
statements in accordance with
UK-Adopted International Accounting
Standards (IFRSs).
Under company law the Directors must
not approve the Group’s consolidated
financial statements unless they are
satisfied that they give a true and fair
view of the state of affairs of the Group
and of the profit or loss of the Group for
that period.
In preparing the Group’s consolidated
financial statements the Directors are
required to:
• select suitable accounting policies
inaccordance with IAS 8, Accounting
Policies, Changes in Accounting
Estimates and Errors, and then
applythem consistently;
• make judgements and accounting
estimates that are reasonable
andprudent;
• present information, including
accounting policies, in a
mannerthat provides relevant,
reliable, comparable and
understandable information;
90 Genuit Group plc Annual Report & Accounts 2021

Remuneration
Letter from the Chair of the
Remuneration Committee 92
Remuneration at a Glance 96
Remuneration Policy 97
Annual Report on Remuneration 105
Financial
Statements
Business
Overview
Strategic
Report Governance 91
Remuneration

Letter from the Chair
of the Remuneration
Committee
Aligning remuneration with
Company strategy
The Policy is designed to encourage
achievement of our strategic goals
and priorities, details of which are set
out on pages 12 to 39, by rewarding in
line with underlying Company
performance while encouraging
leadership behaviour which carries an
appropriate level of risk. This is
achieved by an annual bonus
arrangement, which is linked to
achieving profit targets, working
capital targets and non-financial
targets, as well as a long-term
incentive plan, which only rewards for
shareholder value creation and
delivery of long-term earnings growth.
Executive remuneration
in2021
The Company has delivered a resilient
performance and returns for its
shareholders in tough market
conditions, as set out in the Chairman/
Chief Executive Officer (CEO) and Chief
Financial Officer (CFO) reviews on
pages 6 and 45 in more detail, and we
achieved an underlying operating
profit of £95.3m and an underlying
diluted earnings per share of 30.2
pence pershare.
In relation to the Annual Bonus Plan for
Executive Directors, performance was
above the challenging financial
targets set at the start of the financial
year. As a result, the Committee
determined that, in respect of 2021
performance, the CEO during the year,
Martin Payne, earned a bonus of 93%
of the maximum, with Paul James,
Glen Sabin (Chief Operating Officer
(COO) until 1 November 2021) and
MattPullen (for the period from his
appointment as COO on 1 November
2021) each also earning a bonus of 93%
of the maximum potential annual
bonus. In accordance with the
approved Policy, two thirds of this
bonus will be deferred into shares. The
same approach was used to
determine the bonus outcome across
the Group. The Committee is
comfortable that the formulaic
outcome of the bonus reflects the
wider performance of the business,
and given the Company did not
receive any Government support in
connection with Covid-19 during the
year, no adjustments to the payouts
are required.
Dear Shareholder,
I am pleased to present the Directors’
Remuneration Report for the year
ended 31 December 2021.
The report is split into two sections in line
with legislative reporting regulations:
• The Remuneration Policy (the Policy)
contains details of the various
components of the Policy, which was
approved by shareholders at our
2021 Annual General Meeting (AGM)
and had effect from that date.
• The Annual Report on Remuneration
contains details of remuneration
received by Directors in 2021 and also
contains full details of how we intend
to implement the updated
Remuneration Policy during 2022. The
Annual Report on Remuneration will
be subject to an advisory vote at the
2022 AGM. Further details are set out
on pages 97 to 104.
This Directors’ Remuneration Report
iscompliant with Schedule 8 of The
Large and Medium-sized Companies
and Groups (Accounts and Reports)
Regulations 2013, the UK Listing
Authority Listing Rules and the
Companies Act 2006 and has been
prepared on a ‘comply or explain’
basis with regard to the remuneration
provisions included in the UK
Corporate Governance Code 2018
(theCode).
Louise Hardy
Chair of the Remuneration Committee
92 Genuit Group plc Annual Report & Accounts 2021

With regards to performance over the
longer term, the 2019 LTIP Awards will
vest to the extent that EPS growth and
Total Shareholder Return (TSR)
performance targets were met over
the three years ended 31 December
2021. As a result of delivering an upper
quartile total shareholder return
compared against our FTSE 250
industrials comparator group, but the
annualised growth in EPS not reaching
the threshold level, the award will vest
in April 2022 at 25% of maximum.
The Committee believes that the
vesting of the 2019 LTIP Award is
appropriate on the basis of the
sustained performance delivered over
the three-year performance period. No
adjustments were made to the
performance conditions in light of
Covid-19 with the Company delivering
a three-year TSR of 85.56% versus the
upper quartile TSR generated by the
companies comprising the FTSE 250
Industrials segment which was 75.59%.
In light of the level of TSR created over
the three-year period, the Committee
was comfortable with the vesting
result and considers the level of reward
to be proportionate, having had
regard to the Company’s broad range
of stakeholders.
The Committee believes that the Policy
has operated as intended and that
remuneration within the year was
proportionate and appropriate.
2021 LTIP Awards
In May 2021, the Committee approved
the grant of LTIP awards to the
Executive Directors and other senior
management. Award levels were 150%
of annual salary for Martin Payne, and
125% of annual salary for Paul James
and Glen Sabin. These award levels are
significantly below the maximum of
200% of annual salary permitted under
the current Policy.
The Committee considered a number
of possible performance measures,
and concluded that it was appropriate
that a combination of stretching
earnings per share (EPS) growth
targets, a relative Total Shareholder
Return (TSR) measure, and for the first
time, sustainability targets aligned with
the key elements of Genuit Group’s
sustainability strategy, provided an
appropriate basis for rewarding the
successful delivery of longer-term
strategic priorities, Company growth
and shareholder value.
Board changes
There were a number of changes to
the Board announced during 2021. The
Board reached an agreement with
Martin Payne that he would step down
from the Board and his role as CEO
following the appointment of a
successor. In the context of his
departure having been mutually
agreed, he will continue to receive his
contractual entitlements through to his
cessation of employment on 20 May
2022 and will be treated as a good
leaver in connection with his
incentives. In addition, Glen Sabin
retired from his position on the Board
as COO on 1 November 2021 with his
employment ceasing on 31 December
2021. In the context of his retirement
from the Board, he will be treated as a
good leaver in connection with his
incentives. Both departing Directors will
remain subject to the Company’s
post-cessation of employment share
ownership guidelines. Page 113
provides further details of the terms
oftheir cessation of employment.
Joe Vorih was appointed as CEO with
effect from 28 February 2022. He was
recruited on a base salary of £560,000.
When setting his salary, the Committee
considered a number of factors which
included: (i) his previous package at
Spectris; (ii) our discussions during our
2021 Remuneration Policy review about
repositioning the CEO’s salary to better
reflect the current size and complexity
of the Company, which has increased
substantially relative to remuneration
levels since our IPO in 2014; and (iii) the
current market rate for the role. Setting
his salary at £560,000 ensured that,
allowing for a cost of living related
increase in line with the typical rate of
increase across the Group for FY 2022,
he was broadly kept whole on a
post-tax income basis given that his
salary was set to reflect his
international status at Spectris (being
a US National working in the UK).
Setting the salary at £560,000 was
marginally higher than the increase in
salary discussed with our institutional
investors as part of the repositioning of
our previous CEO’s remuneration
during our 2021 Remuneration Policy
review process. Our original intent, as
outlined in our 2021 Remuneration
Report, had been to increase the
salary for the role of CEO by circa 10%
(prior to any adjustment for increases
to the wider workforce for FY 2022),
however the Committee was
comfortable setting the salary at
£560,000 on the basis that, allowing for
a cost of living related increase in line
with the typical rate of increase across
the Group for FY 2022, this kept Joe
whole from a net salary position, and
£560,000 was within the market range
for the role based on an updated
market analysis considered by the
Committee. Noting the salary is at
market, the Committee intends to limit
salary increases to the workforce rate
during the current Policy period.
Further details, including setting his
pension in line with the workforce rate
and limiting compensation for forfeit
awards in Spectris to the value he
would have received in remaining in
employment with them, are set out on
page 109. All other elements of
remuneration are in line with our
standard Policy.
The Board also announced the
appointment of Matt Pullen as COO
with effect from 1 November 2021. Matt
Pullen’s salary was set at £330,000 on
appointment. This is a c.9% increase in
salary compared to the former COO’s
base salary, which mirrors the rate of
increase indicated for the role of COO
during our discussions with investors
during our 2021 Remuneration Policy
review work. He received a 3% increase
for FY 2022 in line with the typical
workforce increase. Further details,
including setting his pension in line
with the workforce rate, and limiting
compensation to that forfeited on
leaving Saint Gobain to the value he
would have received in remaining in
employment with them, are set out
on page 109. All other elements
of remuneration are in line with our
standard Policy. In 2021, Matt
Pullen was eligible to receive a
performance-related bonus prorated
for the period of his employment.
The performance was calculated in
line with the other Executive Directors
and, as a result, Matt received a bonus
of £63,975.
Financial
Statements
Business
Overview
Strategic
Report Governance
Remuneration 93

Key remuneration decisions
for 2022
The implementation of the Policy for
our Executive Directors for 2022 is
outlined on pages 106 to 109. Key
decisions made by the Committee
inrelation to 2022 include:
• The award of a 3% salary increase for
Martin Payne and Matt Pullen, with
effect from 1 January 2022, which is
consistent with the average increase
awarded to the Group’s UK workforce
for 2022.
• From 1 January 2022, the CFO’s base
salary increased by 10.56% from
£307,509 to £340,000. This increase is
consistent with the rate of increase
detailed to institutional investors
during the Policy review process and
noted in the 2021 Remuneration
Report. The increase repositions his
fixed remuneration to take account
of the growth in size and complexity
of Genuit and reflects the
Committee’s view of an appropriate
base salary for the role.
• Whilst market data was considered,
the increase was set to reflect the
Committee’s view of how much
more complex the role has become
as a result of the growth of the
Company, at the same time as
ensuring appropriate relativities are
achieved internally.
• Maximum bonus potential and the
LTIP award level in 2022 will be 150% of
salary for Joe Vorih, consistent with
the incentive opportunity for the
previous CEO during 2021. Maximum
bonus potential for the other
Executive Directors will remain at
125% of salary, whilst the maximum
LTIP award level will increase to 150%
(from 125%). This increase is the
second and final step of the phased
increases outlined in our 2021
Remuneration Policy, reflecting the
growth in size and complexity of
Genuit over the period since IPO
in2014.
• The performance measures to be
used to assess Company annual
performance in 2022 will include
Group underlying EBIT, Group EBIT
margin and working capital
measures which determine 90% of
the annual bonus. Structured health
and safety and customer service
targets will operate for the
remaining10%.
• In line with the weightings and
measures for the 2021 LTIP, the
proportion of the LTIP subject to
underlying diluted EPS will be set at
50% of the 2022 awards, with TSR
determining 25% of the vesting of the
awards and the remaining 25%
subject to defined and measurable
long-term sustainability targets.
• The Committee intends to undertake
a final review of the range of targets
to apply to the 2022 LTIP awards prior
to grant to ensure that any changes
to the external environment can be
taken into account. The current
intention is that the underlying
diluted EPS targets will require EPS to
be at least 31.5 pence for FY 2024 for
threshold vesting to take place, with
maximum vesting requiring EPS to be
at least 37.3 pence. The TSR targets
will require our performance to be
between median and upper quartile
versus our FTSE 250 Industrial
comparator companies for threshold
to maximum vesting to take place.
• The sustainability targets are set to
be similarly challenging to the EPS
and TSR targets and include
increasing the amount of recycled
plastics in our products, reducing
ouremissions intensity and
achieving membership of The 5%
Club which supports employees with
acquiring the right skills to achieve
future success.
• The sustainability targets directly
align with the 2025 targets first set
out to the market at our Capital
Markets Event in November 2020.
Overall, the targets were set after
having regard to the proposed
quantum of award and both internal
planning and external market
expectations for our future
performance so as to strike an
appropriate balance between being
realistic and meaningful for
participants at the lower end of the
range and providing a stretch at the
top end of the range.
The Committee believes that this
combination of short-term and
longer-term metrics and targets will
provide a fair and rounded
assessment of Company
performance.
“
The sustainability
targets within our
LTIP directly align
with the 2025
targets first set out
at the Capital
Markets Event in
November 2020.
Letter from the Chair of the
Remuneration Committee
continued
94 Genuit Group plc Annual Report & Accounts 2021

Shareholder engagement
Prior to determining the
implementation of the Policy for 2022,
we engaged with our shareholders.
This was deemed appropriate as,
during the year we have announced a
number of changes to our executive
leadership team, with the appointment
of both a new CEO and COO. We asked
shareholders to provide feedback on
the increase in salary for the CFO, the
joining arrangements for Matt Pullen
and Joe Vorih and the leaving
arrangements for the departing
Executives, as well as the broader
application of the Policy in 2022.
Further explanation and context
regarding the remuneration terms for
the new and departing Executive
Directors was provided to a small
number of investors that requested
further information, and as at the date
of this report, we are pleased to report
that those shareholders that have
responded were generally supportive,
with limited concerns being raised.
Context of Director pay within
the Company
During the year, the Committee
reviewed the analysis of the overall
gender pay gap and equity of
role-based pay within the Company.
The Board and the Committee were
satisfied appropriate actions were
being taken and will continue to
monitor the situation going forward.
As required by legislation we have
included pay ratios between the
CEOand our wider workforce using
remuneration earned in 2021. As part
ofits discussions on this issue, the
Committee noted that the ratio was
consistent with the scope and
responsibilities of the different roles
undertaken by the individuals included
in the analysis and that the ratios were
within the range disclosed by other
FTSE 250 companies to date.
Louise Brooke-Smith is the Company’s
appointed Non-Executive Director with
responsibility for employee
engagement which includes, where
appropriate, engagement with
employees on how executive
remuneration aligns with wider
Company pay policy. Given that the
remuneration structures were not
raised as a material issue during the
engagement with employees, it was
not considered necessary to make any
changes to the current remuneration
structures. Reference to the wider
disclosures of this role is set out in the
Governance section of this Annual
Report on page 67. We have set out our
compliance with Provision 40 of the
Code in more detail on page97.
I will be available to answer questions
on the Policy and the Annual Report on
Remuneration at the AGM.
I hope you will find this report to be
clear and helpful in understanding our
remuneration practices and that you
will be supportive of the resolution
relating to remuneration at the AGM.
Louise Hardy
Chair of the Remuneration Committee
15 March 2022
Financial
Statements
Business
Overview
Strategic
Report Governance
Remuneration 95

Remuneration at a Glance
Total Remuneration
Full details are disclosed on page 110
Implementation for 2022
Fixed pay
Base salary
Increases for all
ExecutiveDirectors
(effectivefrom 1 January):
Joe Vorih – £560,000
(from 28 February 2022)
Martin Payne – +3% to
£496,582
Paul James – +10.56% to
£340,000
Matt Pullen – +3% to £339,900
Benefits
No change
Pension
• 15% of salary for Martin
Payne and Paul James
• 5% of salary for Joe Vorih
andMatt Pullen
Variable pay
Bonus
Joe Vorih* – 150% of salary
Martin Payne* – 150% ofsalary
Paul James – 125% of salary
Matt Pullen – 125% of salary
* pro-rated for the period
ofemployment
• Subject to underlying EBIT,
EBIT margin, working capital,
H&Sand customer
servicetargets
• 33% deferred into shares.
Halfthe shares vest two
years from grant and half
three years from grant
LTIP
Joe Vorih – 150% of salary
Paul James – 150% of salary
Matt Pullen – 150% of salary
• Awards subject to underlying
diluted EPS, relative TSR
andsustainability
performancemeasures
• Two year post-vesting
holding period applies
Incentive Performance Snapshot 2021
Annual General Meeting
The Annual Report on Remuneration will be
subject to an advisory shareholder vote at
our AGM scheduled to be held on 19 May 2022
Share Ownership
• 200% of salary in
employment share
ownership guideline
and apost-
employment
requirement to retain
the lower of the shares
held at cessation of
employment and 200%
of salary for twoyears
Salary Benefits Pension Annual bonus LTIP rehtO
£
0 500,000 1,000,000 1,500,000
Martin
Payne
2021
2020
Paul
James
2021
2020
Glen
Sabin
Matt
Pullen
2020
2021
2021
Incentive Timelines
Salary Benefits Pension Annual bonus LTIP Other
£m
0 400,000200,000 600,000 800,000 1,000,000
Martin
Payne
2020
2021
Paul
James
2020
2021
Glen
Sabin
2020
2021
Year 1 Year 3Year 2 Year 4
Year 5
Annual
Bonus
Long-term
Incentive
Performance period Deferral/holding period
Long-Term Incentive PlanPerformance
Performance Achievement (% of max)
72.79p three-year cumulative
underlying diluted EPS
0%
Above upper quartile
TSRperformance relative
tocomparatorgroup
100%
Annual bonus
Performance Achievement (% of max)
Underlying EBIT and working
capital targets achieved infull
H&S target partly achieved
Customer service target
notachieved
93%
96 Genuit Group plc Annual Report & Accounts 2021

Remuneration Policy
This part of the Report sets out the Directors’
Remuneration Policy (the Policy).
Genuit Group’s current Policy was
approved by shareholders at the 2021
AGM following consultation with
shareholders and the shareholder
advisory bodies. This part of the Report
sets out the Policy. Details of the
changes to the previous policy can be
found in the 2020 Annual Report and
Accounts. This Policy applied from the
date of approval and it is intended that
it will apply for three years from
approval. The information provided in
this section of the Directors’
Remuneration Report is not subject
toaudit.
Our Policy and practices are designed
to support strategy and promote
long-term sustainable success.
Executive remuneration is aligned
toCompany purpose and values,
especially with the introduction
ofgreater emphasis on health
andsafety, customer service and
sustainability in the application
ofPolicy from 2021, and our
overallPolicyis clearly linked to
thesuccessfuldelivery of the
Company’slong-termstrategy.
Clarity
The Policy is clearly disclosed on pages 97 to 104 and the implementation
ofthe Policy is set out on pages 106 to 109. The Report is set out in a clear
and straightforward manner.
Risk
The Committee believes that the performance targets in place for the
incentive schemes provide appropriate rewards for stretching levels of
performance without driving behaviour which is inconsistent with the
Company’s risk profile. In addition, the Policy has been shaped to
discourage inappropriate risk taking through a weighting of incentive
paytowards long-term incentives, the balance between financial and
non-financial measures in the annual bonus and bonus deferral, recovery
provisions, and shareholding requirements. To avoid conflicts of interest,
Committee members are required to disclose any conflicts or potential
conflicts ahead of Committee meetings. No Executive Director or other
member of management is present when their own remuneration is
under discussion.
Proportionality
There is an equal balance between short-term and long-term incentives
and performance conditions include both financial and non-financial
performance linked to strategy. Incentive targets are set to be stretching
and incentivising.
Simplicity
Remuneration structures are as simple as possible and market typical,
whilst at the same time incorporating the necessary structural features to
ensure a strong alignment to Group performance and strategy.
Predictability
Elements of the Policy are subject to caps and dilution limits. Examples of
how remuneration varies depending on performance is set out in the
scenario charts. Any incentive payout is ultimately at the discretion of
theCommittee.
Alignment to culture
The Policy rewards for supporting the Company’s growth focused culture,
ina way that focuses on health and safety, customers and sustainability.
Corporate Governance Code Requirements
In line with the UK Corporate Governance Code, the Policy has been tested
against the six factors listed in Provision 40 of the Code as follows:
Financial
Statements
Business
Overview
Strategic
Report Governance
Remuneration 97

Remuneration Policy continued
Executive Directors
Fixed Pay
Base Salary
Purpose and link to strategy To appropriately recognise skills, experience and responsibilities and attract and retain talent by
ensuring salaries are market competitive.
Operation Generally reviewed annually with any increase normally taking effect from 1 January, although the
Committee may award increases at other times of the year if it considers it appropriate.
• The review takes into consideration a number of factors, including (but not limited to):
• The individual Director’s role, experience and performance.
• Business performance.
• Market data for comparable roles in appropriate pay comparators.
• Pay and conditions elsewhere in the Group.
Maximum opportunity No absolute maximum has been set for Executive Director base salaries. Current Executive Director
salaries are set out in the Annual Report on Remuneration section of this Remuneration Report.
Any annual increase in salaries is at the discretion of the Committee taking into account the factors
stated in this table and the following principles:
• Salaries would typically be increased at a rate consistent with the average salary increase for
UKemployees.
• Larger increases may be considered appropriate in certain circumstances (including, but not
limited to, a change in an individual’s responsibilities or in the scale of their role or in the size and
complexity of the Group).
• Larger increases may also be considered appropriate if a Director has been initially appointed to
their position on the Board at a lower than typical salary.
Performance conditions and
provisions for recovery of
sumspaid
(1)
No performance conditions.
Recovery and withholding provisions do not apply.
Benefits
Purpose and link to strategy To provide market-competitive benefits.
Operation Benefits currently include company car (or car allowance), income protection insurance, private
family medical insurance, permanent health insurance and life assurance of four times annual
salary. The Committee has discretion to add to or remove benefits provided to Executive Directors.
Executive Directors are entitled to reimbursement of reasonable expenses. Executive Directors also
have the benefit of a qualifying third-party indemnity from the Company as well as Directors’ and
Officers’ liability insurance.
Maximum opportunity There is no overall maximum as the level of benefits depends on the annual cost of providing
individual items in the relevant local market and the individual’s specific role.
Performance conditions and
provisions for recovery of
sumspaid
(1)
No performance conditions.
Recovery and withholding provisions do not apply.
Pension
Purpose and link to strategy To provide market-competitive retirement benefits.
Operation Current policy is for the Company to contribute to the Group Pension Plan, a personal pension
scheme and/or provide a cash allowance in lieu of pension.
Maximum opportunity New joiners will receive a pension-related contribution in line with the wider workforce (currently 5%
of salary). Incumbent Executive Directors will receive a pension-related contribution of 15% of salary,
reducing to the level of the wider workforce with effect from 31 December 2022 (5% of salary).
Performance conditions and
provisions for recovery of
sumspaid
(1)
No performance conditions.
Recovery and withholding provisions do not apply.
98 Genuit Group plc Annual Report & Accounts 2021

Variable Pay
Annual Bonus
(2)(3)
Purpose and link to strategy To link reward to key financial and operational targets for the forthcoming year.
Additional alignment with shareholders’ interests through the operation of bonus deferral.
Operation The Executive Directors are participants in the annual bonus plan which is reviewed annually to
ensure that bonus opportunity, performance measures and targets are appropriate and supportive
of the business plan.
No more than two thirds of an Executive Director’s annual bonus is delivered in cash following the
release of audited results and the remaining amount is deferred into an award over Company
shares under the Deferred Share Bonus Plan.
• Deferred awards are usually granted in the form of conditional share awards or nil-cost options
(and may also be settled in cash).
• Deferred awards usually vest in two equal tranches two and three years after award although may
vest early on leaving employment or on a change of control (see later sections).
• An additional payment (in the form of cash or shares) may be made in respect of shares which vest
under deferred awards to reflect the value of dividends which would have been paid on those
shares during the vesting period (this payment may assume that dividends had been reinvested in
Company shares on a cumulative basis).
Maximum opportunity The maximum award that can be made to an Executive Director under the annual bonus plan is 150%
of salary for the Chief Executive Officer and 125% of salary for other Executive Directors.
Performance conditions and
provisions for recovery of sums
paid
(1)
The bonus is based on performance assessed over one year using appropriate financial, operational
and individual performance measures.
The majority of the bonus will be determined by measures of Group financial performance. A sliding
scale of targets is set for each Group financial measure with payout at no more than 25% for
threshold financial performance increasing to 100% for maximum performance.
The remainder of the bonus will be based on financial, strategic or operational measures
appropriate to the individual Executive Director.
Details of the bonus measures operating each year will be included in the relevant Annual Report on
Remuneration. The Remuneration Committee has discretion, where it believes it to be appropriate, to
override the formulaic outcome arising from the annual bonus plan. Any bonus payout is ultimately
at the discretion of the Committee.
The cash bonus will be subject to recovery and/or deferred shares will be subject to withholding at
the Committee’s discretion in exceptional circumstances where, within three years of the bonus
determination or before the vesting of each tranche of deferred shares, a material misstatement or
miscalculation comes to light which resulted in an overpayment under the annual bonus plan or if
evidence comes to light of material misconduct by an individual or a material health and safety
breach or actions that subsequently gave rise to serious reputational damage or insolvency.
Long-Term Incentive Plan (LTIP)
(3)(4)
Purpose and link to strategy To link reward to key strategic and business targets for the longer term and to align Executive
Directors’ interests with shareholders’ interests.
Operation Awards are usually granted annually under the LTIP to selected senior executives.
Individual award levels and performance conditions on which vesting will be dependent are
reviewed annually by the Committee.
Awards may be granted as conditional awards of shares, nil-cost options or, if appropriate, as
cash-settled equivalents.
Awards normally vest or become exercisable at the end of a period of at least three years following
grant although may vest early on leaving employment or on a change of control (see later sections).
Awards to Executive Directors that vest are subject to a two-year holding period (other than in
exceptional circumstances such as death).
An additional payment (in the form of cash or shares) may be made in respect of shares which vest
under LTIP awards to reflect the value of dividends which would have been paid on those shares
during the vesting period (this payment may assume that dividends had been reinvested in
Company shares on a cumulative basis).
Maximum opportunity The maximum annual award permitted under the LTIP is shares with a market value (as determined
by the Committee) of 200% of salary. Under the 2021 Remuneration Policy, for incumbent Directors,
awards will be limited to 150% of salary.
Each year the Committee determines the actual award level for individual senior executives within
this limit.
Performance conditions and
provisions for recovery of
sumspaid
(1)
All LTIP awards granted to Executive Directors must be subject to a performance condition. Vesting of
Executive Directors’ LTIP awards would be dependent on measures which could include Group
earnings, return on capital employed, total shareholder return and sustainability, with the precise
measures and weighting of the measures determined by the Committee ahead of each award.
Performance will usually be measured over a performance period of at least three years. For
achieving a ‘threshold’ level of performance against a performance measure, no more than 25% of
the portion of the LTIP award determined by that measure will vest. Vesting then increases on a
sliding scale to 100% for achieving a maximum performance target.
The Remuneration Committee has discretion, where it believes it to be appropriate, to override the
formulaic outcome arising from the LTIP. LTIP awards may be subject to withholding or recovery at the
Committee’s discretion in exceptional circumstances where, before the later of the vesting of an
award and the second anniversary of the end of the performance period, a material misstatement
or miscalculation comes to light, or evidence comes to light that during that performance period
there was material misconduct by an individual or a material health and safety breach or actions
that subsequently gave rise to serious reputational damage or insolvency.
Financial
Statements
Business
Overview
Strategic
Report Governance
Remuneration 99

Remuneration Policy continued
Executive Directors continued
Variable Pay
Sharesave Plan
(3)
Purpose and link tostrategy To create staff alignment with the Group and promote a sense of ownership.
Operation UK tax-approved monthly savings scheme facilitating the purchase of shares through share options
at a discounted exercise price by all eligible employees.
Executive Directors are eligible to participate on the same basis as other UK employees.
Maximum opportunity Monthly savings limit of £500 (or such other limit as may be approved from time to time by HMRC)
under all savings contracts held by an individual.
Performance conditions and
provisions for recovery of sums
paid
The Sharesave Plan is structured in accordance with HMRC requirements so has no performance
conditions but requires participants to make regular contributions into a savings contract.
Malus and clawback provisions do not apply.
Share Ownership Guidelines
Purpose and link tostrategy To create alignment between the long-term interests of Executive Directors and shareholders.
Operation Executive Directors have been required to build and maintain a shareholding as a percentage of
salary in the form of shares in the Company since Admission.
Executive Directors are expected to achieve the shareholding requirement within five years of an
individual becoming subject to the requirement.
Maximum opportunity Any Executive Director in employment is expected to achieve a shareholding with a value of 200% of
salary. Any Executive Director leaving the Company will be expected to retain the lower of the shares
held at cessation of employment and shares to the value of 200% of salary for a period of two years.
Performance conditions and
provisions for recovery of sums
paid
Not applicable.
Notes to table:
1. The Committee may amend or substitute any performance condition(s) if one or more events occur which cause it to determine that an
amended or substituted performance condition would be more appropriate, provided that any such amended or substituted
performance condition would not be materially less difficult to satisfy than the original condition (in its opinion). The Committee may also
adjust the calculation of performance targets and vesting outcomes (for instance for material acquisitions, disposals or investments and
events not foreseen at the time the targets were set) to ensure they remain a fair reflection of performance over the relevant period. In
the event that the Committee was to make an adjustment of this sort, a full explanation would be provided in the next Directors’
Remuneration Report.
2. Performance measures – annual bonus. The annual bonus measures are reviewed annually and chosen to focus executive rewards on
delivery of key financial targets for the forthcoming year as well as key strategic or operational goals relevant to an individual. Specific
targets for bonus measures are set at the start of each year by the Committee based on a range of relevant reference points, including,
for Group financial targets, the Group’s business plan and are designed to be appropriately stretching.
3. The Committee may: (a) in the event of a variation of the Company’s share capital, demerger, special dividend or dividend in specie or
any other corporate event which it reasonably determines justifies such an adjustment, adjust; and (b) amend the terms of awards
granted under the share schemes referred to above in accordance with the rules of the relevant plans. Share awards may be settled by
the issue of new shares or by the transfer of existing shares. In line with prevailing best practice at the time this Remuneration Policy was
approved, any issuance of new shares is limited to 5% of share capital over a rolling ten-year period in relation to discretionary employee
share schemes and 10% of share capital over a rolling ten-year period in relation to all-employee share schemes.
4. Performance measures – LTIP. The LTIP performance measures will be chosen to provide alignment with our longer-term strategy of
growing the business in a sustainable manner that will be in the best interests of shareholders and other key stakeholders in the
Company. Use of earnings and return on capital employed measures would reward management for delivery of key financial measures
of Company success that should result in sustainable value creation. Use of a total shareholder return measure would align
management’s interests with the interests of our shareholders. Use of sustainability measures will align management with the
Company’s long-term commitment to building a sustainable operating business. Targets are considered ahead of each grant
ofLTIPawards by the Committee, taking into account relevant external and internal reference points and are designed to be
appropriatelystretching.
5. The Committee reserves the right to make any remuneration payments and/or payments for loss of office (including exercising any
discretions available to it in connection with such payments) notwithstanding that they are not in line with the policy set out above where
the terms of the payment were agreed: (i) before the 2015 AGM (the date the Company’s first shareholder-approved Directors’
Remuneration Policy came into effect); (ii) before the policy set out above came into effect, provided that the terms of the payment were
consistent with the shareholder approved Remuneration Policy in force at the time they were agreed; or (iii) at a time when the relevant
individual was not a Director of the Company and, in the opinion of the Committee, the payment was not in consideration for the
individual becoming a Director of the Company. For these purposes ‘payments’ includes the Committee satisfying awards of variable
remuneration and, in relation to an award over shares, the terms of the payment are ‘agreed’ at the time the award is granted.
6. The Committee may make minor amendments to the Remuneration Policy for regulatory, exchange control, tax or administrative
purposes or to take account of a change in legislation, without obtaining shareholder approval for that amendment.
100 Genuit Group plc Annual Report & Accounts 2021

Potential remuneration outcomes for the Executive Directors
Assumed performance Assumptions used
All performance scenarios (Fixed pay)
Consists of total fixed pay, including base
salary, benefits and pension
• Base salary – salary effective for 2022
• Benefits
1,2
– the value of benefits received in
2021 have been included
• Pension – 5% to 15% of salary
Minimum performance
(Variable pay)
• No payout under the annual bonus
• No vesting under the LTIP
Performance in line with expectations
(Variable pay)
• 50% of the maximum payout under the
annual bonus
• 50% vesting under the LTIP
Maximum performance
(Variable pay)
• 100% of the maximum payout under the
annual bonus
• 100% vesting under the LTIP
1. The benefits for Matt Pullen have been pro-rated.
2. The benefits for Joe Vorih have been estimated based on the expected benefits in FY 2022.
Illustrations of application of
the Policy
The ‘Implementation of Remuneration
Policy in 2022’ section of the Annual
Report on Remuneration details how
the Committee intends to implement
the Policy during 2022.
The charts to the right illustrate, in three
assumed performance scenarios, the
total value of the remuneration
package potentially receivable by Joe
Vorih, Paul James and Matt Pullen in
relation to 2022. This comprises salary
and benefits plus an annual bonus of
up to a maximum of 150% of salary for
Joe Vorih, and 125% of salary for Matt
Pullen and Paul James, and an LTIP
award of 150% of salary for Joe Vorih,
Paul James and Matt Pullen.
The charts are for illustrative purposes
only and actual outcomes may differ
from that shown. LTIP awards have
been shown at face value and also
allowing for a 50% increase in share
price under the maximum
performance scenario. All-employee
share plans have been excluded. The
totals shown in the charts relate to the
potential value receivable by the
current Executive Directors in relation
to 2022.
Non-Executive Directors
Non-Executive Director (NED) fees
Purpose and link tostrategy To appropriately recognise responsibilities, skills and experience by ensuring fees are market
competitive.
Operation NED fees comprise payment of an annual basic fee and additional fees for further Board
responsibilities suchas:
• Senior Independent Director
• Chair of Audit Committee
• Chair of Remuneration Committee
• Employee engagement
The Chairman of the Board receives an all-inclusive fee.
No NED participates in the Group’s incentive arrangements or pension plan or receives any other
benefits other than where travel to the Company’s registered office is recognised as a taxable
benefit in which case a NED may receive the grossed-up costs of travel as a benefit. NEDs are
entitled to reimbursement of reasonable expenses.
Fees are reviewed annually.
NEDs also have the benefit of a qualifying third-party indemnity from the Company and Directors’
and Officers’ liability insurance.
Maximum opportunity Fees are set at an appropriate level that is market competitive and reflective of the responsibilities
and time commitment associated with specific roles.
No absolute maximum has been set for individual NED fees. Current fee levels are set out in the
Annual Report on Remuneration section of this Remuneration Report.
The Company’s Articles of Association provide that the total aggregate fees paid to the Chairman
and NEDs will not exceed £2,000,000 per annum.
39%
33%
28%
38%
32%
30%
36%
36%
28%
28%
28%
44%
31%
25%
44%
29%
25%
46%
100%100%
100%
3,000,000
2,500,000
£
2,000,000
1,500,000
1,000,000
500,000
0
Below
target
£2,318,000
Target Maximum
Below
target
Target Maximum Below
target
Target Maximum
£1,339,180
£1,303,795
£1,558,720
£836,433
£871,680
£1,478,000
£638,000
£369,070
£404,180
Fixed pay Annual Bonus LTIP 50% share price growth on LTIP
Matt PullenPaul JamesJoe Vorih
£1,594,180
£2,738,000
Financial
Statements
Business
Overview
Strategic
Report Governance
Remuneration 101

Remuneration Policy continued
Approach to recruitment
remuneration
Principles
In determining remuneration
arrangements for new appointments
to the Board (including internal
promotions), the Committee will
applythe following principles:
• The Committee will take into
consideration all relevant factors,
including the experience of the
individual, market data and existing
arrangements for other Executive
Directors, with a view that any
arrangements should be in the best
interests of both the Company and
our shareholders, without paying
more than is necessary.
• Typically, the new appointment will
have (or be transitioned onto) the
same remuneration structure as the
other Executive Directors, in line with
the Policy.
• Upon appointment, the Committee
may consider it appropriate to offer
additional remuneration
arrangements in order to secure the
appointment. In particular, the
Committee may consider it
appropriate to ‘buy out’ terms or
remuneration arrangements
forfeited on leaving a previous
employer (discussed below).
• The Committee may provide costs
and support if the recruitment
requires relocation of the individual.
• Where an Executive Director is an
internal promotion, the normal policy
of the Company is that any legacy
arrangements would be honoured in
line with the original terms and
conditions. Similarly, if an Executive
Director is appointed following the
Company’s acquisition of or merger
with another company, legacy terms
and conditions would be honoured.
Components and approach
The remuneration package offered to
new appointments may include any
element within the Policy, or any other
element which the Committee
considers is appropriate given the
particular circumstances, with due
regard to the best interests of
shareholders, subject to the limits
onvariable pay set out above in
thePolicy.
In considering which elements to
include, and in determining the
approach for all relevant elements, the
Committee will take into account a
number of different factors, including
(but not limited to) market practice,
existing arrangements for other
Executive Directors and internal
relativities. If appropriate, different
measures and targets may be applied
to a new appointee’s annual bonus in
their year of joining.
The Committee would seek to
structure buyout and variable pay
awards on recruitment to be in line
with the Company’s remuneration
framework so far as practical, however,
if necessary, the Committee may also
grant such awards outside of that
framework as permitted under Listing
Rule 9.4.2 subject to the limits on
variable pay set out above. The exact
terms of any such awards (e.g. the
form of the award, time frame,
performance conditions and leaver
provisions) would vary depending
upon the specific commercial
circumstances.
Maximum level of variable pay
The maximum level of variable
remuneration which may be granted
to new Executive Directors in respect of
recruitment shall be limited to the
maximum permitted under the Policy,
namely 350% of their annual salary.
This limit excludes any payments or
awards that may be made to buy out
the Executive Director for terms,
awards or other compensation
forfeited from their previous employer
(discussed below).
Buyouts
To facilitate recruitment, the
Committee may make a one-off
award to buy out compensation
arrangements forfeited on leaving a
previous employer. In doing so, the
Committee will take account of all
relevant factors, including any
performance conditions attached to
incentive awards, the likelihood of
those conditions being met, the
proportion of the vesting/performance
period remaining and the form of the
award (e.g. cash or shares). The
overriding principle will be that any
buyout award should be of
comparable commercial value to the
compensation which has been
forfeited. However, such buyout awards
would only be considered where there
is a strong commercial rationale to
doso.
Recruitment of Non-
ExecutiveDirectors
In the event of the appointment
of a new Non-Executive Director,
remuneration arrangements will
normally be in line with the Policy
for Non-Executive Directors. However,
the Committee (or the Board as
appropriate) may include any element
within the Policy, or any other element
which the Committee considers is
appropriate given the particular
circumstances, with due regard to
the best interests of shareholders.
In particular, if the Chairman or a
Non-Executive Director takes on an
executive function on a short-term
basis, they would be able to receive
any of the standard elements of
Executive Director pay.
102 Genuit Group plc Annual Report & Accounts 2021

Policy on payment for loss
ofoffice
In relation to payments under non-
contractual incentive schemes, the
Committee would take the following
factors into account:
• The Committee may determine that
the Executive Director is eligible to
receive a bonus in respect of the
financial year in which they cease
employment. This bonus would
usually be time apportioned and
may be settled wholly in cash. In
determining the level of bonus to be
paid, the Committee may, at its
discretion, take into account
performance up to the date of
cessation or over the financial year
as a whole based on appropriate
performance measures as
determined by the Committee.
• The treatment of outstanding
shareawards is governed by the
relevant share plan rules as
summarised below.
Deferred Share Bonus Plan
• On cessation of employment,
unvested shares will vest in full
unlessthe Committee
determinesotherwise.
• On a change of control, unvested
shares will vest in full.
• If other corporate events occur, such
as a demerger, delisting, special
dividend, voluntary winding-up or
other event which in the opinion of
the Committee may affect the
current or future value of shares, the
Committee will determine whether
unvested shares should vest.
LTIP
• On cessation of employment,
unvested awards will lapse unless
cessation is as a result of death, ill
health, injury, disability, transfer of
employing company or business to
which an individual’s employment
relates out of the Group or any other
scenario in which the Committee
determines at its discretion that
good leaver treatment is appropriate
(other than circumstances justifying
summary dismissal). In these
scenarios, unvested awards will
usually continue until the normal
vesting date unless the Committee
determines that the award should
vest earlier and will vest to an
extent that takes into account the
performance condition assessed at
the date of vesting and, unless the
Committee determines otherwise,
toan extent that takes into account
theperiod of time between grant
oftheaward and cessation
ofemployment.
• On a change of control, unvested LTIP
awards will vest immediately to an
extent that takes into account the
performance condition assessed at
the change of control and, unless the
Committee determines otherwise, to
an extent that takes into account the
period of time between grant of the
award and the change of control. If
other corporate events occur, such
as a demerger, delisting, special
dividend, voluntary winding-up or
other event which in the opinion of
the Committee may affect the
current or future value of shares,
the Committee will determine
whether unvested LTIP awards should
vest. If they do vest, they will vest
immediately to an extent that takes
into account the performance
condition assessed at the date of the
event and, unless the Committee
determines otherwise, to an extent
that takes into account the period of
time between grant of the award
and the date of the event.
Sharesave Plan
• Options become exercisable
immediately on death, ceasing
employment due to injury, disability,
retirement, redundancy, sale of the
employing company or business to
which an individual’s employment
relates out of the Group or on a
change of control/voluntary
winding-up of the Company.
The Committee reserves the right to
make any other payments in
connection with a Director’s cessation
of office or employment where the
payments are made in good faith in
discharge of an existing legal
obligation (or by way of damages for
breach of such an obligation) or by
way of a compromise or settlement of
any claim arising in connection with
the cessation of a Director’s office or
employment. Any such payments may
include, but are not limited to, paying
any fees for outplacement assistance
and/or the Director’s legal and/or
professional advice fees in connection
with his/her cessation of office
oremployment.
Service contracts and letters of appointment
Key terms of the current Executive Directors’ service agreements and Non-Executive Directors’ letters of appointment are
summarised in the table below. It is envisaged that any future appointments would have equivalent contractual
arrangements unless otherwise stated in this Report.
Provision Policy
Notice period Executive Directors – 12 months’ notice by either the Company or the Executive Director.
Non-Executive Directors – at the Company’s discretion, Non-Executive Directors may have a notice period of up
to three months.
Termination payment Following the serving of notice by either party, the Company may terminate employment of an Executive
Director with immediate effect by paying a sum equal to salary. Executive Directors are not contractually
entitled to any bonus for the period of service in the year in which their employment ends.
Non-Executive Directors are only entitled to receive any fee accruing in respect of the period up to termination.
Expiry date Executive Directors have rolling 12-month notice periods so have no fixed expiry date.
Non-Executive Directors’ letters of appointment have no fixed expiry date.
In accordance with the Code, each Director will retire annually and put themselves forward for re-election at each AGM of
the Company.
All Executive Directors’ service agreements and Non-Executive Directors’ letters of appointment are available for inspection
at the Company’s registered office at 4 Victoria Place, Holbeck, Leeds LS11 5AE.
Financial
Statements
Business
Overview
Strategic
Report Governance
Remuneration 103

Remuneration Policy continued
Consideration of employment
conditions elsewhere in
theGroup
The Committee appreciates the
importance of effective engagement
with the wider workforce and so has
anominated Non-Executive Director
responsible for employee
engagement. Louise Brooke-Smith has
held this role since June 2020 and
Louise has engaged with employees
during the course of the year through
the employee forums across the
Group. This engagement covered
awide variety of topics and Louise
reported to the Committee that there
were no concerns raised regarding
thealignment between executive
remuneration and wider workforce pay.
The Committee reviews workforce
remuneration and related policies,
and is conscious of the importance
of ensuring that its pay decisions for
Executive Directors and the senior
management team are regarded
as fair and reasonable within
the business.
As outlined in the Policy table, pay and
conditions across the Group are one of
the specific considerations taken into
account when the Committee is
considering changes in salaries for the
Executive Directors and the senior
management team.
Differences in policy from
broader employee population
A greater proportion of Executive
Directors’ potential wealth is ‘at risk’,
either through their existing
shareholding or through LTIP awards
than for our employees generally and
a greater proportion is determined by
performance than for our employees
generally. However, common principles
underlie the pay policy throughout the
Company, including for the Executive
Directors. In particular, we place great
emphasis throughout the Company
on reward being linked to performance
(either Group performance or
performance of an individual’s
business unit) and on encouraging
share ownership (through
participation in the LTIP or an
all-employee share scheme).
Consideration of
shareholders’ views
The Company is mindful of general
investor views on certain aspects of
remuneration, and continues to take
these views into account, where
appropriate, when setting Executive
Director remuneration. The Committee
Chair is available to meet with any
shareholders who wish to discuss any
aspect of the Policy in more detail.
During 2020 and 2021, a formal
consultation with the Company’s top
20 shareholders and the shareholder
advisory bodies was carried out in
relation to the updated Policy that was
approved by shareholders at the 2021
AGM. The Chair of the Committee and
the Company Secretary met with
those shareholders who requested a
meeting to discuss the proposed
Policy in more detail and to answer
specific queries. The feedback
received from these meetings and the
written responses was generally
supportive and was discussed in detail
by the Committee before finalising the
Policy proposals.
104 Genuit Group plc Annual Report & Accounts 2021

Annual Report on
Remuneration
Remuneration Committee Report
2021 Key Achievements
Review and update of Remuneration
Policy in consultation with
shareholders and shareholder
advisory bodies
Extensive updated benchmarking
carried out for senior management
roles in conjunction with the
Chief People Officer and the
Committee’s advisers
Discussion and approval of
remuneration arrangements for
incoming CEO and COO, and
outgoing CEO and COO
Review of remuneration structure
and targets for short and
long-term incentives in light
of the ongoing pandemic
Areas of Focus in 2022
Remuneration Policy
Implementation of updated
Remuneration Policy and follow on
review of Group-wide remuneration
arrangements for senior
management
Review of targets
Performance against the targets set
will be reviewed regularly throughout
the year
Wider workforce
More formalised and improved
process for wider workforce
engagement in relation to
remuneration, in conjunction with
theChief People Officer and
designatedNED
The Annual Report on Remuneration
describes how the Directors’
Remuneration Policy, approved by
shareholders at the Annual General
Meeting in May 2021, has been
applied in the financial year ended
31 December 2021. This Annual Report
onRemuneration will be put to an
advisory shareholder vote at the
2022AGM.
Role of the Committee
The role of the Committee is to
determine all aspects of Executive
Director pay, ensuring that the
remuneration framework both attracts
and retains leaders who are
appropriately incentivised to deliver
the Group’s strategy, aligning with the
interests of members and promoting
the long-term success of the Group for
the benefit of its stakeholders as a
whole. The Committee also reviews
workforce remuneration and related
policies and ensures alignment of its
rewards with culture. It also monitors
pay arrangements for other senior
executives and oversees the operation
of all share plans.
Details about the role of the
Committee are set out in its Terms of
Reference which are reviewed annually
and were last updated in November
2021. These can be found on the
Company’s website.
Committee membership
andmeetings
The Committee comprises all of the
Non-Executive Directors, all of whom
are considered to be independent,
and their attendance at meetings
during the year is set out in the table
on page 70. The previous CEO,
Martin Payne, was also present
at those meetings during 2021 by
invitation, albeit he was not involved
in any discussions in relation to his
own remuneration.
The Committee typically meets at
least three times a year and thereafter
as required, and in 2021, the
Committee met six times.
External advisers
Korn Ferry were appointed by the
Committee with effect from 1 January
2020, after a competitive tender
process to provide advice on executive
remuneration matters. During the year,
the Committee received advice from
Korn Ferry on market practice, updates
and benchmarking. Korn Ferry
provided other human capital-related
services to the Group during the year,
but these services were carried out by
a team separate to the remuneration
advisory team with an effective
separation between the Committee
advisory team and the wider Korn Ferry
teams. As a result, the Committee was
satisfied that the advice provided by
Korn Ferry was objective and
independent, having also noted their
commitment to the Code of Conduct.
During the year, the fees (charged on a
time plus expenses basis) paid to Korn
Ferry were £71,318 (2020: £99,350). Korn
Ferry is a member of the Remuneration
Consultants Group and, as such,
voluntarily operates under the code
of conduct in relation to executive
remuneration consulting in the UK.
Financial
Statements
Business
Overview
Strategic
Report Governance
Remuneration 105

Annual Report on Remuneration continued
Unaudited information
Implementation of Remuneration Policy in 2022
This section provides an overview of how the Committee is proposing to implement the Policy in 2022 for the Executive
Directors, with the increase to the LTIP award levels for the CFO and COO as detailed in the 2021 Remuneration Policy.
Base annual salary
As described in the Annual Statement from the Chair of the Remuneration Committee, salaries have been adjusted with
effect from 1 January 2022 (or appointment if later) as a result of the changes to executive personnel and to reflect the
growth in size and complexity of Genuit versus market, given the limited adjustments made to remuneration at Genuit since
its IPO in 2014. The increases to base remuneration, with the exception of Joe Vorih, were as positioned during the 2021 Policy
review discussions with institutional investors and the leading proxy advisers. The increases were deferred from the 2021
Policy review process so that they timed with the return to salary increases awarded across the Group following Covid-19.
The rates of increase reflect the wider changes to the Policy as detailed in the 2021 Remuneration Report, namely ensuring
that remuneration is set at a rate that is appropriate for the current size and complexity of the Group. With regard to Joe
Vorih, his salary was set at a modest premium to the salary positioned to the role of CEO at Genuit during the 2021 Policy
review process,, with his salary set to keep him broadly neutral on a net of tax basis versus his previous employment terms
(noting his international status as a US National at Spectris), but allowing for a cost of living related increase in line with the
typical rate of increase at Genuit for FY 2022.
Salary
1 January 2022
Salary
1 April 2021
%
increase
Joe Vorih (CEO)* £560,000 N/A N/A
Martin Payne (CEO from 1 January to 28 February 2022) £496,582 £482,118 3.00%
Paul James (CFO) £340,000 £307,509 10.56%
Matt Pullen (COO) £339,900 £330,000** 3.00%
*Joe Vorih was appointed on 28 February 2022. The salary for Joe Vorih represents his base salary on appointment.
** Salary for 2021 is the salary on appointment for Matt Pullen, who was appointed on 1 November 2021.
Pension
In line with the Policy, Joe Vorih and Matt Pullen will receive a pension contribution in line with the wider workforce (5% of
salary). Paul James will receive a company contribution of 15% of salary until 31 December 2022 when the contribution will
reduce to the wider workforce rate. Martin Payne will receive a company pension contribution of 15% of salary until his
cessation of employment on 20 May 2022.
Other benefits
In 2022, the Executive Directors will receive a standard package of other benefits consistent with those received in 2021.
Annual bonus
The annual bonus plan for 2022 will be operated in accordance with the 2021 approved Policy. Key features of the plan for
2022 are:
• There will be a maximum bonus opportunity of 150% of annual salary for Joe Vorih and 125% of annual salary for Paul
James and Matt Pullen. Martin Payne will be entitled to 150% of salary prorated for his period of employment during 2022.
• 33% of any bonus earned will be deferred into shares under the Deferred Share Bonus Plan (DSBP). Half of these shares will
vest two years post grant and the remaining half will vest three years post grant.
• In the event that a material misstatement or miscalculation subsequently comes to light which resulted in an
overpayment under the annual bonus plan or if evidence comes to light of material misconduct by an individual, or if
evidence comes to light of a material health and safety breach or actions that subsequently gave rise to serious
reputational damage or insolvency, then the Committee has the flexibility to withhold the value of shares granted under
the DSBP and/or to require repayment of an appropriate portion of the annual bonus cash award in respect of the relevant
bonus year.
• The Remuneration Committee has discretion, where it believes it to be appropriate, to override the formulaic outcome
arising from the annual bonus plan.
With regard to the performance measures for FY 2022, these have been updated from those that operated in FY 2021, being
underlying EBIT (70%), working capital (20%), health and safety (5%) and customer service (5%). Following a review by the
Committee, it is clear that whilst underlying EBIT remains important, recovering inflation-related cost increases and driving
margin are key priorities given the ongoing challenges in the market. As a result, Executive Director bonuses for FY 2022 will
be subject to challenging underlying EBIT (37.5%), an underlying EBIT margin percentage target (37.5%) (subject to a threshold
level of underlying EBIT being achieved for this element to pay out), a net working capital target (15%) and structured
strategic targets using the same metrics as in FY 2021 (10%). It is intended that this structure will then cascade down through
the senior management team. This will help to drive the right behaviours across the Group to recover inflation and margin
and ensure that the Executive Directors and senior management teams have incentives that are aligned. These targets will
then be reviewed for ongoing suitability at the end of 2022.
106 Genuit Group plc Annual Report & Accounts 2021

The targets for these performance measures in relation to the 2022 financial year are deemed to be commercially sensitive.
However, retrospective disclosure of the targets and performance against them will be provided in next year’s Directors’
Remuneration Report to the extent that they do not remain commercially sensitive at that time.
LTIP
• It is expected that the Executive Directors will receive awards under the LTIP during 2022. As at the time of preparing this
Remuneration Report the Committee’s intention is to grant the awards on the basis described below. Should there be any
change to the approach set out below, this would be detailed in the Stock Exchange announcement made at the time of
granting the awards and detailed in next year’s Remuneration Report.
• Joe Vorih, Paul James and Matt Pullen will receive an award over shares worth 150% of annual salary at grant.
• Awards will become exercisable three years after grant.
• In the event that a material misstatement or miscalculation subsequently comes to light which results in too high a level of
vesting under the LTIP, or if evidence comes to light of material misconduct by an individual, or if evidence comes to light of
a material health and safety breach or actions that subsequently gave rise to serious reputational damage or insolvency,
then the Committee has the flexibility to withhold or recover the value of shares granted under the LTIP.
• The Remuneration Committee has discretion, where it believes it to be appropriate, to override the formulaic outcome
arising from the LTIP.
• Awards will be subject to a two-year post-vesting holding requirement.
• Awards will be subject to a combination of underlying diluted EPS, relative TSR performance measures and sustainability
targets assessed over a three-year period as detailed below.
Underlying diluted earnings per share target 50.00%
Relative total shareholder return target 25.00%
Sustainability targets (carbon reduction) 8.33%
Sustainability targets (use of recycled plastics) 8.33%
Sustainability targets (The 5% Club) 8.33%
Total award 100.00%
Sustainability targets (carbon reduction) 8.33
Sustainability targets (use of recycled plastics) 8.33
Sustainability targets (5% club) 8.33
Undiluted earnings per share target 50
Relative total shareholder return target 25
Underlying Diluted Earnings per share (EPS) (50% of the award)
The EPS targets are a range around FY 2024 EPS. Setting the targets with reference to the final year of the three-year
performance period mirrors standard market practice and reduces the impact on the condition of the near term
uncertainties caused by external factors (e.g. Covid-19). The targets have been set with reference to both internal and
external expectations for the Company’s performance allowing for current market conditions and expected changes to the
Group’s tax rate. The range of targets to apply is as follows:
FY 2024 Underlying Diluted EPS
Vesting
(% total award)
Below 31.5.p 0%
31.5p 25%
37.3p 100%
Straight-line vesting between performance points.
Relative Total Shareholder Return Targets (25% of the award)
The relative TSR targets remain unchanged from those operated in prior years, with our performance compared against
those companies included in the FTSE 250 Index that are classified as ‘Industrials’ (circa 40 comparator companies). This
group remains the most appropriate set of comparator companies as it includes those companies that are the most
similar in terms of size and business type to Genuit, and so it is likely to be management actions that drive out-performance
as opposed to external market factors. Vesting takes place as follows:
Relative TSR versus FTSE 250 Industrials
Vesting
(% total award)
Below median 0%
Median 25%
Upper quartile (or better) 100%
Straight-line vesting between performance points.
Financial
Statements
Business
Overview
Strategic
Report Governance
Remuneration 107

Annual Report on Remuneration continued
Sustainability Targets (25% of the award)
Sustainability targets align with the key elements of Genuit’s sustainability strategy and require delivery in line with the
Company’s published 2025 targets. The 25% of the award subject to sustainability targets is split into three equal
components as follows:
Carbon Reduction Targets (8.33% of the total award)
The range of targets is set based on our emissions intensity which is defined as Scope 1 and Scope 2 tonnes of CO
2
e per
tonne of output.
FY 2024 Emissions Intensity
Vesting
(% total award)
Above 0.108 0%
0.108 25%
0.086 100%
Straight-line vesting between performance points.
The 2021 baseline from which the above targets were set is 0.141 and so the above targets are considered stretching and in
line with our 2025 targeted reductions.
Use of Recycled Plastics (8.33% of the total award)
The range of targets relates to the proportion of our products that are manufactured from recycled products.
FY 2024 % Recycled Materials Used
Vesting
(% total award)
Below 54.4% 0%
54.4% 25%
62.0% 100%
Straight-line vesting between performance points.
The 2021 baseline from which the above targets were set is 49.4% and so the above targets are considered stretching and in
line with our 2025 targeted reductions.
The 5% Club (8.33% of the total award)
The first two sustainability targets directly align with Genuit’s focus on improvements in the way we work with the third target,
aligning with creating a sustainable business culture through our commitment to The 5% Club. This initiative, to which we
fully subscribe, focuses on the development of greater skills and training through ‘earn and learn’ job opportunities. Our 2025
objective is to achieve 5% of our workforce in ‘earn and learn’ positions with our FY2024 target set out below:
Progress towards The 5% Club
Vesting
(% total award)
Below 4.2% 0%
4.2% 25%
5% 100%
Straight-line vesting between performance points.
The 2021 baseline from which the above targets were set is 3.2% and so the above targets are considered stretching.
The targets were set after having regard to the proposed quantum of award and both internal planning and external
market expectations for future performance so as to strike an appropriate balance between being realistic and meaningful
for participants at the lower end of the range, and providing a stretch at the top end of the range. Overall, the targets are
considered at least as challenging as those set in prior years noting the increased size and complexity of the Group
following the acquisitions noted above.
The Committee retains discretion to adjust vesting outcomes (e.g. if TSR vesting is not considered aligned with the
underlying financial performance of the Company or EPS vesting outcomes are impacted by relevant events such as
material acquisitions or divestments or material changes in corporate tax rates). Any such discretion would be used to
ensure that the performance targets fulfil their original intent and were not more or less challenging than intended when set
but for the relevant events in the performance period. Furthermore, as set out in the Policy, awards granted are subject to
malus and clawback provisions.
108 Genuit Group plc Annual Report & Accounts 2021

Buy-out awards
With regards to Joe Vorih, he is eligible to receive replacement share awards for both his 2020 and 2021 Spectris LTIP awards,
which lapsed in connection with joining Genuit.
With regards to the 2020 Spectris LTIP award, he will be granted an award over 175,081 shares (calculated based on the
maximum number of Spectris shares eligible to vest converted to Genuit shares using the 28 February 2022 share prices,
being the day he commenced employment with Genuit). The number of shares eligible to vest will be determined by the
proportion of the 2020 Spectris LTIP that vests. The structure of this award mirrors what was forfeited on leaving Spectris,
albeit the conversion into Genuit shares on joining provides alignment with Genuit shareholders.
With regard to the 2021 Spectris LTIP, he will be granted an award over 124,683 Genuit shares (calculated based on the
maximum number of Spectris shares eligible to vest converted to Genuit shares using the 28 February 2022 share prices).
These shares will be eligible to vest based on the performance condition applicable to the 2021 Genuit LTIP award (as
detailed on page 112). This approach recognises that only a relatively short proportion of the performance period has run its
course and so provides clear alignment with wider Genuit employees and shareholders.
The vesting dates for each award mirror those in place at Spectris and there is an expectation that to the extent that the
above awards vest that a minimum proportion is retained towards satisfying the Company’s share ownership guidelines.
Further details are included in the table below:
Type of award
Number
of shares Expected Vesting date+
Joe Vorih Deferred shares 175,081 25 March 2023
Deferred shares 124,683 17 March 2024
+ Vesting will take place at the later of the above date and the date of determining the extent to which the performance conditions have
been met.
With regards to Matt Pullen, he is eligible to receive compensation for the 2021 bonus of £82,230 that he forfeited on leaving
employment with Saint-Gobain to join Genuit. Accordingly, he will be granted an award over 12,347 Genuit shares which will
vest immediately. The number of Genuit shares was calculated using the Genuit share price on the day he commenced
employment on 1 November 2021.
In addition, he is also to receive a replacement share award over 30,640 Genuit shares in connection with the share awards
he had earned but were forfeited in connection with joining Genuit. The shares forfeited will be replaced by an equivalent
value of Genuit shares (calculated based on the maximum number of Saint-Gobain shares converted to Genuit shares
using the 1 November 2021 share price, being the day he commenced employment with Genuit). The quantum of this award
has been structured to replicate the Saint-Gobain awards forfeited, and can be adjusted by the Committee to ensure that
in the event there would be any performance related clawback, then this can be replicated in what ultimately vests.
Type of award
Number
of shares Expected Vesting date+
Matt Pullen Buy-out award 12,347 On the award date
Buy-out award 30,640 On the first anniversary of grant
Full details of the buy-out awards granted to both Joe Vorih and Matt Pullen will be included in next year’s Remuneration Report.
Sharesave Plan
Invitations to UK employees (including Executive Directors) to participate in the Sharesave Plan have been issued annually
over the past three years and were issued to all Group employees in 2021. The Board is proposing to continue to issue
invitations to join the Plan on an annual basis, and all eligible employees will therefore be invited to join the Plan in 2022.
Non-Executive Director remuneration
During the year, Non-Executive Director fees were reviewed, following which it was agreed to increase the Non-Executive
Director base fee by 5.0% and the Chairman’s fee by 3.0%. The increases to the fees took into consideration the expected
future time commitment of the roles and the typical rate of salary increase awarded across the wider workforce. The table
below shows the fee structure for Non-Executive Directors with effect from 1 January 2022. Non-Executive Director fees are
determined by the full Board except for the fee for the Chairman of the Board, which is determined by the Committee.
2022
Fees
2021
Fees
Chairman of the Board all-inclusive fee £158,699 £154,077
Basic Non-Executive Director fee £52,000 £49,525
Senior Independent Director additional fee £10,000 £10,000
Chair of Audit Committee additional fee £10,000 £8,000
Chair of Remuneration Committee additional fee £10,000 £8,000
Employee engagement NED fee £8,000 £8,000
Financial
Statements
Business
Overview
Strategic
Report Governance
Remuneration 109

Annual Report on Remuneration continued
Audited information
The information provided in this section of the Remuneration Report up until the ‘Unaudited information’ heading on page 115
is subject to audit.
Single total figure of remuneration
The following table sets out the total remuneration for Executive Directors and Non-Executive Directors for 2021 with
comparative figures for 2020.
2021
All figures shown in £’000
Salary
and fees
(1)
Benefits
(2)
Pension
(3)
Total
Fixed
Annual
bonus
(4)
LTIP
(5)
Total
Variable Other
(6)
Total
remuneration
(12)
Executive Directors
Martin Payne 480 17 72 569 669 211 880 – 1,449
Paul James 306 13 46 365 356 108 464 40 869
Glen Sabin
(7)
301 13 45 359 350 106 456 – 815
Matt Pullen
(8)
55 2 3 60 64 – 64 – 124
Non-Executive Directors
Ron Marsh 153 – – – – – – – 153
Mark Hammond
(9)
59 – – – – – – – 59
Louise Hardy 57 – – – – – – – 57
Lisa Scenna 49 – – – – – – – 49
Louise Brooke-Smith
(10)
57 – – – – – – – 57
Kevin Boyd
(11)
57 – – – – – – – 57
2020
All figures shown in £’000
Salary
and fees
(1)
Benefits
(2)
Pension
(3)
Total
Fixed
Annual
bonus
(4)
LTIP
(5)
Total
Variable Other
(6)
Total
remuneration
Executive Directors
Martin Payne 432 17 65 514 – 203 203 – 717
Paul James 276 13 41 330 – 100 100 71 501
Glen Sabin
(7)
271 13 41 325 – 104 104 – 429
Non-Executive Directors
Ron Marsh 138 – – – – – – – 138
Mark Hammond
(9)
53 – – – – – – – 53
Louise Hardy 52 – – – – – – – 52
Lisa Scenna 44 – – – – – – – 44
Louise Brooke-Smith
(10)
49 – – – – – – – 49
Kevin Boyd
(11)
17 – – – – – – – 17
Notes to the table – methodology
1. Salary and fees – as disclosed in the 2020 Annual Report, Executive Directors’ salaries were increased by 2.2% with effect from 1 April 2021,
consistent with the average increases awarded to the Company’s UK workforce. In 2021, the Non-Executive Director base fee and the
Chairman’s fee were also increased by 2.2% with effect from 1 April 2021. As disclosed in the 2020 Annual Report, due to Covid-19, Executive
and Non-Executive Directors waived salaries and fees by 20% during the months of April through to August 2020.
2. Benefits – this represents the taxable value of all benefits. Executive Directors receive benefits including car allowance, private family
medical insurance and life assurance of four times annual salary.
3. Pension – the pension provision, in the form of a cash allowance, for Mr Payne, Mr Sabin and Mr James is 15% of salary. The pension
provision for Mr Pullen is 5% of salary.
4. Annual bonus – from 2021, the bonus is paid 66.67% in cash and 33.33% deferred into shares under the DSBP. As a result of the Covid-19
pandemic, the annual bonus was not operated for Executive Directors in 2020.
5. LTIP – for 2021, this relates to the estimated value of the 2019 LTIP award which was subject to an EPS and TSR performance target over the
three-year period ended on 31 December 2021. Further details can be found on page 111. The value of the 2019 award has been calculated
using the Company’s average share price for Q4 2021 (£6.294). The estimated amount of the 2019 award that is attributable to share price
appreciation is £68,252 for Martin Payne, £34,826 for Paul James and £34,275 for Glen Sabin. The Committee did not apply any discretion
as a result of the share price appreciation.
LTIP – for 2020, this relates to the estimated value of the 2018 LTIP award which was subject to an EPS and TSR performance target over the
three-year period ended on 31 December 2020. Further details can be found on page 91 of the 2020 Annual Report. The value of the 2018
award has been calculated using the Company’s share price on the vesting date (£5.65). The estimated amount of the 2018 award that is
attributable to share price appreciation is £65,871 for Martin Payne, £32,340 for Paul James and £33,701 for Glen Sabin. The Committee did
not apply any discretion as a result of the share price appreciation.
6. Other – for 2020, this column comprises £70,742, being the value of 16,300 shares acquired by Paul James on 16 September 2020 which, as
previously disclosed, were awarded in partial compensation for long-term incentive awards forfeited when he left his previous employer
Dixons Carphone plc. The shares have been valued at the share price when the award was exercised of £4.34.
Other – for 2021, this column comprises £40,266, being the value of 6,040 SAYE shares which vested on 1 November 2021. This option has
not yet been exercised and the shares have therefore been valued at the share price when the award matured of £6.66. The estimated
amount of the 2018 award that is attributable to share price appreciation is £65,871.
7. Glen Sabin stepped down from the Board on 1 November 2021 and retired from the Company on 31 December 2021.
8. Matt Pullen joined the Board on 1 November 2021.
9. Mark Hammond ceased to be employee engagement NED on 22 June 2020 and was appointed as the Senior Independent Director on
22June 2020.
10. Louise Brooke-Smith was appointed as the employee engagement NED on 22 June 2020.
11. Kevin Boyd was appointed to the Board as NED and Chair of the Audit Committee on 22 September 2020.
12. Total remuneration paid to Directors in respect of 2021 is £3,689,000 (2020: £1,993,000).
110 Genuit Group plc Annual Report & Accounts 2021

Annual bonus
The maximum annual bonus opportunity for the Executive Directors in 2021 was as follows:
• 150% of annual salary for Martin Payne.
• 125% of annual salary for Paul James and Glen Sabin. Matt Pullen was eligible to receive an annual bonus of 125% of salary
pro-rated for the period of his employment.
For all Executive Directors, two thirds of the bonus earned will be paid in cash and one third will be deferred into shares under
the DSBP. Half of these shares will vest two years post-grant and half after three years post-grant. Malus and clawback
provisions apply to the bonuses of all of the aforementioned Directors. The performance measures and targets that applied
to the 2021 annual bonus are set out below. This reflects the same approach used to determine the bonus outcome for the
senior management team:
Performance measure
Proportion
ofbonus
determined
bymeasure
Threshold
performance
Target
performance
Maximum
performance
Actual
performance
% of maximum
bonus payable
Group Underlying EBIT 70% £80.17m 17.5% of total bonus payable £86.67m
35% of total
bonus
payable
£95.34m
70% of total
bonus
payable
£95.34m 70%
Working Capital 20% Net working capital position assessed at
the end of each month relative to target.
Maximum performance requires the
monthly target to be met at the end
ofall12months.
Target
achieved in 12
of 12 months
20%
Health & Safety targets 5% 82.5% 92.5% 88.2% 3%
Customer service
targets
5% 2% improvement 5%
improvement
Less than 2%
improvement
0%
The total bonus payable to each Executive Director based on the assessment of performance against the targets set out
above, is shown below:
Total bonus
payable
% of maximum
Total bonus payable
£’000 and % of salary
Martin Payne 93% £669,404 (139% of salary earned)
Paul James 93% £355,766 (116% of salary earned)
Glen Sabin
(1)
93% £350,137 (116% of salary earned)
Matt Pullen
(2)
93% £63,984 (116% of salary earned)
1. Retired on 31 December 2021.
2. Appointed on 1 November 2021. The bonus outcome has therefore been pro-rated for the period of employment.
The Committee has confirmed that it is comfortable with the payments made in relation to the non-financial elements of
the annual bonus scheme in light of the Company’s financial performance in the wider macroeconomic environment.
LTIP vesting
The LTIP award granted in April 2019 vests in April 2022 based 25% on relative TSR performance and 75% on EPS growth over
the three financial years ended on 31 December 2021. The vested value of the award is therefore required to be included in
the 2021 single figure table.
Performance measure Threshold Maximum
Actual
performance
% of total
award
vesting
Vested
shares
Estimated value
of vested shares*
Three-year cumulative
underlying diluted EPS
91.2 pence
per share
18.75% of awardvests
102.3 pence per share
75% of awardvests
72.79 pence 0% Martin Payne – 0 Martin Payne – 0
Paul James – 0 Paul James – 0
Glen Sabin** – 0 Glen Sabin – 0
TSR performance
relative to
comparatorgroup
Below median
0% of award vests
Upper quartile 25% of
award vests
Above upper
quartile
25% Martin Payne –
33,605
Martin Payne –
£211,510
Paul James – 17,147 Paul James –
£107,923
Glen Sabin** –
16,876
Glen Sabin –
£106,218
* Estimated value based on average share price in Q4 of 2021 of £6.294.
** Glen Sabin stepped down from the Board on 1 November 2021 and retired from the Company on 31 December 2021.
The Committee is comfortable that the formulaic outcome of the LTIP reflects wider business performance. Awards must be
held for two years post-vesting.
Financial
Statements
Business
Overview
Strategic
Report Governance
Remuneration 111

Annual Report on Remuneration continued
Scheme interests awarded during the financial year
LTIP awards
An award was granted under the LTIP to selected senior executives, including the Executive Directors, in May 2021. This award
is subject to the performance conditions described below and will become exercisable in May 2024.
Type of award Date of grant
Maximum
number
of shares
Face value
(£)*
Threshold
Vesting
(% of award)
End of
performance
period
Martin Payne
Nil cost
option**
20 May 2021 127,996 £723,177
25% of award 31 December 2023Paul James 20 May 2021 68,032 £384,381
Glen Sabin 20 May 2021 66,958 £378,313
* The maximum number of shares that could be awarded has been calculated using the share price of £5.65 (average closing share price
for 17 to 19 May 2021) and is stated before the impact of reinvestment of the dividends paid since grant.
** In line with the 2020 awards, awards were granted as nil-cost options with an exercise date of three years from the grant date. Therefore,
there has been no change in exercise price or date.
Vesting of the awards is subject to satisfaction of the following performance conditions measured over a three-year
performance period. Vesting is calculated on a straight-line basis.
Underlying Diluted Earnings per share (EPS) (50% of the award)
The EPS targets are a range around FY 2023 EPS. Setting the targets with reference to the final year of the three-year
performance period mirrors standard market practice and reduces the impact on the condition of the near term
uncertainties caused by matters such as Covid-19. The range of targets to apply is as follows:
FY 2023 Underlying Diluted EPS
Vesting
(% total award)
Below 26.4p 0%
26.4p 25%
31.3p 100%
Straight-line vesting between performance points.
Relative Total Shareholder Return Targets (25% of the award)
The relative TSR targets remain unchanged from those operated in prior years with our performance compared against
those companies included in the FTSE 250 Index that are classified as ‘Industrials’ (circa 40 comparator companies). This
group remains the most appropriate set of comparator companies as it includes those companies that are the most
similar in terms of size and business type to Genuit, and so it is likely to be management actions that drive out-performance
as opposed to external market factors. Vesting takes place as follows:
Relative TSR versus FTSE 250 Industrials
Vesting
(% total award)
Below median 0%
Median 25%
Upper quartile (or better) 100%
Straight-line vesting between performance points.
Sustainability Targets (25% of the award)
Sustainability targets align with the key elements of Genuit’s sustainability strategy and require delivery in line with the
Company’s published 2025 targets. The 25% of the award subject to sustainability targets is split into three equal
components as follows:
Carbon Reduction Targets (8.33% of the total award)
The range of targets is set based on our emissions intensity which is defined as Scope 1 and Scope 2 tonnes of CO
2
e per
tonne of output.
FY 2023 Emissions Intensity
Vesting
(% total award)
Above 0.167 0%
0.167 25%
0.141 100%
Straight-line vesting between performance points.
The 2020 baseline from which the above targets were set is 0.252 and so the above targets are considered stretching and in
line with our 2025 targeted reductions.
112 Genuit Group plc Annual Report & Accounts 2021

Use of Recycled Plastics (8.33% of the total award)
The range of targets relates to the proportion of our products that are manufactured from recycled products.
FY 2023 % Recycled Materials Used
Vesting
(% total award)
Below 51.4% 0%
51.4% 25%
61.2% 100%
Straight-line vesting between performance points.
The 2020 baseline from which the above targets were set is 45.9% and so the above targets are considered stretching and in
line with our 2025 targeted reductions.
The 5% Club (8.33% of the total award)
The first two sustainability targets directly align with Genuit’s focus on improvements in the way we work with the third target,
aligning with creating a sustainable business culture through our commitment to The 5% Club. This initiative, to which we
fully subscribe, focuses on the development of greater skills and training through ‘earn and learn’ job opportunities. Our 2025
objective is to achieve 5% of our workforce in ‘earn and learn’ positions with our FY 2023 target set out below:
Progress towards The 5% Club
Vesting
(% total award)
Below 4.2% 0%
4.2% 25%
5% 100%
Straight-line vesting between performance points.
The 2020 baseline from which the above targets were set is 3.8% and so the above targets are considered stretching.
Deferred Share Bonus Plan awards
No bonuses were awarded in respect of 2020 and therefore no shares were awarded under the Deferred Share Bonus Plan
in 2021.
Sharesave Plan
No Sharesave Plan awards were granted to Executive Directors during the year.
Payments to past Directors
There were no payments to past Directors during the year.
Payments for loss of office
In connection with Martin Payne stepping down from the Board, he will be eligible to receive salary, pension and benefits
during the period of his employment. As set out in the Chair’s statement, as a result of leaving employment by mutual
agreement, and in accordance with the discretions included in the relevant plan rules, he will be treated as a good leaver
for incentive plan purposes. He is therefore eligible to receive a part-year performance related bonus for FY 2022 for the
period of his employment. He will not be eligible for an LTIP award in FY 2022. As a good leaver, Martin Payne will remain
eligible to receive deferred share bonus awards earned in relation to prior years’ bonuses. With regards to outstanding LTIP
awards, these will remain eligible to vest in line with their normal vesting dates subject to a pro-rata reduction for the period
of time in employment and following the application of the relevant performance targets. For completeness, Martin Payne
will not receive payments in lieu of notice.
Glen Sabin stepped down from the Board with effect from 1 November 2021 and ceased employment on 31 December 2021.
He will not receive any loss of office payments. As a result of his retirement, and in accordance with the discretions included
in the relevant plan rules, he was treated as a good leaver for incentive purposes. As a result, he remained entitled to receive
an annual bonus in respect of FY 2021, which was subject to the achievement of the performance conditions detailed above
on page 111. His bonus was payable on the normal payment date in 2022 and is subject to malus and clawback provisions.
With regard to his outstanding share awards, granted under the Long Term Incentive Plan (LTIP), he was granted options over
67,507 ordinary shares on 30 April 2019, 66,622 ordinary shares on 22 June 2020 and 66,958 ordinary shares on 20 May 2021.
These will remain eligible to vest on the normal vesting date, subject to the achievement of the relevant performance
criteria and will be time pro-rated for his service during the performance period. His awards granted under the Deferred
Share Bonus Plan (DSBP) on 30 April 2019 and 22 June 2020 over 4,026 and 4,420 shares respectively, will vest on 30 April 2022,
22 June 2022 and 22 June 2023. In accordance with the DSBP rules, he will also receive the value of dividends paid in respect
of the vested shares between grant and vesting. The DSBP awards are exercisable for a period of six months from the date
ofretirement.
All payments that have or will be received will be made within the terms of the termination policy as set out in the Policy.
Martin and Glen will retain shares to the value of 200% of salary for two years post-employment in line with the
Company’spolicy.
Financial
Statements
Business
Overview
Strategic
Report Governance
Remuneration 113

Annual Report on Remuneration continued
Statement of Directors’ shareholdings and share interests
Executive Directors are expected to achieve the shareholding requirement of 200% of salary within five years of an individual
becoming subject to the requirement. The Committee reviews ongoing individual performance against the shareholding
requirement at the end of each financial year. Matt Pullen commenced employment with the Company during 2021 and will
build up his shareholding in line with the aforementioned five-year timescale. Both Martin Payne and Glen Sabin met this
requirement as 31 December 2021. Martin and Glen will be expected to retain shares to the value of 200% of salary for two
years post-employment in line with the Company’s policy.
The number of shares held by Directors is set out in the table below:
Number of shares at 31 December 2021
Director
Shares owned
outright
Interests in share incentive
schemes, subject to
performance conditions
Interests in share incentive
schemes, awarded without
performance conditions
LTIP
(1)
DSBP
(2)
Sharesave
Plan
(3)
Martin Payne
(4)(7)(9)
265,481
(322% of salary) 395,077 15,866 5,901
Paul James
(7)
23,858
(45% of salary) 221,947 11,256 6,040
Matt Pullen
(5)
– – – –
Glen Sabin
(6)(7)(8)
596,574
(1,155% of salary) 201,087 8,446 –
Ron Marsh 308,707 – – –
Mark Hammond 17,247 – – –
Louise Hardy – – – –
Lisa Scenna 10,112 – – –
Louise Brooke-Smith – – – –
Kevin Boyd 10,325 – – –
Notes to the table
1. This relates to shares awarded under the LTIP.
2. This relates to shares awarded under the DSBP.
3. This relates to share options granted under the Sharesave Plan.
4. During the year, Martin Payne had: (a) 35,917 LTIP shares vest, retained net of shares sold to pay personal tax liability; and (b) 15,609 DSBP
shares (inclusive of 521 dividend shares) vest, retained net of shares sold to pay personal tax liability. All of these are included in the
‘Shares Owned Outright’ column.
5. Matt Pullen joined the Board on 1 November 2021.
6. During the year, Glen Sabin had: (a) 18,376 LTIP shares vest and retained net of shares sold to pay personal tax liability; and (b) 5,509 DSBP
shares (inclusive of 169 dividend shares) vest, and retained net of shares sold to pay personal tax liability. All of these are included in the
‘Shares Owned Outright’ column.
7. For the purposes of determining the value of Executive Director shareholdings, the individual’s current annual salary and the share price
as at 31 December 2021 has been used (£5.86 per share).
8. Glen Sabin stepped down from the Board on 1 November 2021 and retired from the Company on 31 December 2021.
9. The aggregate gain for Martin Payne in the year from the exercise of awards granted under the LTIP was £65,871, based on the respective
share price on the date of vesting of £5.65 per share. The aggregate gain for Glen Sabin in the year from the exercise of awards granted
under the LTIP was £33,701, based on the respective share price on the date of vesting of £5.65.
114 Genuit Group plc Annual Report & Accounts 2021

Unaudited information
The information provided in this section of the Directors’ Remuneration Report is not subject to audit.
Performance graph and CEO remuneration table
The chart below compares the Total Shareholder Return performance of the Company over the period from Admission to
31December 2021 to the performance of the FTSE 250 Index. This index has been chosen because it is a recognised equity
market index of which the Company is a member. The base point in the chart for the Company equates to the Offer Price
of£2.45 per share. The table below summarises the CEO single figure for total remuneration, annual bonus payouts and
long-term incentive vesting levels as a percentage of maximum opportunity over this period.
The table below summarises the CEO single figure total remuneration, annual bonus payouts and long-term incentive
vesting levels as a percentage of maximum opportunity over this period.
2014 2015 2016 2017
(1)
2017
(2)
2018
(3)
2019
(3)
2020
(3)
2021
(3)
CEO single figure of
remuneration £’000 955 919 948 717 218 1,014 944 717 £1,449
Annual bonus payout (as a
% of maximum opportunity) 88.7% 68.2% 69.4% 66.8% 66.8% 48.9% 24.8% n/a 93%
LTIP vesting out-turn (as a
% of maximum opportunity)
n/a
(no award
vested
in 2014)
n/a
(no award
vested
in 2015)
n/a
(no award
vested
in 2016)
n/a
(no award
vested
in 2017)
n/a
(no award
vested
in 2017) 87.8% 54.5% 25% 25%
1. This reflects the remuneration received by David Hall, CEO for the period from 1 January 2017 to 1 October 2017.
2. This reflects the remuneration received by Martin Payne who was appointed as CEO on 2 October 2017 following the retirement of
DavidHall.
3. The LTIP vesting out-turn percentages show the payout as a percentage of maximum of the LTIP award for which the three financial years
over which performance is measured ends on 31 December of the year being reported on. Therefore the 2021 figure shows the payout for
the 2019 LTIP award.
Percentage change in the remuneration of the Directors (audited)
The table below sets out the percentage change in base salary, value of taxable benefits and bonus for all the Directors
compared with the average percentage change for employees.
Average percentage change 2020/21 Average percentage change 2019/20
Salary/fees
Taxable
benefits
Annual
Bonus** Salary/fees
Taxable
benefits
Annual
Bonus**
Executive Directors
Martin Payne +2.2%* 0% +100% +3.0%* 0% –100%
Paul James +2.2%* 0% +100% +3.0%* 0% –100%
Glen Sabin +2.2%* 0% +100% +3.0%* 0% –100%
Matt Pullen n/a n/a n/a n/a n/a n/a
Non-Executive Directors
Ron Marsh +2.2%* n/a n/a +3.0%* n/a n/a
Mark Hammond +2.2%* n/a n/a +3.0%* n/a n/a
Louise Hardy +2.2%* n/a n/a +3.0%* n/a n/a
Lisa Scenna +2.2%* n/a n/a +3.0%* n/a n/a
Louise Brooke-Smith +2.2%* n/a n/a +3.0%* n/a n/a
Kevin Boyd +2.2%* n/a n/a n/a n/a n/a
Employee average +2.2%* 0% +100% +3.0%* 0% +24%
* The 2.2% increase reflects the salary increase following the decrease after the response to the Covid-19 pandemic. The 3.0% figure in
2019/2020 excludes the impact of the voluntary salary reduction during the year.
** The Annual Bonus Plan for Executive Directors was not operated during 2020.
400
300
250
350
200
150
100
50
0
31 Dec
2014
Value of £100 invested at the Offer Price on the date
of Admission (FTSE 250 Index)
31 Dec
2015
31 Dec
2016
31 Dec
2017
31 Dec
2018
31 Dec
2019
31 Dec
2021
31 Dec
2020
£
Genuit (adjusted) FTSE 250 index
Admission
(16 April 2014)
400
300
250
350
200
150
100
50
0
31 Dec
2014
Value of £100 invested at the Offer Price on the date
of Admission (FTSE 250 Index)
31 Dec
2015
31 Dec
2016
31 Dec
2017
31 Dec
2018
31 Dec
2019
31 Dec
2021
31 Dec
2020
£
Genuit (adjusted) FTSE 250 index
Admission
(16 April 2014)
Financial
Statements
Business
Overview
Strategic
Report Governance
Remuneration 115

Annual Report on Remuneration continued
CEO pay ratio
The table below illustrates the ratio between CEO pay for 2021 (as shown in the single figure table on page 110) and the
indicative full-time equivalent total remuneration for employees ranked at the lower quartile, median and upper quartile.
CEO pay ratio 2019 2020 2021
Method A B B
Upper quartile 28:1 19:1 40:1
Median 37:1 24:1 54:1
Lower quartile 44:1 29:1 65:1
In line with the relevant legislation, the analysis has been completed using Option B (i.e. using the Company’s most recent
gender pay gap information) with the actual FTE remuneration for these employees calculated for the 2021 full year. The same
methodology used for calculating the single total figure of remuneration for the CEO has been used for calculating the pay and
benefits of these UK employees. The Company believes that this methodology is appropriate and that the employees
included in the analysis are suitably representative for the CEO pay ratio comparison. The employees used in the calculations
were identified using the most recent gender pay gap data for 2021 on 15 March 2022, following the end of the financial year.
Included in the data are 2,916 UK employees from across all of our businesses. Option B was used as it was deemed the most
appropriate in the circumstances. In FY 2020, the CEO voluntarily waived 20% of salary during the months between April and
August due to the impact of the pandemic. In addition, the Committee made the decision not to operate the annual bonus
plan for the Executive Directors in 2020. This resulted in a drop in the CEO pay ratio. As the CEO received his full salary in FY
2021 and the bonus was reinstated, this has resulted in a subsequent increase in the CEO pay ratio. The ratio is considered
within the expected range for the Company andis consistent with the pay, reward and progression policies for the
Company’s UK employees taken as a whole.
The salary and total pay for the individuals identified at the Lower quartile, Median and Upper quartile positions in 2021 are
set out below:
Salary Total Pay
CEO single figure £480,000 £1,449,000
Upper quartile £33,599 £36,011
Median £25,210 £26,828
Lower quartile £21,052 £22,449
Relative importance of the spend on pay
The chart below illustrates the total expenditure on pay for all of the Company’s employees compared to dividends payable
to shareholders.
Shareholder voting on remuneration resolutions
Employee remuneration Costs Dividends
2021
2020
115.3
145.6
£m
2021
2020
11.8
30.2
£m
Details of the votes cast in relation to our remuneration resolutions in 2021 are summarised below:
Votes for Votes against Votes withheld
Approval of the Remuneration Policy – 2021AGM 198,146,521 (96.32%) 7,576,774 (3.68%) 5,526
Approval of the Annual Report on Remuneration – 2021 AGM 203,218,615 (98.78%) 2,509,681 (1.22%) 525
External board appointments
Executive Directors are not normally entitled to accept a Non-Executive Director appointment outside the Company without
the prior approval of the Board. With Board approval, Martin Payne was appointed as a Non-Executive Director of Stelrad
Group plc in October 2021 and retains the fee from that appointment. During 2021, the fee amounted to £10,000.
Annual General Meeting
This Annual Report on Remuneration will be subject to an advisory shareholder vote at our AGM scheduled to be held on
19May 2022.
By order of the Board.
Louise Hardy
Chair of the Remuneration Committee
15 March 2022
116 Genuit Group plc Annual Report & Accounts 2021

Financial Statements
Independent Auditor’s Report 118
Group Income Statement 128
Group Statement of
ComprehensiveIncome 129
Group Balance Sheet 130
Group Statement of Changes
in Equity 131
Group Cash Flow Statement 132
Notes to the Group
FinancialStatements 133
Directors’ Responsibilities
Statement 160
Company Balance Sheet 161
Company Statement of Changes
inEquity 162
Company Cash Flow Statement 163
Notes to the Company
FinancialStatements 164
Shareholder Information 169
Business
Overview
Strategic
Report Governance Remuneration 117
Financial
Statements

Independent
Auditor’s Report
to the Members of Genuit Group plc
Opinion
In our opinion:
• Genuit Group plc’s Group financial
statements and Parent Company
financial statements (the ‘financial
statements’) give a true and fair view
of the state of the Group’s and of the
Parent Company’s affairs at 31
December 2021 and of the Group’s
profit for the year then ended;
• the Group financial statements have
been properly prepared in
accordance with UK-Adopted
International Accounting Standards;
• the Parent Company financial
statements have been properly
prepared in accordance with
UK-Adopted International Accounting
Standards as applied in accordance
with Section 408 of the Companies
Act 2006; and
• the financial statements have been
prepared in accordance with the
requirements of the Companies
Act2006.
We have audited the financial
statements of Genuit Group plc
(the‘Parent Company’) and its
subsidiaries (together the ‘Group’)
forthe year ended 31 December 2021
which comprise:
The financial reporting framework that
has been applied in their preparation
is applicable law and UK-Adopted
International Accounting Standards
and as regards the Parent Company
financial statements, as applied in
accordance with Section 408 of the
Companies Act 2006.
Basis for opinion
We conducted our audit in
accordance with International
Standards on Auditing (UK) (ISAs (UK))
and applicable law. Our responsibilities
under those standards are further
described in the Auditor’s
Responsibilities for the Audit of the
Financial Statements section of our
report. We believe that the audit
evidence we have obtained is
sufficient and appropriate to provide a
basis for our opinion.
Independence
We are independent of the Group and
Parent Company in accordance with
the ethical requirements that are
relevant to our audit of the financial
statements in the UK, including the
FRC’s Ethical Standard as applied to
listed public interest entities, and we
have fulfilled our other ethical
responsibilities in accordance with
these requirements.
The non-audit services prohibited by
the FRC’s Ethical Standard were not
provided to the Group or the Parent
Company and we remain
independent of the Group and the
Parent Company in conducting
theaudit.
Group Parent Company
Group Income Statement for the year
ended 31 December 2021
Company Balance Sheet at
31December2021
Group Statement of Comprehensive
Income for the year ended 31
December2021
Company Statement of Changes in Equity
for the year ended 31 December 2021
Group Balance Sheet at 31 December 2021 Company Cash Flow Statement for the year
ended 31 December 2021
Group Statement of Changes in Equity for
the year ended 31 December 2021
Related Notes 1 to 9 to the Company
Financial Statements, including a summary
of significant accounting policies
Group Cash Flow Statement for the year
ended 31 December 2021
Related Notes 1 to 28 to the Group Financial
Statements, including a summary of
significant accounting policies
118 Genuit Group plc Annual Report & Accounts 2021

Conclusions relating
togoingconcern
In auditing the financial statements,
we have concluded that the Directors’
use of the going concern basis of
accounting in the preparation of the
financial statements is appropriate.
Our evaluation of the Directors’
assessment of the Group and
Parent Company’s ability to continue
to adopt the going concern basis
ofaccounting included:
• Performing a walkthrough of the
Group’s financial close process to
confirm our understanding of
management’s going concern
assessment process and engaging
with management early to ensure all
key risk factors we identified were
considered in their assessment;
• Obtaining management’s going
concern assessment, including the
cash flow forecasts and covenant
calculations for the going concern
period which covers the 15 month
period to 30 June 2023, then
performing procedures to
confirmthe clerical accuracy
andappropriateness of the
underlyingmodel;
• Obtaining the Group’s revolving
credit facility and agreeing the level
of facilities available, the applicable
covenants, and the renewal date of
November 2023 to management’s
assessment;
• Assessing the Group’s base case
scenario for consistency with
budgets and cash flow forecasts
approved by the Board of Directors
and those used by the Group in other
accounting estimates such as the
goodwill impairment assessment;
• Challenging the appropriateness of
the base case assumptions relating
to future levels of demand, raw
material availability and cost, and
future energy prices. Our procedures
included analysis of external market
data to consider any contradictory
sector forecasts including
consideration of the ongoing risks
associated with Covid-19 and the
political and economic instability
created by recent events in Ukraine;
• Reviewing and reperforming
management’s stress test of their
cash flow forecasts and covenant
calculations in order to quantify and
then consider the plausibility of the
downside scenarios required to
exhaust the Group’s forecast liquidity
and breach the Group’s covenant
ratios. We specifically considered the
quantum of revenue reduction and
unrecovered cost inflation required
to exhaust liquidity and breach the
Group’s covenant ratios;
• Considering the impact and
feasibility of potential mitigating
activities that are within control of
management, such as reducing
capital expenditure and dividend
payments; and
• Reviewing the Group’s going
concern disclosures included in
theAnnual Report and Accounts
inorder to assess their
completenessand conformity
withthe reporting standards.
Based on the work we have performed,
we have not identified any material
uncertainties relating to events or
conditions that, individually or
collectively, may cast significant doubt
on the Group and Parent Company’s
ability to continue as a going concern
for a period of 15 months from when
the financial statements are
authorised for issue to 30 June 2023.
In relation to the Group and Parent
Company’s reporting on how they
have applied the UK Corporate
Governance Code, we have nothing
material to add or draw attention to in
relation to the Directors’ statement in
the financial statements about
whether the Directors considered it
appropriate to adopt the going
concern basis of accounting.
Our responsibilities and the
responsibilities of the Directors with
respect to going concern are
described in the relevant sections of
this report. However, because not all
future events or conditions can be
predicted, this statement is not a
guarantee as to the Group’s ability to
continue as a going concern.
Overview of our audit approach
Audit scope We performed an audit of the complete financial information of 8 components andreview
scope procedures for a further 38components.
The components where we performed full scope audit procedures accounted for 86%of
Profit Before Tax, 85% of Revenue and89% of Total Assets.
Key audit matters Risk of inappropriate revenue recognition.
Risk of inaccurate recognition of customerrebates.
Risk of inaccurate accounting foracquisitions.
Materiality Overall Group materiality of £3.9m (2020: £2.5m) which represents 5%ofProfitBefore Tax
adjusted fornon-recurringitems.
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 119

An overview of the scope of
the Parent Company and
Group audits
Tailoring the scope
Our assessment of audit risk, our
evaluation of materiality and our
allocation of performance materiality
determine our audit scope for each
component within the Group. Taken
together, this enables us to form an
opinion on the consolidated financial
statements. We take into account size,
risk profile including the nature of
accounting estimates recorded within
each component, the organisation
ofthe Group and effectiveness of
Group-wide controls, changes in
thebusiness environment and other
factors such as recent internal audit
results when assessing the level
ofwork to be performed at
eachcomponent.
In assessing the risk of material
misstatement to the Group financial
statements, and to ensure we had
adequate quantitative coverage of
significant accounts in the financial
statements, of the 46 reporting
components of the Group, we selected
8 components covering entities within
the UK, which represent the principal
business units within the Group.
Of the 8 components selected, we
performed an audit of the complete
financial information of each of these
components (‘full scope components’)
which were selected based on their
size or risk characteristics. For the
remaining 38 components we
performed other procedures as
setoutbelow.
The full scope reporting components
where we performed audit procedures
accounted for 86% (2020: 99%) of the
Group’s Profit Before Tax, 85% (2020:
98%) ofthe Group’s Revenue and 89%
(2020:98%) of the Group’s Total Assets.
The audit scope of these components
may not have included testing of all
significant accounts of the component
but will have contributed to the
coverage of significant accounts
tested for the Group.
Of the remaining 38 components that
together represent 14% of the Group’s
Profit Before Tax, none are individually
greater than 5% of the Group’s Profit
Before Tax. For these components, we
performed other procedures, including
data analytics procedures in respect
of revenue transactions and manual
accounting entries to identify unusual
transactions, testing of a sample of
significant transactions including fixed
asset expenditure where significant,
attendance at stock counts where
inventory balances are significant,
external confirmation of cash
balances, and inquiries of
management to respond to the risk
ofmaterial misstatement to the
Groupfinancial statements.
Changes from the prior year
Historically all reporting components
of the Group with trading revenue in
excess of Group materiality have been
subject to full scope audit procedures
regardless of risk or relative size to the
Group. In 2021, following the expansion
of the Group through the acquisitions
of the Adey, Nu-Heat and Plura groups
of companies, we agreed a revised
approach to the scoping of the Group
audit with the Audit Committee. Our
revised approach is in line with EY’s
audit methodology and International
Standards on Auditing (UK).
As a result of the change in our
approach to audit scoping the
number of components subject to full
scope audit procedures has reduced
from 17 to 8. The 8 full scope
components include Adey Innovation
which is the significant trading
component of the acquired Adey
group. Whilst the Nu-Heat and Plura
groups of companies have not been
identified as full scope due to their size
relative to the Group, the acquired
balance sheets have been subject to
audit procedures as set out below in
our key audit matter relating to the risk
of inaccurate accounting for
acquisitions. In addition, all newly
acquired reporting components of the
Group have been subject to other
procedures as outlined in the
preceding section.
Independent Auditor’s Report continued
2021 2020
Reporting components Number
% Group
PBT
% Group
revenue
% Group
total assets Number
% Group
PBT
% Group
revenue
% Group
total assets
Full scope 8 86% 85% 89% 17 99% 98% 98%
Remaining components 38 14% 15% 11% 9 1% 2% 2%
Total reporting components 46 100% 100% 100% 26 100% 100% 100%
120 Genuit Group plc Annual Report & Accounts 2021

Involvement with
componentteams
In establishing our overall approach to
the Group audit, we determined the
type of work that needed to be
undertaken at each of the
components by us, as the primary
audit engagement team, or by
component auditors from other EY
global network firms operating under
our instruction. Following the revision of
our scoping approach, no overseas
reporting components were identified
as being full scope. Therefore, all audit
procedures supporting the current
year group audit opinion have been
performed by the primary audit
engagement team led by the Senior
Statutory Auditor.
The audit engagement team including
the Senior Statutory Auditor continued
to follow a programme of planned
visits. During the current year’s audit
cycle, visits were undertaken by the
audit engagement team to the main
locations of the full scope reporting
components including Leeds,
Doncaster, Aylesford, Ripley,
Loughborough, Horncastle, Gloucester,
Caerphilly, and Ulster. These visits
included meeting with local
management, performing detailed
audit procedures, physical verification
of fixed assets, and inventory counting
procedures. This, together with the
additional procedures performed at
Group level, gave us appropriate
evidence for our opinion on the Group
financial statements.
Climate change
There has been increasing interest
from stakeholders as to how climate
change will impact Genuit Group plc.
The Group has determined that the
most significant future impacts from
climate change on their operations will
be from transitioning to a lower-
carbon economy (transition risk) and
the physical risk resulting from climate
change, whether event driven or
longer-term shifts in climate patterns
(physical risk). These are explained on
pages 33 to 35 in the required Task
Force on Climate-related Financial
Disclosures and on pages 51 to 56 in
the Principal Risks and Uncertainties,
which form part of the ‘Other
information,’ rather than the audited
financial statements. Our procedures
on these disclosures therefore
consisted solely of considering
whether they are materially
inconsistent with the financial
statements or our knowledge obtained
in the course of the audit or otherwise
appear to be materially misstated.
Governmental and societal responses
to climate change risks are still
developing, and are interdependent
upon each other, and consequently
financial statements cannot capture
all possible future outcomes as these
are not yet known. The degree of
certainty of these changes may also
mean that they cannot be taken into
account when determining asset and
liability valuations and the timing of
future cash flows under the
requirements of UK-Adopted
International Accounting Standards.
Our audit effort in considering climate
change was focused on ensuring that
the effects of material climate risks
disclosed on pages 34 and 54 have
been appropriately reflected in asset
values and associated disclosures
where values are determined through
modelling future cash flows, being
primarily relevant to the annual
goodwill impairment assessment. We
have not identified any additional key
audit matters as a result of the impact
of applicable climate risks on the
Group’s key judgements and
estimates. We also challenged the
Directors’ considerations of climate
change in their assessment of going
concern and viability and associated
disclosures.
Whilst the Group have stated their
commitment to the aspirations of the
UK’s Pledge to Net-Zero Campaign, the
Group is currently unable to determine
the full future economic impact on
their business model, operational
plans and customers to achieve this
and therefore as set out above the
potential impacts are not fully
incorporated in these financial
statements.
Key audit matters
Key audit matters are those matters
that, in our professional judgement,
were of most significance in our audit
of the financial statements of the
current period and include the most
significant assessed risks of material
misstatement (whether or not due to
fraud) that we identified. These
matters included those which had the
greatest effect on: the overall audit
strategy; the allocation of resources in
the audit; and directing the efforts of
the engagement team. These matters
were addressed in the context of our
audit of the financial statements as a
whole, and in our opinion thereon, and
we do not provide a separate opinion
on these matters.
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 121

Independent Auditor’s Report continued
Risk Our response to the risk
Key observations communicated
tothe Audit Committee
Risk of inappropriate revenue recognition
Refer to the Report of the Audit Committee
(page 81); Summary of Significant
Accounting Policies (page 134); and Note 3.3
to the consolidated financial statements
(page 140).
The Group has reported revenue of £594.3m
(2020: £398.6m). Revenue is stated net of
rebates payable which are considered in
the subsequent key audit matter.
The timing of revenue recognition is relevant
to the reported performance of the Group
as a whole and also to the completeness
ofthe rebate expense and related year
endliabilities. Through manual adjustments,
there is the opportunity to misstate revenue
between periods in order to influence
reported results.
We consider the significant risk to be
primarily associated with those
components contributing more than 5% of
the Group’s revenue as any potential error
could result in a material misstatement of
the Group financial statements.
For the remaining components whilst we
consider there to be a risk of management
override of controls to misstatement
revenue, we do not consider any individual
component to represent a significant risk of
material misstatement.
There has been no change in our
assessment of this risk when compared to
the prior year.
Procedures to respond to this risk were performed by the
primary audit engagement team.
Of the 8 full scope components, 7 components recorded
revenue that was material to the Group and are
specifically impacted by the identified fraud risk.
For 6 of the 7 full scope components with significant
revenue, representing 81% of the Group’s revenue, we
performed data analytics procedures over the
correlation of sales and cash receipts to test the
existence of revenue recorded in the general ledger
throughout the year.
For the remaining full scope component covering 5% of
revenue we performed tests of detail over revenue
recognised in the year by agreeing a representative
sample of sales to supporting documentation including
proof of delivery and testing related cash receipts
throughout the year. We also performed procedures to
identify and assess the appropriateness of manual
adjustments.
For all full scope components, we tested the accuracy of
revenue cut-off at the balance sheet date. Our work
comprised the agreement of a sample of sales
transactions, including those recognised through
manual journals, either side of the year end by assessing
contract terms and reviewing proof of the timing of the
transactions and identifying then testing manual
adjustments. We have also analysed sales credit notes
raised in January 2022 and tested a sample to
supporting information.
For those reporting components reporting revenue but
not identified as full scope, including the newly acquired
Nu-Heat and Plura components, we have performed
data analytics procedures to identify unusual trends in
revenue recognition and any significant unusual
transaction flows.
Through our procedures
performed we have not
identified any unsupported
manual adjustments
torevenue, or any
unexplainedanomalies
fromour revenue analytics.
The current year was the first
year we performed detailed
audit procedures in relation
to the Adey component
following its acquisition in
February 2021. No significant
manual adjustments or
unusual accounting entries
were identified through
ourtesting.
We concluded that revenue
recognised in the year
isappropriate and
foundnoevidence of
managementbias.
Risk of inaccurate recognition of customer rebates
Refer to the Report of the Audit Committee
(page 81); Summary of Significant
Accounting Policies (page 134); and Note 3.3
to the consolidated financial statements
(page 140).
The total value of customer rebates
recognised in the year and accrued for at
the balance sheet date is material.
The Group’s pricing structure includes
rebate arrangements with customers. Many
of these arrangements are relatively
straightforward, being based on agreed
percentages of sales made to direct
customers during the period.
A proportion of the Group’s rebate
agreements are with indirect customers
and estimation is required when
determining the rebate accrual at the
balance sheet date. This is particularly the
case for indirect rebates within the
Residential Systems operating segment
where the Group is reliant on sales volume
information from customers which may not
be available, or may not have been verified,
at the time the liabilities are recognised.
In these instances, management is required
to estimate third party sales volumes and
the associated rebate liability at the
reporting date.
There has been no change in our assessment
of this risk when compared to the prior year.
Procedures to respond to this risk were performed by the
primary audit engagement team.
We walked through management’s process for
estimating rebate expenses and settling these liabilities
as well as management’s controls over this process. We
assessed the impact of the Covid-19 pandemic on the
availability of customer forecasts and the frequency of
claims in order to understand the level of estimation at
the balance sheet date.
We compared a sample of indirect rebate settlements
made in the year to amounts provided at 31 December
2020 to assess the accuracy of management’s
previousestimates.
We assessed the accuracy of management’s estimates
made during 2021 by comparing initial estimates to
subsequent claim amounts and final settlements. We
have then used this historic track record to assess the
reasonableness of the accrual estimates at the year end.
For a sample of indirect customers, we have developed
our own expectation of the full year rebate charge and
year end accrual using the Group’s trading performance,
the signed rebate agreements, third party data including
National Housebuilders Association information,
and market communications made by indirect
customers in order to identify and then consider
anycontradictory evidence.
We assessed completeness of the year end accrual by
reviewing post year end claims and payments, comparing
historic claim activity to the accrued customers, and
holding discussions with the commercial team to
understand the process for identifying new agreements.
We found no material
difference between the prior
year rebate accrual and the
actual rebates incurred. This
provides assurance over
management’s historical
ability to accurately estimate
the rebate liability.
We concluded that
management’s judgements
were materially consistent
with our expectations and
recalculations based on
external sources, post year
end claim activity and
historic settlement rates.
We concluded that the
rebates expense recognised
during the year and the
liability at the period end is
appropriate.
122 Genuit Group plc Annual Report & Accounts 2021

Risk Our response to the risk
Key observations communicated
tothe Audit Committee
Risk of inaccurate accounting for acquisitions
Refer to the Report of the Audit Committee
(page 81); Summary of Significant
Accounting Policies (page 135); and Note 3.1
to the consolidated financial statements
(page 140).
During 2021, the Group concluded the
acquisition of the Adey, Nu-Heat, and
Pluragroups of companies for initial
considerations of £210m, £27m and £1.25m
respectively. As part of the Plura sale
purchase agreement there is a contingent
consideration structure which will be
settledin 2024.
In conjunction with a specialist,
management identified and valued the
acquired intangible assets and recognised
a number of fair value adjustments. As the
identification and valuation of intangible
assets is an inherently complex activity
there exists a risk that either the intangible
assets identification or valuation of the
identified assets are inaccurate. For other
acquired assets and liabilities, this process
can require significant judgement by
management and there is a risk that the
resulting valuation of the acquired assets
and liabilities is inaccurate.
Furthermore, the financial statement
disclosure requirements associated with
acquisitions are extensive and there is a
riskthat the disclosure within the financial
statements does not comply with the
IFRSrequirements.
This risk has been identified as a key audit
matter for the first time this year due to the
significance of the acquisitions to the Group.
Procedures to respond to this risk were performed by the
primary audit engagement team.
We have reviewed each of the sale and purchase
agreements with a focus on terms relating to initial
consideration, deferred and/or contingent consideration,
and other terms that could indicate an acquired asset or
liability such as warranties/indemnities.
We vouched the flow of funds associated with each
transaction including the repayment of any loan
balances held by the acquired companies at acquisition.
We assessed the allocation of the Plura contingent
consideration between purchase consideration and
remuneration and the basis of the estimation of the
contingent amount.
We performed procedures to validate the existence and
completeness of the acquired assets and liabilities
including inventory, fixed assets, and cash balances.
We reviewed management’s specialist reports along
with our valuation specialists to assess the
appropriateness of both the valuation methodology
applied and the identified intangible assets. This included
challenging the underlying assumptions driving the
valuation, and challenging the useful economic life
assigned to each class of assets and any potential
impact of risks associated with climate change.
We assessed management’s treatment of deferred tax
inrespect of acquired intangible assets, fair value
adjustments, and any previously unrecognised
deferredtax assets.
We challenged the appropriateness of any fair value
adjustments to other assets and liabilities made by
management, and performed procedures to assess the
completeness of fair value adjustments recorded by
management.
Where intangible assets have been recognised, including
the strategic partnership customer relationships within
Adey, we have made inquiries of non-finance personnel
to understand the usage of brands, Intellectual Property,
and the latest status of customer relationships.
We have reviewed the acquisitions accounting
disclosures and assessed these for compliance with
thereporting requirements.
We concluded that the
consideration utilised within
the acquisition accounting
for each acquisition is
materially correct.
Specifically, we have
concluded that the
allocation of the Plura
contingent consideration
between purchase
consideration
andremuneration is
appropriate based on the
terms of thePlura sale
purchase agreement.
We concluded that the
recognition and valuation
ofintangible assets is
appropriate. We have also
communicated to the Audit
Committee that the useful
economic life of the
acquiredintangible assets
arereasonable.
We concluded that other
fair value adjustments
recognised as part of the
acquisition accounting are
materially correct.
In the prior year, our auditor’s reportincluded a key audit matter in relation to the risk of an unrecognised impairment
ofgoodwill. In the current year, the risk associated with an unrecognised impairment of goodwill has decreased as the
Group’strading performance and outlook haverecovered from the negative economic impact of the Covid-19 pandemic.
Asa result, the headroom within management’s annual impairment assessment has returnedto levels seen prior to the
Covid-19 pandemic.
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 123

Our application of materiality
We apply the concept of materiality
inplanning and performing the audit,
in evaluating the effect of identified
misstatements on the audit and
informing our audit opinion.
Materiality
The magnitude of an omission or
misstatement that, individually or in
the aggregate, could reasonably be
expected to influence the economic
decisions of the users of the financial
statements. Materiality provides a
basis for determining the nature
andextent of our audit procedures.
We determined materiality for the
Group to be £3.9m (2020: £2.5m),
whichis 5% of Group Profit Before Tax
adjusted for non-recurring items. We
believe that Group Profit Before Tax
adjusted for non-recurring items
provides us with a consistent basis for
calculating materiality as it excludes
the impact of one-off items that are
not related to the underlying
operations of the Group. In the prior
year, we calculated materiality based
on 5% of normalised Profit Before Tax
adjusted for non-recurring items given
the impact of the Covid-19 pandemic
on the Group’s 2020 trading result.
We determined materiality for the
Parent Company to be £3.9m (2020:
£3.1m), which is 1% (2020: 1%) of total
equity. As the Parent Company is a
non-trading holding company we
consider equity to be the most
appropriate basis for calculating
materiality. Any balances in the Parent
Company financial statements that
were relevant to our audit of the Group
financial statements were audited
using an allocation of Group’s
performance materiality.
During the course of our audit, we
reassessed initial materiality with the
only change in the final materiality
from our original assessment being to
reflect the actual reported
performance of the Group in the year.
Performance materiality
The application of materiality at the
individual account or balance level.
Itis set at an amount to reduce to an
appropriately low level the probability
that the aggregate of uncorrected
andundetected misstatements
exceeds materiality.
On the basis of our risk assessments,
together with our assessment of the
Group’s overall control environment,
our judgement was that performance
materiality was 75% (2020: 75%) of
ourplanning materiality, namely
£2.9m(2020: £1.9m). We have set
performance materiality at this
percentage due to our assessment
ofthe control environment and
assessment that there is a lower
likelihood of misstatements.
Audit work at component locations for
the purpose of obtaining audit
coverage over significant financial
statement accounts is undertaken
based on a percentage of total
performance materiality. The
performance materiality set for each
component is based on the relative
scale and risk of the component to the
Group as a whole and our assessment
of the risk of misstatement at that
component. In the current year, the
range of performance materiality
allocated to components was £0.6m
to £1.8m (2020: £0.4m to £1.4m).
Reporting threshold
An amount below which identified
misstatements are considered as
being clearly trivial.
We agreed with the Audit Committee
that we would report to them all
uncorrected audit differences in
excess of £0.2m (2020: £0.1m), which
isset at 5% of planning materiality,
aswell as differences below that
threshold that, in our view, warranted
reporting on qualitative grounds.
Thethreshold used for reporting
uncorrected audit differences has
increased year-on-year as a result
ofthe increase in overall materiality.
We evaluate any uncorrected
misstatements against both the
quantitative measures of materiality
discussed above and in light of other
relevant qualitative considerations in
forming our opinion.
Other information
The other information comprises the
information included in the Annual
Report and Accounts on pages 1 to116,
other than the financial statements
and our auditor’s report thereon. The
Directors are responsible for the other
information contained within the
Annual Report and Accounts.
Our opinion on the financial
statements does not cover the other
information and, except to the extent
otherwise explicitly stated in this report,
we do not express any form of
assurance conclusion thereon.
Independent Auditor’s Report continued
Starting basis
• Group Profit Before Tax of £62.9m
Adjustments
• Adjusted for non-underlying items excluding amortisation
of £14.0m
Materiality
• Totals £76.9m
• Materiality of £3.9m (5% of Group Profit Before Tax adjusted
for non-recurring items)
124 Genuit Group plc Annual Report & Accounts 2021

Our responsibility is to read the other
information and, in doing so, consider
whether the other information is
materially inconsistent with the
financial statements or our knowledge
obtained in the course of the audit or
otherwise appears to be materially
misstated. If we identify such material
inconsistencies or apparent material
misstatements, we are required to
determine whether this gives rise to a
material misstatement in the financial
statements themselves. If, based on
the work we have performed, we
conclude that there is a material
misstatement of the other information,
we are required to report that fact.
We have nothing to report in
thisregard.
Opinions on other matters
prescribed by the Companies
Act 2006
In our opinion, the part of the Directors’
Remuneration Report to be audited
has been properly prepared in
accordance with the Companies
Act2006.
In our opinion, based on the work
undertaken in the course of the audit:
• the information given in the Strategic
Report and the Directors’ Report for
the financial year for which the
financial statements are prepared is
consistent with the financial
statements and those reports have
been prepared in accordance with
applicable legal requirements;
• the information about internal
control and risk management
systems in relation to financial
reporting processes and about
share capital structures, given in
compliance with rules 7.2.5 and
7.2.6in the Disclosure Rules and
Transparency Rules sourcebook
made by the Financial Conduct
Authority (the FCA Rules), is
consistentwith the financial
statements and has been prepared
in accordance with applicable
legalrequirements; and
• information about the Company’s
corporate governance statement
and practices and about its
administrative, management and
supervisory bodies and their
committees complies with rules 7.2.2,
7.2.3 and 7.2.7 of the FCA Rules.
Matters on which we are
required to report by
exception
In the light of the knowledge and
understanding of the Group and the
Parent Company and its environment
obtained in the course of the audit, we
have not identified material
misstatements in:
• the Strategic Report or the Directors’
Report; or
• the information about internal
control and risk management
systems in relation to financial
reporting processes and about
share capital structures, given in
compliance with rules 7.2.5 and 7.2.6
of the FCA Rules.
We have nothing to report in respect
ofthe following matters in relation
towhich the Companies Act 2006
requires us to report to you if,
inouropinion:
• adequate accounting records have
not been kept by the Parent
Company, or returns adequate for
our audit have not been received
from branches not visited by us; or
• the Parent Company financial
statements and the part of the
Directors’ Remuneration Report to
beaudited are not in agreement
with the accounting records and
returns; or
• certain disclosures of Directors’
remuneration specified by law
arenot made; or
• we have not received all the
information and explanations we
require for our audit; or
• a Corporate Governance Statement
has not been prepared by
theCompany.
Corporate Governance
Statement
We have reviewed the Directors’
statement in relation to going concern,
longer-term viability and that part of
the Corporate Governance Statement
relating to the Group and Parent
Company’s compliance with the
provisions of the UK Corporate
Governance Code specified for
ourreview by the Listing Rules.
Based on the work undertaken as part
of our audit, we have concluded that
each of the following elements of the
Corporate Governance Statement is
materially consistent with the financial
statements or our knowledge obtained
during the audit:
• Directors’ statement with regards to
the appropriateness of adopting the
going concern basis of accounting
and any material uncertainties
identified set out on page 86;
• Directors’ explanation as to its
assessment of the Group and the
Parent Company’s prospects, the
period this assessment covers and
why the period is appropriate set out
on page 86;
• Director’s statement on whether it
has a reasonable expectation that
the Group will be able to continue in
operation and meets its liabilities set
out on page 86;
• Directors’ statement on fair,
balanced and understandable set
out on page 90;
• Board’s confirmation that it has
carried out a robust assessment of
the emerging and principal risks set
out on pages 51 to 56;
• The section of the Annual Report and
Accounts that describes the review
of effectiveness of risk management
and internal control systems set out
on page 68; and
• The section describing the work of
the Audit Committee set out on
pages 81 to 85.
Responsibilities of Directors
As explained more fully in the Directors’
Responsibilities Statements set out on
pages 90 and 160, the Directors are
responsible for the preparation of the
financial statements and for being
satisfied that they give a true and fair
view, and for such internal control as
the Directors determine is necessary to
enable the preparation of financial
statements that are free from material
misstatement, whether due to fraud
orerror.
In preparing the financial statements,
the Directors are responsible for
assessing the Group and Parent
Company’s ability to continue as a
going concern, disclosing, as
applicable, matters related to going
concern and using the going concern
basis of accounting unless the
Directors either intend to liquidate the
Group or the Parent Company or to
cease operations, or have no realistic
alternative but to do so.
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 125

Auditor’s responsibilities for
the audit of the financial
statements
Our objectives are to obtain
reasonable assurance about whether
the financial statements as a whole
are free from material misstatement,
whether due to fraud or error, and to
issue an auditor’s report that includes
our opinion. Reasonable assurance is
a high level of assurance but is not a
guarantee that an audit conducted in
accordance with ISAs (UK) will always
detect a material misstatement when
it exists. Misstatements can arise from
fraud or error and are considered
material if, individually or in the
aggregate, they could reasonably be
expected to influence the economic
decisions of users taken on the basis
ofthese financial statements.
Explanation as to what extent the
audit was considered capable of
detecting irregularities,
includingfraud
Irregularities, including fraud, are
instances of non-compliance with
laws and regulations. We design
procedures in line with our
responsibilities, outlined above, to
detect irregularities, including fraud.
The risk of not detecting a material
misstatement due to fraud is higher
than the risk of not detecting one
resulting from error, as fraud may
involve deliberate concealment by, for
example, forgery or intentional
misrepresentations, or through
collusion. The extent to which our
procedures are capable of detecting
irregularities, including fraud is
detailed below.
However, the primary responsibility for
the prevention and detection of fraud
rests with both those charged with
governance of the Group and
management.
• We obtained an understanding of
the legal and regulatory frameworks
that are applicable to the Group and
determined that the most significant
are those that relate to the reporting
framework (UK-Adopted International
Accounting Standards for the Group
financial statements, and as regards
the Parent Company financial
statements, as applied in
accordance with Section 408 of the
Companies Act 2006, the
Companies Act 2006 and the UK
Corporate Governance Code) and
the relevant tax compliance
regulations in the UK.
• We understood how Genuit Group
plc is complying with those
frameworks by initially making
inquiries of Group and component
management, as well as those
charged with governance. We have
further understood the Group’s
compliance with those frameworks
through review of minutes of the
Board and key committees. Finally,
through our detailed audit
procedures we have considered
whether any evidence has been
identified that indicates non-
compliance with the relevant laws
and regulations has occurred.
• We assessed the susceptibility of the
Group’s financial statements to
material misstatement, including
how fraud might occur by:
understanding the Group’s
performance against market
expectations; understanding the
Group’s performance against
internal key performance indicators
used when calculating
management’s variable
remuneration; identifying key
judgements and estimates
includingrebate accounting
thatcan materially impact the
financial statements; and
understanding the controls and
processes in place for the prevention
and detection of fraudulent activity
and financial reporting.
• Based on this understanding we
designed our audit procedures to
identify non-compliance with
suchlaws and regulations. Our
procedures included those outlined
in the revenue and rebate key audit
matters above, as well as testing
manual journals recorded at the
component and consolidation level,
understanding unusual and one-off
transactions, and where relevant
corroborating the basis of
accounting judgements and
estimates with employees and
specialists outside of the finance
functions such as the Company
Secretary, the Group IT function, the
Group Health and Safety team, and
commercial management.
A further description of our
responsibilities for the audit of the
financial statements is located on the
Financial Reporting Council’s website
at https://www.frc.org.uk/
auditorsresponsibilities. This
description forms part of our
auditor’sreport.
Other matters we are required
to address
• Following the recommendation from
the Audit Committee, we were
appointed by the Company in 2012
toaudit the Group’s financial
statements for the year ending 31
December 2012 and subsequent
financial periods. In 2014, upon the
Group’s listing on the London Stock
Exchange, the Group became
subject to the rotation requirements
under the UK Corporate Governance
Code, Competition and Markets
Authority and the EU Audit Directive.
The period of total uninterrupted
engagement since the Group
wassubject to these rotation
requirements is 8 years. In total the
period of uninterrupted engagement
including previous renewals and
reappointments is 10 years, covering
the years ending 31 December 2012
to 31 December 2021.
Independent Auditor’s Report continued
126 Genuit Group plc Annual Report & Accounts 2021

• The non-audit services prohibited by
the FRC’s Ethical Standard were not
provided to the Group or the Parent
Company and we remain
independent of the Group and the
Parent Company in conducting
theaudit.
• The audit opinion is consistent
withthe additional report to the
AuditCommittee.
Use of our report
This report is made solely to the
Company’s members, as a body, in
accordance with Chapter 3 of Part 16
of the Companies Act 2006. Our audit
work has been undertaken so that we
might state to the Company’s
members those matters we are
required to state to them in an
auditor’s report and for no other
purpose. To the fullest extent permitted
by law, we do not accept or assume
responsibility to anyone other than the
Company and the Company’s
members as a body, for our audit work,
for this report, or for the opinions we
have formed.
Christabel Cowling
(SeniorStatutory Auditor)
for and on behalf of
Ernst & Young LLP,
StatutoryAuditor
Leeds
15 March 2022
Notes:
1. The maintenance and integrity of the
Genuit Group plc website is the
responsibility of the Directors; the work
carried out by the auditors does not
involve consideration of these matters
and, accordingly, the auditors accept no
responsibility for any changes that may
have occurred to the financial
statements since they were initially
presented on the website.
2. Legislation in the United Kingdom
governing the preparation and
dissemination of financial statements
may differ from legislation in other
jurisdictions.
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 127

Notes
2021 2020
Underlying
£m
Non-
underlying
†
£m
Total
£m
Underlying
£m
Non-
underlying
†
£m
Total
£m
Revenue 5 594.3 – 594.3 398.6 – 398.6
Cost of sales 6, 8 (348.8) (6.5) (355.3) (242.5) – (242.5)
Gross profit 245.5 (6.5) 239.0 156.1 – 156.1
Selling and distribution costs (81.8) – (81.8) (65.0) – (65.0)
Administration expenses 8 (68.3) (7.5) (75.8) (48.9) (4.0) (52.9)
Trading profit 95.4 (14.0) 81.4 42.2 (4.0) 38.2
Amortisation of intangible assets 8 (0.1) (14.2) (14.3) – (7.8) (7.8)
Operating profit 5, 6 95.3 (28.2) 67.1 42.2 (11.8) 30.4
Finance costs 8, 11 (4.2) – (4.2) (6.5) (0.1) (6.6)
Profit before tax 5 91.1 (28.2) 62.9 35.7 (11.9) 23.8
Income tax 8, 12 (16.0) (5.9) (21.9) (6.3) 1.0 (5.3)
Profit for the year attributable to the owners
of the parent company 75.1 (34.1) 41.0 29.4 (10.9) 18.5
Basic earnings per share (pence) 13 16.7 8.5
Diluted earnings per share (pence) 13 16.5 8.4
Dividend per share (pence) – interim 14 4.0 –
Dividend per share (pence) – final 14 8.2 4.8
14 12.2 4.8
†
Non-underlying items are presented separately. The definition of non-underlying items is included in the Group Accounting Policies on
page 139. Non-underlying items are detailed in Note 8 to the consolidated financial statements.
Group Income Statement
For the year ended 31 December 2021
128 Genuit Group plc Annual Report & Accounts 2021

2021
£m
2020
£m
Profit for the year attributable to the owners of the parent company 41.0 18.5
Other comprehensive income:
Items which may be reclassified subsequently to the income statement:
Exchange differences on translation of foreign operations (0.4) 0.3
Effective portion of changes in fair value of interest rate swaps – 0.5
Effective portion of changes in fair value of forward foreign currency derivatives (0.1) –
Tax relating to items which may be reclassified subsequently to the income statement – (0.1)
Other comprehensive income for the year net of tax (0.5) 0.7
Total comprehensive income for the year attributable to the owners of the parent company 40.5 19.2
Group Statement of
Comprehensive Income
For the year ended 31 December 2021
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 129

Notes
31 December
2021
£m
31 December
2020
£m
Non-current assets
Property, plant and equipment 15 151.7 134.2
Right-of-use assets 16 20.6 12.9
Intangible assets 17 642.8 393.8
Total non-current assets 815.1 540.9
Current assets
Inventories 20 80.8 52.6
Trade and other receivables 21 76.7 61.6
Income tax receivable 1.1 0.6
Cash and cash equivalents 22 52.3 44.1
Total current assets 210.9 158.9
Total assets 5 1,026.0 699.8
Current liabilities
Trade and other payables 25 (135.5) (112.2)
Lease liabilities 16, 26 (4.5) (3.5)
Deferred and contingent consideration 18 (0.5) (3.4)
Derivative financial instruments 26 (0.1) –
Total current liabilities (140.6) (119.1)
Non-current liabilities
Loans and borrowings 26 (197.4) (58.9)
Lease liabilities 16, 26 (16.1) (9.4)
Deferred and contingent consideration 18 (4.3) –
Other liabilities 26 (1.4) (0.7)
Deferred income tax liabilities 12 (48.5) (10.8)
Total non-current liabilities (267.7) (79.8)
Total liabilities 5 (408.3) (198.9)
Net assets 5 617.7 500.9
Capital and reserves
Equity share capital 23 0.2 0.2
Share premium 23 93.6 –
Capital redemption reserve 23 1.1 1.1
Own shares 23 – –
Hedging reserve 23 (0.1) –
Foreign currency retranslation reserve 23 – 0.4
Other reserves 23 116.5 116.5
Retained earnings 406.4 382.7
Total equity 617.7 500.9
The consolidated financial statements were approved for issue by the Board of Directors and signed on its behalf by:
Joe Vorih
Director
15 March 2022
Paul James
Director
15 March 2022
Company Registration No. 06059130
Group Balance Sheet
At 31 December 2021
130 Genuit Group plc Annual Report & Accounts 2021

Equity
share
capital
£m
Share
premium
£m
Capital
redemption
reserve
£m
Own
shares
£m
Hedging
reserve
£m
Foreign
currency
retrans-
lation
reserve
£m
Other
reserves
£m
Retained
earnings
£m
Total
equity
£m
At 31 December 2019 0.2 – 1.1 – (0.4) 0.1 – 360.4 361.4
Profit for the year – – – – – – – 18.5 18.5
Other comprehensive income – – – – 0.4 0.3 – – 0.7
Total comprehensive income
forthe year – – – – 0.4 0.3 – 18.5 19.2
Issue of share capital
(See Note 23) – – – – – – 120.0 – 120.0
Transaction costs on issue of
share capital – – – – – – (3.5) – (3.5)
Share-based payments charge – – – – – – – 1.4 1.4
Share-based payments settled – – – – – – – 2.1 2.1
Share-based payments excess
tax benefit – – – – – – – 0.3 0.3
At 31 December 2020 0.2 – 1.1 – – 0.4 116.5 382.7 500.9
Profit for the year – – – – – – – 41.0 41.0
Other comprehensive income – – – – (0.1) (0.4) – – (0.5)
Total comprehensive income
forthe year – – – – (0.1) (0.4) – 41.0 40.5
Dividends paid – – – – – – – (21.7) (21.7)
Issue of share capital
(See Note 23) – 96.3 – – – – – – 96.3
Transaction costs on issue of
share capital – (2.7) – – – – – – (2.7)
Share-based payments charge – – – – – – – 2.2 2.2
Share-based payments settled – – – – – – – 2.1 2.1
Share-based payments excess
tax benefit – – – – – – – 0.1 0.1
At 31 December 2021 0.2 93.6 1.1 – (0.1) – 116.5 406.4 617.7
Group Statement
of Changes inEquity
For the year ended 31 December 2021
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 131

Notes
2021
£m
2020
£m
Operating activities
Profit before tax 62.9 23.8
Finance costs 11 4.2 6.6
Operating profit 67.1 30.4
Non-cash items:
Profit on disposal of property, plant and equipment 6 (0.2) (0.2)
Transaction costs on issue of share capital 0.1 0.1
Research and development expenditure credit 6 (2.0) (1.0)
Non-underlying items:
– amortisation of intangible assets arising on business combinations 8,17 14.2 7.8
– provision for acquisition costs 8 6.6 2.9
– unwind of inventory fair value adjustment 8 3.7 –
– provision for restructuring costs 8 1.1 1.1
– provision for product liability claim 8 2.6 –
Depreciation of property, plant and equipment 5, 15 18.4 16.3
Depreciation of right-of-use assets 5, 16 4.4 3.5
Amortisation of internally generated intangible assets 17 0.1 –
Share-based payments 24 2.2 1.4
Cash items:
– settlement of acquisition costs 18 (6.9) (1.2)
– settlement of restructuring costs – (1.1)
Operating cash flows before movement in working capital 111.4 60.0
Movement in working capital:
Receivables (0.9) (21.3)
Payables (6.2) 15.6
Inventories (19.9) 7.2
Cash generated from operations 84.4 61.5
Income tax paid (9.5) (8.2)
Net cash flows from operating activities 74.9 53.3
Investing activities
Settlement of deferred and contingent consideration 18 – (1.8)
Acquisition of businesses net of cash at acquisition 18 (236.4) –
Proceeds from disposal of property, plant and equipment 0.5 0.6
Purchase of property, plant and equipment (33.1) (25.1)
Patent and development costs expenditure (1.5) –
Net cash flows from investing activities (270.5) (26.3)
Financing activities
Issue of share capital 23 96.3 120.0
Transaction costs on issue of share capital 23 (2.8) (3.6)
Debt issue costs – (0.4)
Issue of Euro-Commercial Paper – 99.4
Buyback of Euro-Commercial Paper – (99.7)
Drawdown of bank loan 148.0 150.6
Repayment of bank loan (10.0) (289.6)
Interest paid (2.9) (5.4)
Dividends paid 14 (21.7) –
Proceeds from exercise of share options 2.1 2.1
Settlement of lease liabilities 16 (5.1) (4.0)
Net cash flows from financing activities 203.9 (30.6)
Net change in cash and cash equivalents 8.3 (3.6)
Cash and cash equivalents at 1 January 22 44.1 47.7
Net foreign exchange difference (0.1) –
Cash and cash equivalents at 31 December 22 52.3 44.1
Group Cash Flow Statement
For the year ended 31 December 2021
132 Genuit Group plc Annual Report & Accounts 2021

Notes to the Group
Financial Statements
For the year ended 31 December 2021
At 31 December 2021, the Group had
available £102.0m of undrawn
committed borrowing facilities in
respect of which all conditions
precedent had been met. These
borrowing facilities are available until
at least November 2023, subject to
covenant headroom. The Directors are
satisfied that the Group has sufficient
liquidity and covenant headroom to
withstand reasonable variances to the
base forecast, as well as the downside
scenarios. In addition, the Directors
have noted the range of possible
additional liquidity options available to
the Group, should they be required.
As a result, the Directors have satisfied
themselves that the Group has
adequate financial resources to
continue in operational existence for a
period of at least the next 15 months.
Accordingly, they continue to adopt
the going concern basis in preparing
the consolidated financial statements.
2.3 Basis of consolidation
The consolidated financial statements
comprise the financial statements of
the Group and its subsidiaries at 31
December 2021. Control is achieved
when the Group is exposed, or has
rights, to variable returns from its
involvement with the investee and has
the ability to affect those returns
through its power over the investee.
Specifically, the Group controls an
investee if, and only if, the Group has:
• power over the investee (i.e. existing
rights that give it the current ability to
direct the relevant activities of the
investee);
• exposure, or rights, to variable returns
from its involvement with the
investee; and
• the ability to use its power over the
investee to affect its returns.
The accounting policies which follow
set out those policies which apply in
preparing the consolidated financial
statements for the year ended
31December 2021.
The Group’s consolidated financial
statements have been prepared on a
historical cost basis except for
derivative financial instruments and
deferred and contingent consideration
that have been measured at fair value.
The consolidated financial statements
are presented in Pounds Sterling and
all values are rounded to one decimal
place of a million (£m) unless
otherwise indicated.
2.2 Going concern
The Directors have made enquiries into
the adequacy of the Group’s financial
resources, through a review of the
Group’s budget and medium-term
financial plan, including cash flow
forecasts. The Group has modelled a
range of scenarios, with the base
forecast being one in which, over the 18
months ending 30 June 2023, sales
volumes grow in line with or
moderately above external
construction industry forecasts.
In addition, the Directors have
considered several downside
scenarios, including adjustments to
the base forecast, a period of
significantly lower like-for-like sales,
profitability and cash flows. Consistent
with our Principal Risks and
Uncertainties these downside
scenarios included, but were not
limited to, loss of production, loss of a
major customer, product failure,
recession, increases in interest rates
and increases in raw material prices.
Downside scenarios also included a
combination of these risks, and reverse
stress testing. The Directors have
considered the impact of climate-
related matters on the going concern
assessment and it is not expected to
have a significant impact on the
Group’s going concern.
1. Authorisation of financial
statements
The consolidated financial statements
of the Group for the year ended 31
December 2021 were authorised for
issue by the Board of Directors on 15
March 2022 and the balance sheet
was signed on the Board’s behalf by
Joe Vorih and Paul James.
Genuit Group plc (previously known as
Polypipe Group plc) is a public limited
company incorporated and domiciled
in England and Wales. The principal
activity of the Group is the provision
of sustainable water and climate
management solutions for the
built environment.
2. Summary of significant
accounting policies
The basis of preparation and
accounting policies used in preparing
the consolidated historical financial
information for the year ended 31
December 2021 are set out below.
These accounting policies have been
consistently applied in all material
respects to all the periods presented.
2.1 Basis of preparation and
statement of compliance
withIFRSs
The Group’s consolidated financial
statements have been prepared in
accordance with UK-Adopted
International Accounting Standards
('UK-Adopted IAS'). In preparing the
Group’s consolidated financial
statements the Directors have
considered the impact of climate
change, taking into account the relevant
disclosures in the Strategic Report,
including those made in accordance
with the recommendations of the Task
Force on Climate-related Financial
Disclosures. This included an
assessment of goodwill and other
intangible assets and how they could be
impacted by measures taken to address
global warming. No issues were
identified that would impact the
carrying values of such assets or have
any other impact on the consolidated
financial statements.
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 133

Notes to the Group Financial Statements continued
2.7.1 Sale of goods
Revenue from sale of goods is
recognised at the point in time when
control of the goods is transferred to
the customer, generally on delivery of
the goods. Our most commonly used
standard payment terms are 30 days
net end of month.
i) Performance obligations
The Group considers whether there are
other undertakings in the sales
contract that are separate
performance obligations to which a
portion of the transaction price needs
to be allocated. In determining the
transaction price for the sale of goods,
the Group considers the effects of
variable consideration, the existence of
significant financing components,
non-cash consideration and
consideration payable to the customer
(if any).
ii) Variable consideration
If the consideration in a sales contract
includes a variable amount, the Group
estimates the amount of consideration
to which it will be entitled in exchange
for transferring the goods to the
customer. The variable consideration is
estimated at contract inception and
constrained until it is highly probable
that a significant revenue reversal in
the amount of cumulative revenue
recognised will not occur when the
associated uncertainty with the
variable consideration is subsequently
resolved. Some sales contracts provide
customers with sales volume rebates.
The sales volume rebates give rise to
variable consideration.
iii) Sales volume rebates
The Group provides retrospective sales
volume rebates to certain customers
once, amongst other matters, the
quantity of goods purchased during a
predetermined period exceeds
thresholds specified in the sales
contract. To estimate the variable
consideration for these expected
future rebates, the Group applies the
most likely amount method for sales
contracts with a single-volume
threshold and the expected value
method for sales contracts with more
than one volume threshold. The
selected method that best predicts the
amount of variable consideration is
primarily driven by the number of
volume thresholds contained in the
sales contract. The Group then applies
the requirements on constraining
After initial recognition, goodwill is
stated at cost less any accumulated
impairment losses (see Note 2.12).
The carrying amount of goodwill
allocated to a cash-generating unit is
taken into account when determining
the profit or loss on disposal of the unit,
or of an operation within it.
2.6 Foreign currency translation
The Group’s consolidated financial
statements are presented in Pounds
Sterling, which is also the parent
company’s functional currency. Each
entity in the Group determines its own
functional currency and items
included in the financial statements of
each entity are measured in that
functional currency.
Transactions in foreign currencies are
initially recognised by the Group
entities at their respective functional
currency rates prevailing at the date of
the transaction.
Monetary assets and liabilities
denominated in foreign currencies are
retranslated at the functional currency
spot rate of exchange at the balance
sheet date. All differences arising on
settlement or translation are taken to
the income statement.
Non-monetary items that are
measured in terms of historical cost in
a foreign currency are translated using
the exchange rates at the dates of the
initial transactions.
The assets and liabilities of foreign
operations are translated into Pounds
Sterling at the rate of exchange ruling
at the balance sheet date. Income
and expenses are translated at
average exchange rates prevailing.
The resulting exchange differences
arerecognised in other
comprehensive income.
2.7 Revenue from contracts with
customers and interest income
Revenue from contracts with
customers is recognised when control
of the goods is transferred to the
customer at an amount that reflects
the consideration to which the Group
expects to be entitled to in exchange
for those goods. The disclosure of
significant accounting judgements
and estimates relating to revenue from
contracts with customers is provided
in Note 3.
The Group reassesses whether or not it
controls an investee if facts and
circumstances indicate that there are
changes to one or more of the three
elements of control. Consolidation of a
subsidiary begins when the Group
obtains control over the subsidiary and
ceases when the Group loses control
of the subsidiary. Assets, liabilities,
income and expenses of a subsidiary
acquired or disposed of during the
year are included in the consolidated
financial statements from the date the
Group gains control until the date the
Group ceases to control the subsidiary.
When necessary, adjustments are
made to the financial statements of
subsidiaries to bring their accounting
policies into line with the Group’s
accounting policies. All inter-group
assets and liabilities, equity, income,
expenses and cash flows relating to
transactions between members of
theGroup are eliminated in full
onconsolidation.
The Group holds 100% of the equity and
controls 100% of the voting rights in all
subsidiaries, with the exception of Plura
Composites Limited, Polydeck Limited,
Equaflow Ltd, Sustainable Water and
Drainage Systems BV, Sustainable
Water and Drainage Systems Limited
and Water Management Solutions LLC
(which has not traded since
incorporation in Qatar in 2015). The
treatment of non-controlling interests
or any other non-voting right factors in
respect of control is not material to the
consolidated financial statements.
2.4 Business combinations
Business combinations are accounted
for using the acquisition method. The
cost of an acquisition is the total of the
consideration transferred, measured
at acquisition fair value. Acquisition
costs incurred are expensed and
included in administration expenses in
the income statement.
Identifiable intangible assets, meeting
either the contractual-legal or
separability criterion are recognised
separately from goodwill.
2.5 Goodwill
Goodwill is initially measured at cost
being the excess of the aggregate of the
acquisition date fair value of the
consideration transferred over the net
identifiable amounts of the assets
acquired and the liabilities assumed in
exchange for the business combination.
134 Genuit Group plc Annual Report & Accounts 2021

An item of property, plant and
equipment and any significant part
initially recognised is derecognised
upon disposal or where no future
economic benefits are expected to
arise from the continued use of the
asset. Any profit or loss arising on the
derecognition of the asset (calculated
as the difference between the net
disposal proceeds and the carrying
amount of the asset) is included in
theincome statement when the asset
is derecognised.
2.10 Intangible assets
Intangible assets acquired separately
are initially measured at cost.
Intangible assets arising on business
combinations are initially measured at
fair value. Following initial recognition,
intangible assets are carried at cost or
fair value less accumulated
amortisation and accumulated
impairment losses, if any. Internally
generated intangible assets, excluding
capitalised development costs, are not
capitalised and expenditure is
reflected in the income statement
inthe year in which the expenditure
isincurred.
The useful lives of intangible assets are
assessed as either finite or indefinite.
Intangible assets with finite lives are
amortised on a straight-line basis over
their expected useful life and are
assessed for impairment whenever
there is an indication that the
intangible asset may be impaired.
Amortisation of intangible assets is
provided over the following expected
useful lives:
Patents and brand names 10 to 20 years
Customer relationships and
customer order book
5 to 20 years
Licences 10 years
Development costs 4 to 10 years
Research and development costs
Research costs are expensed as
incurred. Development expenditures
on individual projects are recognised
as an intangible asset when the Group
can demonstrate:
• the technical feasibility of
completing the intangible asset so
that it will be available for use or sale;
• its intention to complete and its
ability to use or sell the asset;
• how the asset will generate future
economic benefits;
• the availability of resources to
complete the asset; and
• the ability to measure reliably the
expenditure during development.
The carrying amount of deferred
income tax assets is reviewed at each
balance sheet date. Deferred income
tax assets and liabilities are offset only
if a legally enforceable right exists to
offset current income tax assets
against current income tax liabilities
and the deferred income taxes relate
to the same tax authority and that
authority permits the Group to make a
single net payment.
Deferred income tax assets and
liabilities are measured on an
undiscounted basis at the income tax
rates that are expected to apply when
the asset is realised or the liability is
settled, based on income tax rates and
laws enacted or substantively enacted
at the balance sheet date.
Income tax is charged or credited to
other comprehensive income if it
relates to items that are charged or
credited to other comprehensive
income. Similarly, income tax is
charged or credited directly to equity if
it relates to items that are charged or
credited directly to equity. Otherwise,
income tax is recognised in the
income statement.
2.9 Property, plant and
equipment
Property, plant and equipment is
stated at cost less accumulated
depreciation and accumulated
impairment losses, if any. Cost
comprises the aggregate amount
paid and the fair value of any other
consideration given to acquire the
asset and includes costs directly
attributable to making the asset
capable of operating as intended.
Depreciation is provided on the cost
less residual value of property, plant
and equipment, and is on a straight-
line basis over its expected useful life
as follows:
Freehold land Nil
Freehold buildings Over expected useful
life not exceeding
50years
Plant and other
equipment
4 to 10 years
The carrying amounts of property,
plant and equipment are reviewed for
impairment if events or changes in
circumstances indicate the carrying
amount may not be recoverable, and
are written down immediately to their
recoverable amount. Useful lives,
residual values and depreciation
methods are reviewed at each
financial year end, and where
adjustments are required, these are
made prospectively.
estimates of variable consideration
and recognises a refund liability for the
expected future rebates. Sales volume
rebate liabilities, both estimated and
actual, are netted off against the
associated trade receivables to the
extent of the individual customer trade
receivable balance. Any remaining
credit balances are included in trade
and other payables.
2.7.2 Interest income
Interest income is recognised as
interest accrues on cash balances
using the effective interest method.
The effective interest rate is the rate
that exactly discounts estimated future
cash receipts through the expected life
of the financial instrument to its net
carrying amount.
2.8 Income taxes
Current income tax
Current income tax assets and
liabilities for the current and prior years
are measured at the amount expected
to be recovered from or paid to the tax
authorities, based on income tax rates
and laws enacted or substantively
enacted at the balance sheet date.
Deferred income tax
Deferred income tax is recognised on
all temporary differences arising
between the tax bases of assets and
liabilities and their carrying amounts in
the consolidated financial statements,
with the following exceptions:
• where the deferred income tax asset
relating to the deductible temporary
difference arises from the initial
recognition of an asset or liability in a
transaction that is not a business
combination and, at the time of the
transaction, affects neither the
accounting profit nor taxable profit
or loss;
• in respect of taxable temporary
differences associated with
investments in subsidiaries, where
the timing of the reversal of the
temporary differences can be
controlled and it is probable that the
temporary differences will not
reverse in the foreseeable future; and
• deferred income tax assets are
recognised only to the extent that it is
probable that taxable profit will be
available against which the
deductible temporary differences,
carried forward tax credits or tax
losses can be utilised.
For deductible temporary differences
associated with investments in
subsidiaries it must additionally be
probable that the temporary
differences will reverse in the
foreseeable future.
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 135

Notes to the Group Financial Statements continued
depreciated on a straight-line basis
over the shorter of its expected useful
life and the lease term. Right-of-use
assets are subject to impairment.
Lease liabilities
At the commencement date of the
lease, the Group recognises lease
liabilities measured at the present
value of lease payments to be made
over the lease term. The lease
payments include fixed payments
(including in-substance fixed
payments) less any lease incentives
receivable, variable lease payments
that depend on an index or a rate, and
amounts expected to be paid under
residual value guarantees. The lease
payments also include the exercise
price of a purchase option reasonably
certain to be exercised by the Group
and payments of penalties for
terminating a lease, if the lease term
reflects the Group exercising the option
to terminate. The variable lease
payments that do not depend on an
index or a rate are recognised as an
expense in the period in which the
event or condition that triggers the
payment occurs.
In calculating the present value of
lease payments, the Group uses the
incremental borrowing rate at the
lease commencement date if the
interest rate implicit in the lease is not
readily determinable. After the
commencement date, the amount of
lease liabilities is increased to reflect
the accretion of interest and reduced
for the lease payments made. In
addition, the carrying amount of lease
liabilities is remeasured if there is a
modification, a change in the lease
term, a change in the in-substance
fixed lease payments or a change in
the assessment to purchase the
underlying asset.
Short-term leases and leases of
low-value assets
The Group applies the short-term
lease recognition exemption to its
short-term leases of machinery and
equipment (i.e. those leases that have
a lease term of 12 months or less from
the commencement date and do not
contain a purchase option). It also
applies the lease of low-value assets
recognition exemption to leases that
are considered of low value. Lease
payments on short-term leases and
leases of low-value assets are
recognised as an expense on a
straight-line basis over the lease term.
The Group bases its impairment
calculations on detailed budgets and
industry forecast calculations which
are prepared separately for each of
the Group’s CGUs to which the
individual assets are allocated. These
budgets and industry forecast
calculations are generally covering a
period of four years. For longer periods,
a long-term growth rate is calculated
and applied to project future cash
flows after the fifth year.
Impairment losses are recognised in
the income statement in those
expense categories consistent with the
function of the impaired asset.
Goodwill
Goodwill has specific characteristics
for impairment and is tested annually
(at 31 December) or when
circumstances indicate that the
carrying amount may be impaired.
Impairment is determined for goodwill
by assessing the recoverable amount
of each CGU to which the goodwill
relates. For the purpose of impairment
testing, goodwill is allocated to the
related CGUs. Each CGU or group of
CGUs to which goodwill is allocated
represents the lowest level within the
entity at which the goodwill is
monitored for internal management
purposes and is not larger than an
operating segment before
aggregation. Where the recoverable
amount of the CGU is less than its
carrying amount, including goodwill,
an impairment loss is recognised in
the income statement.
Impairment losses related to goodwill
are not reversed in future periods.
2.13 Leasing
Right-of-use assets
The Group recognises right-of-use
assets at the commencement date of
the lease (i.e. the date the underlying
asset is available for use). Right-of-use
assets are measured at cost, less any
accumulated depreciation and
impairment losses, and adjusted for
any remeasurement of lease liabilities.
The cost of right-of-use assets
includes the amount of lease liabilities
recognised, initial direct costs incurred,
and lease payments made at or
before the commencement date less
any lease incentives received. Unless
the Group is reasonably certain to
obtain ownership of the leased asset
at the end of the lease term, the
recognised right-of-use assets are
2.11 Government grants
Government grants are recognised
where there is reasonable assurance
that the grant will be received, and all
attached conditions will be complied
with. When the grant relates to an
expense item, it is recognised as
income on a systematic basis over the
periods that the related costs, for
which it is intended to compensate,
are expensed. When the grant relates
to an asset, it is recognised as income
in equal amounts over the expected
useful life of the related asset.
When the Group receives grants of
non-monetary assets, the asset and
the grant are recorded at nominal
amounts and released to the income
statement over the expected useful life
of the asset, based on the pattern of
consumption of the benefits of the
underlying asset by equal annual
instalments.
2.12 Impairment of non-financial
assets
The Group assesses at each balance
sheet date whether there are any
indicators that an asset may
beimpaired.
If any such indication exists, or when
annual impairment testing for an asset
is required, the Group makes an
estimate of the asset’s recoverable
amount in order to determine the
extent of the impairment loss. The
recoverable amount of an asset or
cash-generating unit (CGU) is the
higher of its fair value less costs to sell
and its value-in-use and it is
determined for an individual asset,
unless the asset does not generate
cash flows that are largely
independent of those from other
assets or groups of assets. Where the
carrying amount of an asset exceeds
its recoverable amount, the asset is
considered impaired and is written
down to its recoverable amount. In
assessing value-in-use, the estimated
future pre-tax cash flows are
discounted to their present value using
a pre-tax discount rate that reflects
current market assessments of the
time value of money and the risks
specific to the asset. In determining fair
value less costs to sell, recent market
transactions are taken into account. If
no such transactions can be identified,
an appropriate valuation model is
used. These calculations are
corroborated by valuation multiples or
other available fair value indicators.
136 Genuit Group plc Annual Report & Accounts 2021

When the Group has transferred its
rights to receive cash flows from an
asset or has entered into a pass-
through arrangement, it evaluates if,
and to what extent, it has retained the
risks and rewards of ownership. When it
has neither transferred nor retained
substantially all of the risks and rewards
of the asset, nor transferred control of
the asset, the Group continues to
recognise the transferred asset to the
extent of its continuing involvement. In
that case, the Group also recognises an
associated liability. The transferred
asset and the associated liability are
measured on a basis that reflects the
rights and obligations that the Group
has retained.
Continuing involvement that takes the
form of a guarantee over the
transferred asset is measured at the
lower of the original carrying amount
of the asset and the maximum
amount of consideration that the
Group could be required to repay.
Impairment
The Group recognises an allowance
for expected credit losses (ECLs) for all
financial assets not held at FVTPL. ECLs
are based on the difference between
the contractual cash flows due in
accordance with the contract and all
the cash flows that the Group expects
to receive, discounted at an
approximation of the original effective
interest rate.
For trade receivables, the Group
applies a simplified approach in
calculating ECLs. Therefore, the Group
does not track changes in credit risk,
but instead recognises a loss
allowance based on lifetime ECLs at
each balance sheet date. The Group
has established a provision matrix that
is based on its historical credit loss
experience, adjusted for forward-
looking factors specific to the debtors
and the economic environment.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at
initial recognition, as financial liabilities
at FVTPL, loans and borrowings,
payables, lease liabilities or as
derivatives designated as hedging
instruments in an effective hedge,
asappropriate.
All financial liabilities are recognised
initially at fair value and, in the case
ofloans and borrowings and payables,
net of directly attributable
transactioncosts.
The Group’s business model for
managing financial assets refers to
how it manages its financial assets in
order to generate cash flows. The
business model determines whether
cash flows will result from collecting
contractual cash flows, selling the
financial assets, or both.
The Group’s financial assets include
cash and cash equivalents and trade
and other receivables.
Subsequent measurement
The subsequent measurement of
financial assets depends on their
classification. The Group does not
currently hold any fair value through
other comprehensive income financial
assets.
Financial assets at amortised cost
The Group measures financial assets
at amortised cost if both of the
following conditions are met:
• the financial asset is held within a
business model with the objective to
hold financial assets in order to
collect contractual cash flows; and
• the contractual terms of the financial
asset give rise on specified dates to
cash flows that are solely payments
of principal and interest on the
principal amount outstanding.
Financial assets at amortised cost are
subsequently measured using the
effective interest method and are
subject to impairment. Gains and
losses are recognised in profit or loss
when the asset is derecognised,
modified or impaired.
The Group’s financial assets at
amortised cost includes cash and
cash equivalents, trade receivables
and amounts owed by associated
undertakings.
Derecognition
A financial asset (or, where applicable,
a part of a financial asset or part of a
group of similar financial assets) is
primarily derecognised when:
• the rights to receive cash flows from
the asset have expired; or
• the Group has transferred its rights to
receive cash flows from the asset or
has assumed an obligation to pay
the received cash flows in full without
material delay to a third party under
a ‘pass-through’ arrangement; and
either (a) the Group has transferred
substantially all the risks and rewards
of the asset, or (b) the Group has
neither transferred nor retained
substantially all the risks and rewards
of the asset, but has transferred
control of the asset.
Determining the lease term of
contracts with renewal options
The Group determines the lease term
as the non-cancellable term of the
lease, together with any periods
covered by an option to extend the
lease if it is reasonably certain to be
exercised, or any periods covered by
an option to terminate the lease, if it is
reasonably certain not to be exercised.
The Group has the option, under some
of its leases, to lease the assets for
additional terms. The Group applies
judgement in evaluating whether it is
reasonably certain to exercise the
option to renew. That is, it considers all
relevant factors that create an
economic incentive for it to exercise
the renewal. After the commencement
date, the Group reassesses the lease
term if there is a significant event or
change in circumstances that is
withinits control and affects its ability
to exercise (or not to exercise) the
option to renew (e.g. a change in
business strategy).
2.14 Financial instruments –
initial recognition and
subsequent measurement
A financial instrument is any contract
that gives rise to a financial asset of
one entity and a financial liability or
equity instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial
recognition, as subsequently
measured at amortised cost, fair value
through other comprehensive income,
or fair value through profit or loss (FVTPL).
The classification of financial assets at
initial recognition depends on the
financial asset’s contractual cash flow
characteristics and the Group’s
business model for managing them.
With the exception of trade receivables
that do not contain a significant
financing component, the Group
initially measures a financial asset at
its fair value plus, in the case of a
financial asset not recognised at
FVTPL, transaction costs. Trade
receivables that do not contain a
significant financing component are
measured at the transaction price
determined under IFRS 15.
In order for a financial asset to be
classified and measured at amortised
cost or fair value through other
comprehensive income, it needs to
give rise to cash flows that are ‘solely
payments of principal and interest
(SPPI)’ on the principal amount
outstanding. This assessment is
referred to as the SPPI test and is
performed at an instrument level.
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 137

Notes to the Group Financial Statements continued
ratio is determined). A hedging
relationship qualifies for hedge
accounting if it meets all of the
following effectiveness requirements:
• There is an economic relationship
between the hedged item and the
hedging instrument.
• The effect of credit risk does not
dominate the value changes that
result from that economic
relationship.
• The hedge ratio of the hedging
relationship is the same as that
resulting from the quantity of the
hedged item that the Group actually
hedges and the quantity of the
hedging instrument that the Group
actually uses to hedge that quantity
of hedged item.
Hedges that meet all the qualifying
criteria for hedge accounting are
accounted for as described below:
Cash flow hedge
Cash flow hedging matches the cash
flows of hedged items against the
corresponding cash flows of the
derivative. The effective part of any
profit or loss on the derivative is
recognised directly in other
comprehensive income and the
hedged item is accounted for in
accordance with the policy for that
financial instrument. Any ineffective
part of any profit or loss is recognised
immediately in the income statement.
Amounts taken to other
comprehensive income are
transferred to the income statement
when the hedged transaction affects
profit or loss, such as when a forecast
sale or purchase occurs.
Hedge accounting is discontinued
when the hedging instrument expires
or is sold, terminated, or exercised, or
no longer qualifies for hedge
accounting. At that time, any
cumulative profit or loss on the
hedging instrument recognised in
equity is retained in equity until the
forecast transaction occurs. If a
hedged transaction is no longer
expected to occur, the net cumulative
profit or loss recognised in equity is
transferred to the income statement
for the period.
The Group does not currently have any
designated fair value hedges or net
investment hedges.
2.15 Derivative financial
instruments and hedge
accounting
Initial recognition and
subsequent measurement
The Group uses derivative financial
instruments, such as forward foreign
currency exchange contracts and
interest rate swaps, to hedge its foreign
currency risks and interest rate risks,
respectively. The Group does not use
derivative financial instruments for
speculative purposes. Derivative
financial instruments are initially
recognised at fair value on the date on
which a derivative contract is entered
into and are subsequently remeasured
at fair value. Derivatives are carried as
financial assets when the fair value is
positive and as financial liabilities
when the fair value is negative. A
derivative is presented as a non-
current asset or a non-current liability
if the remaining maturity of the
instrument is more than 12 months and
it is not expected to be realised or
settled within 12 months.
For the purpose of hedge accounting,
hedges are classified as:
• Fair value hedges when hedging the
exposure to changes in the fair value
of a recognised asset or liability or
an unrecognised firm commitment.
• Cash flow hedges when hedging the
exposure to variability in cash flows
that is either attributable to a
particular risk associated with a
recognised asset or liability or a
highly probable forecast transaction
or the foreign currency risk in an
unrecognised firm commitment.
• Hedges of a net investment in a
foreign operation.
At the inception of a hedge
relationship, the Group formally
designates and documents the hedge
relationship to which it wishes to apply
hedge accounting and the risk
management objective and strategy
for undertaking the hedge.
The documentation includes
identification of the hedging
instrument, the hedged item, the
nature of the risk being hedged and
how the Group will assess whether the
hedging relationship meets the hedge
effectiveness requirements (including
the analysis of sources of hedge
ineffectiveness and how the hedge
The Group’s financial liabilities include
trade and other payables, lease
liabilities, deferred and contingent
consideration, loans and borrowings
including bank overdrafts, and
derivative financial instruments.
Subsequent measurement
The measurement of financial liabilities
depends on their classification, as
described below:
Financial liabilities at fair value
through profit or loss
Financial liabilities are classified as
held for trading unless they are
designated as effective hedging
instruments. Profits or losses on
liabilities held for trading are
recognised in the income statement.
The only financial liability at FVTPL that
is not designated as an effective
hedging instrument is the deferred
and contingent consideration (see
Note 18).
Loans and borrowings
After initial recognition, interest-
bearing loans and borrowings are
subsequently measured at amortised
cost using the effective interest
method. Profits and losses arising on
the repurchase, settlement or
otherwise cancellation of liabilities are
recognised in finance revenues and
finance costs, respectively.
Derecognition
A financial liability is derecognised
when the obligation under the liability
is discharged or cancelled or expires.
When an existing financial liability is
replaced by another from the same
lender on substantially different terms,
or the terms of an existing liability are
substantially modified, such an
exchange or modification is treated as
a derecognition of the original liability
and the recognition of a new liability.
The difference in the respective
carrying amounts, together with any
costs or fees incurred, is recognised in
the income statement.
iii) Offsetting of financial
instruments
Financial assets and financial liabilities
are offset and the net amount
reported in the balance sheet if there
is a currently enforceable legal right to
offset the recognised amounts and
there is an intention to settle on a net
basis, to realise the assets and settle
the liabilities simultaneously.
138 Genuit Group plc Annual Report & Accounts 2021

No expense is recognised for awards
that do not ultimately vest, except for
equity-settled transactions where
vesting is conditional upon a market or
non-vesting condition, which are
treated as vesting irrespective of
whether or not the market or non-
vesting condition is satisfied, provided
that all other performance and/or
service conditions are satisfied.
The dilutive effect of outstanding
options is reflected as additional share
dilution in the computation of diluted
earnings per share.
2.22 Cash dividend
The Group recognises a liability to pay
a dividend when the distribution is
authorised and the distribution is no
longer at the discretion of the Group.
Under UK company law a distribution is
authorised when it is approved by the
shareholders. A corresponding
amount is then recognised directly
inequity.
2.23 Own shares
The Group operates an employee
benefit trust (EBT). The Group, and/or
the EBT, holds Genuit Group plc shares
for the granting of Genuit Group plc
shares to employees and Directors.
These shares are recognised at cost
and presented in the balance sheet as
a deduction from equity. No profit or
loss is recognised in the income
statement on the purchase, sale, issue
or cancellation of these shares. No
dividends are earned on these shares,
and they are ignored for the purposes
of calculating the Group’s earnings
pershare.
2.24 Provisions
Provisions are recognised when the
Group has a present obligation (legal
or constructive) as a result of a past
event, it is probable that an outflow of
resources embodying economic
benefits will be required to settle the
obligation and a reliable estimate
canbe made of the amount of
theobligation.
Restructuring provisions are
recognised only when the Group has a
constructive obligation, which is when
a detailed formal plan identifies the
business or part of the business
concerned, the location and number
of employees affected, a detailed
estimate of the associated costs, and
an appropriate timeline, and the
employees affected have been
notified of the plan’s main features.
2.18 Cash and short-term
deposits
Cash and short-term deposits consist
of cash at bank and in hand.
2.19 Pensions
The Group operates defined
contribution pension plans.
Contributions payable in the year are
charged to the income statement. The
assets are held separately from those
of the Group in an independently
administered fund. Differences
between contributions payable in the
year and contributions actually paid
are shown as either accruals or
prepayments in the balance sheet.
2.20 Non-underlying items
The Group presents amortisation of
intangible assets arising on business
combinations, the unwind of inventory
fair value adjustments resulting from
acquisitions, significant profit on
disposal of property, plant and
equipment, restructuring costs,
non-recurring operating costs, finance
costs and tax in respect of acquisitions
as non-underlying items on the face of
the income statement. These are items
of income and expense which,
because of the nature and expected
infrequency of the events giving rise to
them, the Directors consider merit
separate presentation to provide a
better and more consistent indication
of the Group’s underlying financial
performance and a more meaningful
comparison with prior and future
periods to assess trends in financial
performance. The tax effect of the
above is also included.
2.21 Share-based payments
In the case of equity-settled schemes,
the fair value of options granted is
recognised as an employee expense
with a corresponding increase in
equity. The fair value is measured at
the date of grant and spread over the
period during which the employees
become unconditionally entitled to the
options. The value of the options is
measured using the Black–Scholes
and Monte Carlo models, taking into
account the terms and conditions
(including market and non-vesting
conditions) upon which the options
were granted. Non-market vesting
conditions are taken into account by
adjusting the number of equity
instruments expected to vest at each
balance sheet date so that, ultimately,
the cumulative amount recognised
over the vesting period is based on the
number of options that eventually vest.
Note 28 sets out the details of the
fairvalues of the derivative
financialinstruments used for
hedgingpurposes.
2.16 Fair values
The Group measures financial
instruments, such as derivatives, at fair
value at each balance sheet date.
Fair value is the price that would be
received to sell an asset or paid to
transfer a liability in an orderly
transaction between the market
participants at the measurement date.
The fair value measurement is based
on the presumption that the
transaction to sell the asset or transfer
the liability takes place either:
• in the principal market for the asset
or liability; or
• in the absence of a principal market,
in the most advantageous market for
the asset or liability.
The principal or the most
advantageous market must be
accessible by the Group.
The fair value of financial instruments
that are traded in active markets at the
balance sheet date is determined by
reference to quoted market prices or
dealer price quotations, without any
deduction for transaction costs.
For financial instruments not traded in
an active market, the fair value is
determined using appropriate
valuation techniques. Such techniques
may include using recent arm’s length
market transactions; reference to the
current fair value of another
instrument that is substantially the
same; discounted cash flow analysis;
or other valuation models.
An analysis of fair values of financial
instruments and further details as to
how they are measured are provided
in Note 28.
2.17 Inventories
Inventories are stated at the lower of
cost and net realisable value. Cost
includes all costs incurred in bringing
each product to its present location
and condition, as follows:
• Raw materials – purchase cost on a
first in, first out basis.
• Work in progress and finished goods
– cost of direct materials and labour
plus attributable overheads based
on a normal level of activity.
Net realisable value is based on
estimated selling price less any further
costs expected to be incurred to
completion and disposal.
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 139

Notes to the Group Financial Statements continued
for impairment. Goodwill is tested for
impairment annually (at 31 December)
and when circumstances indicate that
the carrying amount may be impaired.
The Group’s impairment test for
goodwill is based on a value-in-use
calculation. The value-in-use
calculation is based on a discounted
cash flow model. The cash flows are
derived from the budgets and
forecasts for the next four years and
do not include restructuring activities
that the Group is not yet committed to
or significant future investments that
will enhance the performance of the
asset or the cash-generating unit
(CGU) being tested. The recoverable
amount is most sensitive to the
discount rate used for the discounted
cash flow model as well as the
expected future cash flows and the
growth rate used for extrapolation
purposes. The key assumptions used
to determine the recoverable amount
for the different CGUs are further
explained in Note 17.
3.5 Contingent consideration
The Directors assess the likelihood that
financial targets will be achieved in
order to trigger the contingent
consideration to the previous owners of
the businesses we have acquired, to
quantify the possible range of that
contingent consideration, and to how
that contingent consideration should be
calculated and disclosed in the
consolidated financial statements. Due
to the inherent uncertainty in this
process, actual liabilities may be
different from those originally estimated.
4. New and amended
accounting standards
andinterpretations
Accounting standards or
interpretations which have
beenadopted in the year
There were no accounting standards
or interpretations that have become
effective in the year which had an
impact on disclosures, financial
position or performance.
Accounting standards or
interpretations issued but
notyeteffective
There were no accounting standards or
interpretations issued which have an
effective date after the date of these
consolidated financial statements that
the Group reasonably expects to have
an impact on disclosures, financial
position or performance.
Subsequently, separately identifiable
goodwill arose on the acquisitions of
Surestop (January 2015), Nuaire (August
2015), Permavoid (August 2018),
Manthorpe (October 2018), Alderburgh
(October 2019) and the February 2021
acquisitions of Adey, Nu-Heat andPlura.
During 2021, following the acquisition of
Adey, Nu-Heat and Plura, the Group
revised its CGU structure to more
accurately reflect the lowest
aggregation of assets that generate
largely independent cash inflows. This
revision has resulted in the number of
CGUs consolidating to seven, from 17
previously, but did not necessitate
goodwill to be reallocated between
the revised CGUs. Accordingly, the
Group did not need to perform an
impairment review immediately prior
to the revision of the CGU structure.
The key assumptions concerning the
future and other key sources of
estimation uncertainty at the balance
sheet date, that have a significant risk
of causing a material adjustment to
the carrying amounts of assets and
liabilities within the next financial year,
are described below. The Group based
its assumptions and estimates on
parameters available when the
consolidated financial statements
were prepared. Existing circumstances
and assumptions about future
developments, however, may change
due to market changes or
circumstances arising that are beyond
the control of the Group. Such changes
are reflected in the assumptions when
they occur.
3.3 Revenue recognition
andcustomer rebates
The Group’s pricing structure involves
rebate arrangements with several of
its direct and indirect customers. These
can be complex in nature and involve
estimation in determining the required
level of provision for rebate liabilities,
particularly where the Group is reliant
on information from customers which
may not be available at the time the
liabilities are assessed.
3.4 Impairment of non-
financialassets
Non-financial assets include goodwill,
other intangible assets, property, plant
and equipment, and inventories. In
accordance with IFRS, the Group
considers whether there are any
indicators of impairment of these
assets. Where indicators of impairment
are identified, the Group tests the asset
3. Judgements and key
sources of estimation
uncertainty
The preparation of the Group’s
consolidated financial statements
requires management to make
judgements, estimates and
assumptions that affect the reported
amounts of revenue, expenses, assets
and liabilities, and the accompanying
disclosures, and the disclosure of
contingent liabilities. Uncertainty about
these assumptions and estimates
could result in outcomes that require a
material adjustment to the carrying
amount of assets or liabilities affected
in future periods.
In the process of applying the Group’s
accounting policies, management has
made the following judgement(s), in
the consolidated financial statements
in the years ended 31 December 2021
and 2020:
3.1 Business combinations
The measurement of fair values on a
business combination requires the
recognition and measurement of the
identifiable assets, liabilities and
contingent liabilities. The key
judgements involved are the
identification of which intangible
assets meet the recognition criteria as
set out in IAS 38, the fair values
attributable to those intangible assets,
and the useful lives of individual
intangible assets. The Group has
applied judgement in determining
whether amounts contingently
payable to previous owners of the
businesses we have acquired should
be recognised as a remuneration cost
in the income statement, or within total
consideration that is allocated to the
fair value of assets and liabilities
included in the balance sheet.
3.2 Determination of Cash
Generating Units
Under IAS 36, Impairment of Assets, the
Group is required to determine its Cash
Generating Units (CGUs) by identifying
the lowest aggregation of assets that
generate largely independent cash
inflows; and perform impairment
assessments at a chosen annual date
(the Group has historically chosen 31
December) or when a triggering event
in accordance with IAS 38 (Intangible
Assets) occurs. When the Group first
adopted IFRS (effective 1 January 2013) it
determined its CGUs and then
allocated the consolidated goodwill at
that time to each of those CGUs.
140 Genuit Group plc Annual Report & Accounts 2021

5. Segment information
IFRS 8, Operating Segments, requires operating segments to be identified on the basis of the internal financial information
reported to the Chief Operating Decision Maker (CODM). The Group’s CODM is deemed to be the Board of Directors, who are
primarily responsible for the allocation of resources to segments and the assessment of performance of the segments.
The Group has two reporting segments – Residential Systems and Commercial and Infrastructure Systems. The reporting
segments sell products which are unique to that segment, and products which are common to both segments. They are
however organised and distinguished as separate reporting segments based on the nature of the end markets served.
There are no significant judgements in aggregating operating segments to arrive at the reporting segments. Inter-segment
sales are on an arm’s length basis in a manner similar to transactions with third parties. During the period, two acquired
businesses were added to the Residential Systems segment and one to the Commercial and Infrastructure Systems
segment (see Note 18).
2021 2020
Residential
Systems
£m
Commercial &
Infrastructure
Systems
£m
Total
£m
Residential
Systems
£m
Commercial &
Infrastructure
Systems
£m
Total
£m
Segmental revenue 378.0 231.8 609.8 228.4 183.0 411.4
Inter-segment revenue (5.1) (10.4) (15.5) (4.5) (8.3) (12.8)
Revenue 372.9 221.4 594.3 223.9 174.7 398.6
Underlying operating profit* 73.1 22.2 95.3 29.8 12.4 42.2
Non-underlying items – segmental (18.5) (8.8) (27.3) (4.4) (7.4) (11.8)
Segmental operating profit 54.6 13.4 68.0 25.4 5.0 30.4
Non-underlying items – Group (0.9) –
Operating profit 67.1 30.4
Non-underlying items – finance costs – (0.1)
Finance costs (4.2) (6.5)
Profit before tax 62.9 23.8
* Underlying operating profit is stated before non-underlying items as defined in the Group Accounting Policies on page 139 and is the
measure of segment profit used by the Group’s CODM. Details of the non-underlying items of £28.2m (2020: £11.9m) are set out below at
Non-underlying items before tax.
Balance sheet
31 December 2021 31 December 2020
Total
assets
£m
Total
liabilities
£m
Total
assets
£m
Total
liabilities
£m
Residential Systems 665.0 (101.9) 369.5 (81.3)
Commercial and Infrastructure Systems 307.6 (60.5) 285.6 (47.9)
Total segment assets/(liabilities) 972.6 (162.4) 655.1 (129.2)
Current and deferred income taxes 1.1 (48.5) 0.6 (10.8)
Net debt excluding lease liabilities 52.3 (197.4) 44.1 (58.9)
Total – Group 1,026.0 (408.3) 699.8 (198.9)
Net assets 617.7 500.9
Capital additions
2021
£m
2020
£m
Residential Systems 20.2 13.6
Commercial and Infrastructure Systems 12.6 11.2
Total – Group 32.8 24.8
Right-of-use asset additions
2021
£m
2020
£m
Residential Systems 2.7 0.9
Commercial and Infrastructure Systems 2.7 0.6
Total – Group 5.4 1.5
Depreciation of property, plant and equipment
2021
£m
2020
£m
Residential Systems 9.9 7.9
Commercial and Infrastructure Systems 8.5 8.4
Total – Group 18.4 16.3
Depreciation of right-of-use assets
2021
£m
2020
£m
Residential Systems 2.2 1.6
Commercial and Infrastructure Systems 2.2 1.9
Total – Group 4.4 3.5
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 141

Notes to the Group Financial Statements continued
Non-underlying items before tax
2021
£m
2020
£m
Residential Systems – amortisation of intangible assets 10.4 3.4
Residential Systems – acquisition costs 3.3 0.6
Residential Systems – restructuring costs 1.1 0.4
Residential Systems – unwind of inventory fair value adjustment 3.7 –
Commercial and Infrastructure Systems – amortisation of intangible assets 3.8 4.4
Commercial and Infrastructure Systems – acquisition costs 2.4 2.3
Commercial and Infrastructure Systems – restructuring costs – 0.7
Commercial and Infrastructure Systems – product liability claim 2.6 –
UK operations 27.3 11.8
Group – unwind of discount on contingent consideration – 0.1
Group – acquisition costs 0.9 –
Total – Group 28.2 11.9
Geographical analysis
Revenue by destination
2021
£m
2020
£m
UK 534.1 354.6
Rest of Europe 38.3 27.6
Rest of World 21.9 16.4
Total – Group 594.3 398.6
Non-current assets
2021
£m
2020
£m
UK 809.4 535.3
Rest of Europe 5.7 5.4
Rest of World – 0.2
Total – Group 815.1 540.9
Non-current assets for this purpose consist of property, plant and equipment, right-of-use assets, goodwill and other
intangible assets.
The Group has two customers (2020: two) which individually accounted for more than 10% of the Group’s total revenue
during 2021. These customers accounted for 13.0% and 10. 4%, respectively (2020: 14.0% and 10.9%, respectively) and are
included in both reporting segments.
6. Operating profit
2021
£m
2020
£m
Income statement charges
Depreciation of property, plant and equipment (owned) 18.4 16.3
Depreciation of right-of-use assets 4.4 3.5
Cost of inventories recognised as an expense 290.4 189.8
Research and development costs expensed 8.8 8.8
Income statement credits
Research and development expenditure credit 2.0 1.0
Profit on disposal of property, plant and equipment 0.2 0.2
7. Auditor’s remuneration
The Group paid the following amounts to the Company’s auditor in respect of the audit of the consolidated financial
statements and for other services provided to the Group.
Auditor’s remuneration for audit services:
2021
£m
2020
£m
Audit of the Company’s annual financial statements – –
Audit of the Company’s subsidiaries 0.7 0.5
Total audit fees 0.7 0.5
The Group paid the Company’s auditor £0.1m for audit related assurance services (2020: £0.1m).
142 Genuit Group plc Annual Report & Accounts 2021

8. Non-underlying items
Non-underlying items comprised:
2021 2020
Gross
£m
Tax
£m
Net
£m
Gross
£m
Tax
£m
Net
£m
Cost of sales: Unwind of inventory fair value adjustment 3.7 – 3.7 – – –
Cost of sales: Restructuring costs 0.2 – 0.2 – – –
Cost of sales: Product liability claim 2.6 (0.5) 2.1 – – –
Administration expenses: Acquisition costs – acquisition
and other M&A activity 6.6 – 6.6 2.9 (0.4) 2.5
Administration expenses: Restructuring costs 0.9 (0.2) 0.7 1.1 (0.2) 0.9
Amortisation of intangible assets 14.2 6.6 20.8 7.8 (0.4) 7.4
Finance costs: Unwind of discount on contingent
consideration – – – 0.1 – 0.1
Total non-underlying items 28.2 5.9 34.1 11.9 (1.0) 10.9
The unwind of the inventory fair value adjustment relates to the fair value uplift of the inventory acquired as part of the Adey
acquisition that has subsequently been sold.
Restructuring costs in 2021 relate to the rationalisation of the number of operating business units.
The product liability claim is associated with a historic acquisition.
Acquisition costs in 2021 relate to the acquisitions of Nu-Heat, Plura and Adey as well as costs associated with other merger
and acquisition activity and contingent consideration treated as remuneration in respect of the acquisition of Plura as
detailed in see Note 18.
The non-underlying tax charge includes £9.3m in respect of restating the deferred income tax liability on intangible assets
as a result of the change in the main UK corporation tax rate (see Note 12).
Acquisition costs in 2020 relate to the contingent consideration treated as remuneration in respect of the acquisition of
Permavoid, as detailed in Note 18, and costs associated with the acquisitions of Nu-Heat, Plura and Adey.
Restructuring costs in 2020 are in relation to actions taken to mitigate the impact of Covid-19, including 104 redundancies.
9. Staff costs
Staff costs (including Directors) comprised:
2021
£m
2020
£m
Wages and salaries 125.9 94.0
Social security costs 14.3 10.1
Other pension costs 5.4 4.2
145.6 108.3
Staff costs in 2020 include a net credit of £7.0m received under the UK Government’s Coronavirus Job Retention Scheme
(CJRS). The Group withdrew from the CJRS on 31 August 2020.
The average monthly number of persons employed by the Group by segment was as follows:
2021 2020
Residential Systems 2,204 1,723
Commercial and Infrastructure Systems 1,454 1,373
Total – Group 3,658 3,096
10. Directors’ remuneration
Details of the Directors’ remuneration are set out below:
2021
£m
2020
£m
Fees 0.4 0.4
Emoluments 3.3 1.4
3.7 1.8
Further details of Directors’ remuneration are provided in the Annual Report on Remuneration. The aggregate amount of
gains made by the Directors on the exercise of share options during the year was £0.4m (2020: £0.6m).
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 143

Notes to the Group Financial Statements continued
11. Finance costs
2021
£m
2020
£m
Interest on bank loan 2.5 4.2
Debt issue cost amortisation 0.5 0.6
Unwind of discount on lease liabilities 0.7 0.5
Other finance costs 0.5 1.2
Unwind of discount on contingent consideration – 0.1
4.2 6.6
12. Income tax
(a) Tax expense reported in the income statement
2021
£m
2020
£m
Current income tax:
UK income tax 9.5 5.0
Overseas income tax 0.5 0.1
Current income tax 10.0 5.1
Adjustment in respect of prior years 0.4 (0.3)
Total current income tax 10.4 4.8
Deferred income tax:
Origination and reversal of temporary differences (1.3) (1.1)
Effects of changes in income tax rates 11.7 1.4
Deferred income tax 10.4 0.3
Adjustment in respect of prior years 1.1 0.2
Total deferred income tax 11.5 0.5
Total tax expense reported in the income statement 21.9 5.3
Details of the non-underlying tax charge of £5.9m (2020: £1.0m credit) are set out in Note 8.
(b) Reconciliation of the total tax expense
A reconciliation between the tax expense and the product of accounting profit multiplied by the UK standard rate of income
tax for the years ended 31 December 2021 and 2020 is as follows:
2021
£m
2020
£m
Accounting profit before tax 62.9 23.8
Accounting profit multiplied by the UK standard rate of income tax of 19.0% (2020: 19.0%) 12.0 4.5
Expenses not deductible for income tax 1.8 0.2
Non-taxable income (1.0) (0.2)
Adjustment in respect of prior years 1.5 (0.1)
Effects of patent box (1.6) (0.4)
Effects of changes in income tax rates 11.4 1.2
Effects of tax losses (1.1) –
Effects of super deduction (0.6) –
Effects of other tax rates/credits (0.5) 0.1
Total tax expense reported in the income statement 21.9 5.3
The effective rate for the full year was 34.8% (2020: 22.3%). If the impact of non-underlying items is excluded, the underlying
income tax rate would be 17.6% (2020: 17.6%).
(c) Deferred income tax
The deferred income tax included in the Group balance sheet is as follows:
2021
£m
2020
£m
Deferred income tax liabilities/(assets)
Short-term timing differences 41.3 8.8
Capital allowances in excess of depreciation 11.1 4.3
Share-based payments (2.3) (1.8)
Tax losses (1.6) (0.5)
48.5 10.8
144 Genuit Group plc Annual Report & Accounts 2021

The Group offsets tax assets and liabilities if, and only if, it has a legally enforceable right to offset current income tax assets
and current income tax liabilities and the deferred income tax assets and deferred income tax liabilities relate to income
taxes levied by the same tax authority.
The deferred income tax liability on short-term timing differences has increased by £32.2m as a result of the intangible
assets arising on the acquisitions of Nu-Heat, Plura and Adey.
A reconciliation of deferred income taxes for the years ended 31 December 2021 and 2020 is as follows:
2021
£m
2020
£m
Deferred income tax reported in the income statement 11.5 0.5
Deferred income tax reported in other comprehensive income – 0.1
Share-based payments excess tax benefit (0.1) (0.3)
Deferred income tax acquired 26.3 –
37.7 0.3
(d) Change in corporation tax rate
The Finance (No.2) Act 2015 reduced the main UK corporation tax rate to 19%, effective from 1 April 2017. A further reduction in
the main UK corporation tax rate to 17% was expected to come into effect from 1 April 2020 (as enacted by the Finance Act
2016 on 15 September 2016). However, legislation introduced in the Finance Act 2020 (enacted on 22 July 2020) repealed the
reduction of the rate, thereby maintaining the current rate of 19%. Deferred income tax on the balance sheet at 31 December
2020 was therefore measured at 19%.
The Finance Act 2021 (enacted on 10 June 2021) included an increase to the main UK corporation tax rate to 25%, effective
from 1 April 2023. Deferred income tax on the balance sheet at 31 December 2021 was therefore measured at 19% or 25%
depending on when the deferred income tax asset or liability is expected to reverse.
(e) Unrecognised tax losses
No deferred income tax has been recognised on non-trading losses and other timing differences of £1.4m (2020: £0.7m) as
the Directors do not consider that they will be utilised in the foreseeable future.
13. Earnings per share
Basic earnings per share amounts are calculated by dividing profit for the year attributable to the owners of the parent
company by the weighted average number of ordinary shares outstanding during the year. The diluted earnings per share
amounts are calculated by dividing profit for the year attributable to the owners of the parent company by the weighted
average number of ordinary shares outstanding during the year plus the weighted average number of potential ordinary
shares that would be issued on the conversion of all the dilutive share options into ordinary shares.
The calculation of basic and diluted earnings per share is based on the following:
2021 2020
Weighted average number of ordinary shares for the purpose of basic earnings per share 245,097,578 218,122,445
Effect of dilutive potential ordinary shares 3,168,838 2,545,315
Weighted average number of ordinary shares for the purpose of diluted earnings per share 248,266,416 220,667,760
Underlying earnings per share is based on the result for the year after tax excluding the impact of non-underlying items of
£34.1m (2020: £10.9m). The Directors consider that this measure provides a better and more consistent indication of the
Group’s underlying financial performance and more meaningful comparison with prior and future periods to assess trends
in our financial performance. The underlying earnings per share is calculated as follows:
2021 2020
Underlying profit for the year attributable to the owners of the parent company (£m) 75.1 29.4
Underlying basic earnings per share (pence) 30.6 13.5
Underlying diluted earnings per share (pence) 30.2 13.3
14. Dividend per share
2021
£m
2020
£m
Amounts recognised as distributions to equity holders in the year:
Final dividend for the year ended 31 December 2020 of 4.8p per share (2019: nil) 11.8 –
Interim dividend for the year ended 31 December 2021 of 4.0p per share (2020: nil) 9.9 –
21.7 –
Proposed final dividend for the year ended 31 December 2021 of 8.2p per share (2020: 4.8p) 20.3 11.8
The proposed final dividend is subject to approval by shareholders at the Annual General Meeting and has not been
included as a liability in these consolidated financial statements.
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 145

Notes to the Group Financial Statements continued
15. Property, plant and equipment
Freehold
land and
buildings
£m
Plant
and other
equipment
£m
Total
£m
Cost
At 1 January 2020 52.1 189.0 241.1
Additions 3.4 21.4 24.8
Disposals (1.2) (50.5) (51.7)
Acquisition of businesses – 0.2 0.2
Exchange adjustment – 0.3 0.3
At 31 December 2020 54.3 160.4 214.7
Additions 3.9 28.9 32.8
Disposals (1.0) (7.7) (8.7)
Transfer to intangible assets – (0.8) (0.8)
Acquisition of businesses 1.2 3.0 4.2
Exchange adjustment – (0.3) (0.3)
At 31 December 2021 58.4 183.5 241.9
Depreciation and impairment losses
At 1 January 2020 7.7 107.6 115.3
Provided during the year 2.0 14.3 16.3
Disposals (1.2) (50.1) (51.3)
Exchange adjustment – 0.2 0.2
At 31 December 2020 8.5 72.0 80.5
Provided during the year 1.6 16.8 18.4
Disposals (1.0) (7.4) (8.4)
Transfer to intangible assets – (0.1) (0.1)
Exchange adjustment – (0.2) (0.2)
At 31 December 2021 9.1 81.1 90.2
Net book value
At 31 December 2021 49.3 102.4 151.7
At 31 December 2020 45.8 88.4 134.2
Included in freehold land and buildings is non-depreciable land of £17.7m (2020: £17.4m).
During 2020, the Group carried out a review of its plant and other equipment register and removed assets with a gross cost
of £48.8m and associated accumulated depreciation of £48.7m. These assets were no longer in use and/or fully
depreciated.
Capital commitments
At 31 December 2021, the Group had commitments of £5.4m (2020: £1.2m) relating to plant and equipment purchases.
16. Right-of-use assets and lease liabilities
Right-of-use assets
Lease
liabilities
Freehold
land
and
buildings
£m
Plant and
other
equipment
£m
Motor
vehicles
£m
Total
£m £m
At 1 January 2020 7.1 7.5 0.2 14.8 (14.8)
Additions 0,2 1.3 – 1.5 (1.5)
Depreciation (1.5) (1.9) (0.1) (3.5) –
Unwind of discount – – – – (0.5)
Settlements – – – – 4.0
Exchange adjustment 0.1 – – 0.1 (0.1)
At 31 December 2020 5.9 6.9 0.1 12.9 (12.9)
Additions 2.9 2.5 – 5.4 (5.4)
Acquisition of businesses 6.0 0.8 – 6.8 (6.8)
Depreciation (2.1) (2.3) – (4.4) –
Unwind of discount – – – – (0.7)
Settlements – – – – 5.1
Exchange adjustment – (0.1) – (0.1) 0.1
At 31 December 2021 12.7 7.8 0.1 20.6 (20.6)
146 Genuit Group plc Annual Report & Accounts 2021

17. Intangible assets
Goodwill
£m
Patents
£m
Brand
names
£m
Customer
relationships
£m
Licences
£m
Customer
order book
£m
Development
costs
£m
Total
£m
Cost
At 1 January 2020 345.6 34.4 30.3 17.4 0.8 – – 428.5
Acquisition of businesses (0.2) – – – – – – (0.2)
At 31 December 2020 345.4 34.4 30.3 17.4 0.8 – – 428.3
Additions – 0.3 – – – – 1.2 1.5
Transfer from tangible assets – – – – – – 0.8 0.8
Acquisition of businesses 122.3 4.8 36.2 96.9 – 0.9 – 261.1
At 31 December 2021 467.7 39.5 66.5 114.3 0.8 0.9 2.0 691.7
Amortisation and impairment losses
At 1 January 2020 – 9.1 11.5 6.0 0.1 – – 26.7
Charge for the year – 3.0 2,8 1.9 0.1 – – 7.8
At 31 December 2020 – 12.1 14.3 7.9 0.2 – – 34.5
Charge for the year – 3.3 4.9 5.5 0.1 0.4 0.1 14.3
Transfer from tangible assets – – – – – – 0.1 0.1
At 31 December 2021 – 15.4 19.2 13.4 0.3 0.4 0.2 48.9
Net book value
At 31 December 2021 467.7 24.1 47.3 100.9 0.5 0.5 1.8 642.8
At 31 December 2020 345.4 22.3 16.0 9.5 0.6 – – 393.8
Goodwill arising on the acquisition of businesses was increased by £122.3m following the acquisition of Nu-Heat (Holdings)
Limited, Plura Composites Limited, London Topco Limited (Adey) and Tree Ground Solutions Limited as detailed in Note 18.
During 2020, goodwill arising on the acquisition of businesses was reduced by £0.2m, following finalisation of the calculation
of the fair value of assets and liabilities acquired in October 2019, in respect of the Alderburgh group of companies.
Impairment testing of goodwill
Goodwill is not amortised but is subject to annual impairment testing. Goodwill has been allocated for impairment testing
purposes to a number of cash-generating units (CGUs) which represent the lowest level in the Group at which goodwill is
monitored for internal management purposes. The carrying amount of goodwill allocated to each of the CGUs is as follows:
CGU
31 December
2021
£m
31 December
2020
£m
Building Services & International 33.6 33.6
Infrastructure & Landscape 40.7 40.5
Residential Systems 169.6 169.6
Ventilation & Climate 93.7 93.7
Adey 104.8 –
Nu-Heat 17.3 –
Others (comprising Surestop and Ulster) 8.0 8.0
467.7 345.4
Impairment tests on the carrying amounts of goodwill are performed by analysing the carrying amount allocated to each
CGU against its value-in-use. Value-in-use is calculated for each CGU as the net present value of that CGU’s discounted
future pre-tax cash flows. These pre-tax cash flows are based on budgeted cash flows information for a period of one year,
construction industry forecasts of growth for the following year and growth of between 2.74% to 2.80% thereafter (2020: 2.68%
to 2.80%).
A pre-tax discount rate of 10.4% (2020: 10.0%) has been applied in determining the recoverable amounts of CGUs. The pre-tax
discount rate is estimated based on the Group’s risk adjusted cost of capital.
The Group has applied sensitivities to assess whether any reasonably possible changes in assumptions could cause an
impairment that would be material to these consolidated financial statements. The application of these sensitivities did not
cause an impairment of goodwill.
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 147

Notes to the Group Financial Statements continued
18. Acquisitions
Acquisition-related deferred and contingent consideration comprised:
31 December
2021
£m
31 December
2020
£m
Deferred and contingent consideration on Plura acquisition 4.3 –
Contingent consideration on Permavoid acquisition 0.5 3.4
4.8 3.4
Acquisition-related cash flows comprised:
2021
£m
2020
£m
Operating cash flows – settlement of acquisition costs
Nu-Heat 0.6 –
Plura 0.7 –
Adey 3.1 –
Permavoid 2.5 –
Other – aborted acquisition costs – 1.2
6.9 1.2
2021
£m
2020
£m
Investing cash flows – settlement of deferred and contingent consideration
Alderburgh – 0.3
Permavoid – 1.5
– 1.8
2021
£m
2020
£m
Investing cash flows – acquisition of businesses net of cash at acquisition
Nu-Heat 25.8 –
Plura 1.8 –
Adey 208.6 –
Tree Ground Solutions 0.2 –
236.4 –
Nu-Heat
On 2 February 2021, the Group acquired 100% of the voting rights and shares of Nu-Heat (Holdings) Limited (Nu-Heat), the
leading supplier of sustainable underfloor heating solutions, air and ground source heat pumps, and other renewable
heating systems, for a consideration of £27.0m on a cash-free, debt-free basis. The total cash consideration of £24.8m
included a payment of £5.7m for net cash on completion and was net of loans and borrowings at acquisition of £6.7m.
Additional debt and debt-like items amounted to £1.2m.
Details of the acquisition, including fair value adjustments, were as follows:
Fair
value
£m
Property, plant and equipment 0.5
Right-of-use assets 0.3
Intangible assets 11.7
Inventories 1.4
Trade and other receivables 0.7
Cash and cash equivalents 5.7
Trade and other payables (3.3)
Loans and borrowings (6.7)
Lease liabilities (0.3)
Income tax payable (0.2)
Deferred income tax liabilities (2.3)
Net identifiable assets 7.5
Goodwill on acquisition 17.3
Total cash consideration 24.8
148 Genuit Group plc Annual Report & Accounts 2021

The ‘Nu-Heat’ brand, order book and customer relationships have been recognised as specific intangible assets as a result
of this acquisition. Fair value adjustments principally relate to the recognition of intangible assets and deferred income tax
arising on these adjustments. The goodwill arising on the acquisition primarily represented the assembled workforce,
technical expertise and market share. The goodwill is allocated entirely to the Residential Systems segment.
The fair value of trade and other receivables was £0.7m. The gross amount of trade and other receivables was £0.8m
anditis expected that the full contractual amounts can be collected.
Post-acquisition Nu-Heat contributed £15.5m revenue and £2.4m underlying operating profit which were included in the
Group income statement. If Nu-Heat had been acquired on 1 January 2021, the Group’s results for the twelve months
ended31 December 2021 would have shown revenue of £595.5m and underlying operating profit of £95.2m.
Acquisition costs of £0.4m were expensed and are included in non-underlying items in administration expenses.
Acquisitioncosts of £0.6m were fully cash settled in the year, including £0.2m that was included in trade and other
payablesat 31December 2020.
Plura
On 5 February 2021, the Group acquired 51% of the voting rights and shares of Plura Composites Ltd (Plura) for an initial cash
consideration of £1.25m, and a further payment in respect of the option to acquire the remaining 49% of between £6.0m and
£16.4m depending on the EBITDA performance of Plura in the 12-month period ending no earlier than 5 February 2024 and no
later than 31 July 2024. Under the contractual arrangements, the Group’s approval is required for all major operational
decisions. Based on this, the Group has concluded that Plura Composites Ltd is a wholly owned subsidiary, and the Group
controls it with no non-controlling interests.
Plura provides a range of products for utility companies, road and rail operators, network builders and designers in the
construction and maintenance of their networks. Plura’s manufacturing expertise lies in pultrusion, compression moulding,
injection moulding and fabrications.
Details of the acquisition, including fair value adjustments, were as follows:
Fair
value
£m
Property, plant and equipment 0.7
Right-of-use assets 1.7
Intangible assets 3.2
Inventories 0.9
Trade and other receivables 1.8
Cash and cash equivalents 0.2
Trade and other payables (2.4)
Loans and borrowings (0.7)
Lease liabilities (1.7)
Deferred income tax liabilities (0.5)
Net identifiable assets 3.2
Less: estimated contingent consideration (1.9)
Initial cash consideration 1.3
Customer relationships is the only material intangible asset that has been recognised as a result of this acquisition. Fair
value adjustments principally relate to the recognition of intangible assets and deferred income tax arising on these
adjustments. The goodwill arising on the acquisition is immaterial.
The fair value of trade and other receivables was £1.8m. The gross amount of trade and other receivables was £1.8m and it is
expected that the full contractual amounts can be collected.
Post-acquisition Plura contributed £5.9m revenue and £0.1m underlying operating profit which were included in the Group
income statement. If Plura had been acquired on 1 January 2021, the Group’s results for the twelve months ended
31December 2021 would have shown revenue of £594.7m and underlying operating profit of £95.2m.
Acquisition costs of £0.4m were expensed and are included in non-underlying items in administration expenses. Acquisition
costs of £0.7m were fully cash settled in the year, including £0.3m that was included in trade and other payables at
31December 2020.
Contingent consideration of £4.3m has been recognised at 31 December 2021. Of this, £1.9m is contingent on EBITDA
performance in the third year of trading following acquisition and has been included in the purchase consideration. The
balance of £2.4m has been included in non-underlying items in administration expenses and is contingent on EBITDA
performance in the third year of trading following acquisition as well as the continued employment of key personnel. This
second payment is being accrued over the three-year period.
Contingent consideration was determined using the Directors’ assessment of the likelihood that financial targets will be
achieved. There is no material difference between the estimated cash consideration and the fair value. The estimated cash
consideration is derived from the budgets and forecasts for Plura.
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 149

Notes to the Group Financial Statements continued
Adey
On 10 February 2021, the Group acquired 100% of the voting rights and shares of London Topco Limited (Adey) for a
consideration of £210.0m on a cash-free, debt-free basis. Adey is the UK’s leading provider of magnetic filters, chemicals and
related products, which protect against magnetite and other performance constraints in water-based heating systems and
improve energy efficiency, operating in predominantly residential end markets. The cash consideration of £86.6m included
a payment of £7.3m for net cash on completion and was net of loans and borrowings at acquisition of £129.3m. Additional
debt and debt-like items amounted to £1.4m.
Details of the acquisition, including fair value adjustments, were as follows:
Fair
value
£m
Property, plant and equipment 3.0
Right-of-use assets 4.8
Intangible assets 123.9
Inventories 10.0
Trade and other receivables 11.5
Cash and cash equivalents 7.3
Trade and other payables (19.1)
Loans and borrowings (129.3)
Lease liabilities (4.8)
Derivative financial instruments (0.8)
Other liabilities (0.7)
Income tax payable (0.5)
Deferred income tax liabilities (23.5)
Net identifiable liabilities (18.2)
Goodwill on acquisition 104.8
Total cash consideration 86.6
Customer relationships (£90.5m), the ‘Adey’ brand (£28.6m) and patents (£4.8m) have been recognised as specific
intangible assets as a result of this acquisition. The customer relationships have been recognised with useful economic lives
of between 10 to 20 years due to the strength of Adey's relationships with key customers. Fair value adjustments principally
relate to the recognition of intangible assets and deferred income tax arising on these adjustments. The goodwill arising on
the acquisition primarily represented the assembled workforce, technical expertise and market share. The goodwill is
allocated entirely to the Residential Systems segment.
The fair value of trade and other receivables was £11.5m. The gross amount of trade and other receivables was £11.8m and it
is expected that the full contractual amounts can be collected.
Post-acquisition Adey contributed £56.1m revenue and £18.1m underlying operating profit which were included in the Group
income statement. If Adey had been acquired on 1 January 2021, the Group’s results for the twelve months ended
31December 2021 would have shown revenue of £605.7m and underlying operating profit of £97.2m.
Acquisition costs of £2.9m were expensed and are included in non-underlying items in administration expenses. Of the
£2.9m acquisition costs, £2.7m were fully cash settled in the year in addition to £0.4m that were included in trade and other
payables at 31 December 2020. A further £0.2m is included in trade and other payables at 31 December 2021.
Tree Ground Solutions
On 3 May 2021, the Group acquired the remaining 50% of the share capital of Tree Ground Solutions BV (TGS), taking the total
shareholding to 100%, for a cash consideration of £0.2m (€0.25m). The cash consideration of £0.2m included an immaterial
payment for net cash on completion.
Details of the acquisition were as follows:
Fair
value
£m
Inventories 0.1
Trade and other receivables 0.4
Trade and other payables (0.4)
Net identifiable assets 0.1
Less: initial investment (0.1)
Goodwill on acquisition 0.2
Total cash consideration 0.2
150 Genuit Group plc Annual Report & Accounts 2021

There have been no fair value adjustments following the acquisition. The goodwill arising on the acquisition primarily
represented the assembled workforce, technical expertise and market share. The goodwill is allocated entirely to the
Commercial and Infrastructure Systems segment.
The fair value of trade and other receivables was £0.4m. The gross amount of trade and other receivables was £0.4m and it
is expected that the full contractual amounts will be collected.
Post-acquisition TGS contributed £1.1m revenue and £0.1m of underlying operating profit which were included in the Group
income statement. If TGS had been acquired on 1 January 2021, the Group’s results for the twelve months ended
31December 2021 would have shown revenue of £594.9m and underlying operating profit of £95.3m.
Acquisition costs were negligible and have been expensed and included in non-underlying items in administration expenses.
Permavoid
On 31 August 2018, the Group acquired 100% of the share capital of Permavoid Limited (Permavoid), a specialist designer and
supplier of surface water management solutions in commercial, residential, and sports pitch applications, for an initial cash
consideration of £4.3m on a cash and debt-free, normalised working capital basis, and further contingent consideration
depending on the EBITDA performance of Permavoid in the two years to 30 September 2020.
During the year a payment of £2.5m was made that was contingent on EBITDA performance in the second year of trading
following acquisition and the continued employment of key personnel. Contingent consideration at fair value of £3.4m was
held on the balance sheet at 31 December 2020 and was accrued over the two-year period. A balance of £0.5m contingent
consideration is held on the balance sheet at 31 December 2021 with £0.4m having been released non-underlying items in
administration expenses in the income statement. A further agreement has been made whereby up to £0.5m is payable
contingent on EBIT performance for the year ending 31 December 2021. Accordingly, the aggregate consideration is
expected to be approximately £8.8m.
19. Investments
Details of Group undertakings
Details of the investments in which the Group holds 20% or more of the nominal value of any class of share capital at
31December 2021 are set out in Note 4 to the parent company financial statements.
20. Inventories
31 December
2021
£m
31 December
2020
£m
Raw materials 23.9 16.3
Work in progress 10.3 7.6
Finished goods 46.6 28.7
80.8 52.6
All inventories are carried at cost less a provision to take account of slow-moving and obsolete items. The provision at
31December 2021 was £12.0m (2020: £6.8m).
21. Trade and other receivables
31 December
2021
£m
31 December
2020
£m
Trade receivables 69.7 51.6
Amounts owed by associated undertakings – 0.5
Prepayments 7.0 9.5
76.7 61.6
Trade receivables are non-interest bearing and are generally settled on 30 days’ credit.
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 151

Notes to the Group Financial Statements continued
Expected credit losses
The Group maintains a substantial level of credit insurance covering a significant proportion of its trade receivables which
mitigates against expected credit losses. Therefore, such credit losses are not significant.
The ageing of trade receivables at the balance sheet date was as follows:
31 December 2021 31 December 2020
Gross
£m
Allowance
for expected
credit losses
£m
Total
£m
Gross
£m
Allowance
for expected
credit losses
£m
Total
£m
Not past due 41.7 (0.2) 41.5 40.2 (0.1) 40.1
Past due 1 to 30 days 22.8 (0.2) 22.6 9.7 (0.1) 9.6
Past due 31 to 90 days 5.5 (0.2) 5.3 0.8 (0.1) 0.7
Past due more than 90 days 1.1 (0.8) 0.3 2.0 (0.8) 1.2
71.1 (1.4) 69.7 52.7 (1.1) 51.6
The movements in the allowance for expected credit losses of trade receivables comprised:
£m
At 31 December 2019 0.9
Charged to the income statement during the year 0.7
Utilised during the year (0.5)
At 31 December 2020 1.1
Acquisition of businesses 0.4
Credited to the income statement during the year (0.1)
At 31 December 2021 1.4
22. Cash and cash equivalents
Cash and cash equivalents comprised:
31 December
2021
£m
31 December
2020
£m
Cash at bank and in hand 52.3 44.1
Cash at bank earns interest at variable rates based on daily bank deposit rates. The Group only deposits cash surpluses
with banks that have as a minimum a single A credit rating.
23. Share capital and reserves
Share capital
31 December 2021 31 December 2020
Number* £ Number* £
Authorised share capital:
Ordinary shares of £0.001 each 248 248,170 228 228,466
Allotted, called up and fully paid:
Ordinary shares of £0.001 each 248 248,170 228 228,466
* Millions of shares.
The ordinary shares are voting non-redeemable shares and rank equally as to dividends, voting rights and any return of
capital on winding up.
Share premium
On 11 February 2021, the Group conducted a non-pre-emptive placing of 18,704,085 new ordinary shares at £5.15 per share
generating gross proceeds of £96.3m with issue costs of £2.7m. Net proceeds in excess of the nominal value of £93.6m have
been credited to the share premium account. A further £0.1m of listing fees have been incurred and charged to the income
statement in 2021.
Capital redemption reserve
Following the consolidation and subdivision of shares in 2014 the Company’s deferred shares were cancelled. In order to
maintain the Company’s capital, a transfer was made from retained earnings to a capital redemption reserve at that time.
Own shares
Own shares represent the cost of Genuit Group plc shares purchased in the market and held by the Company, and/or the
employee benefit trust (EBT), to satisfy the future exercise of options under the Group’s share option schemes.
During the year the Group issued 1,000,000 shares (2020: 500,000 shares) to the EBT at the nominal value of £0.001.
152 Genuit Group plc Annual Report & Accounts 2021

At 31 December 2021, the Group held 965 (2020: 965) of its own shares at an average cost of 420p (2020: 420p) per share. The
market value of these shares at 31 December 2021 was less than £0.1m (2020: less than £0.1m). The nominal value of each
share is £0.001.
The EBT held 353,585 shares at 31 December 2021 (2020: 205,907) at an average cost of 0.1p (2020: 0.1p) per share. The market
value of these shares at 31 December 2021 was £2.1m (2020: £1.2m). The nominal value of each share is £0.001.
Hedging reserve
The hedging reserve contains the effective portion of the cash flow hedge relationships entered into by the Group in respect
of interest rate swaps and forward foreign currency derivatives as discussed in Note 28.
Foreign currency retranslation reserve
The foreign currency retranslation reserve is used to record exchange differences arising from the translation of the financial
statements of foreign subsidiaries.
Other reserves
On 7 May 2020, the Group conducted a non-pre-emptive placing of 26,966,300 new ordinary shares at £4.45 per share
generating gross proceeds of £120.0m. The placing was undertaken using a cashbox structure. As a result, the Group was
able to take relief under Section 612 of the Companies Act 2006 from crediting share premium and instead transfer the net
proceeds in excess of the nominal value to other reserves. Advisers’ fees of £3.5m have been netted off against the gross
proceeds. A further £0.1m of listing fees have been incurred and charged to the income statement in 2020.
Capital management
The primary objective of the Group’s capital management is to ensure that it maintains an appropriate capital structure to
support its business objectives and maximise shareholder value. The Group regards shareholders’ equity and net debt as its
capital. The Group’s net debt is defined as cash and cash equivalents, loans and borrowings, and lease liabilities. At 31
December 2021, the Group had bank debt of £198.0m (2020: £60.0m), an undrawn committed revolving credit facility of
£102.0m (2020: £240.0m), cash of £52.3m (2020: £44.1m), an uncommitted accordion facility of £50.0m (2020: nil) and lease
liabilities of £20.6m (2020: £12.9m). A key objective of the Group is to maintain sufficient liquidity (cash and committed bank
facilities) in order to meet its cash commitments including interest payments due on that debt. No changes were made to
the objectives, policies or processes during the years ended 31 December 2021 and 31 December 2020.
24. Share-based payments
Share options were granted by the Company under its various share option schemes as detailed in the table below:
Exercise
price
£
31
December
2020
Number
Granted
Number
Dividend
Accrual
Exercised
Number
Lapsed/
forfeited
Number
31
December
2021
Number
Date
first
exercisable
Expiry
date
2014 Sharesave (granted 2017) 3.10 130,462 – – (124,531)
1
(5,931) – 1 Nov 2020 30 April 2021
2014 Sharesave (granted 2018) 2.98 689,553 – – (553,283)
2
(19,327) 116,943 1 Nov 2021 30 April 2022
2014 Sharesave (granted 2019) 3.05 1,114,739 – – (15,030)
3
(65,685) 1,034,024 1 Nov 2022 30 April 2023
2014 Sharesave (granted 2020) 3.45 1,611,095 – – (1,858)
4
(146,802) 1,462,435 1 Dec 2023 31 May 2024
2014 Sharesave (granted 2021) 5.78 – 1,005,123 – – (6,847) 998,276 1 Dec 2024 31 May 2025
2014 LTIP (granted 10 May 2016) Nil 142,102 – – (37,937)
5
– 104,165 10 May 2019 10 May 2026
2014 LTIP (granted 2 May 2017) Nil 42,943 – – (13,654)
6
– 29,289 2 May 2020 2 May 2027
2014 LTIP (granted 22 May 2017) Nil 5,973 – – – – 5,973 22 May 2020 22 May 2027
2014 LTIP (granted 2 May 2018) Nil 484,591 – – (87,124)
7
(364,820) 32,647 2 May 2021 2 May 2028
2014 LTIP (granted 30 April 2019) Nil 526,151 – – – – 526,151 30 April 2022 30 April 2029
2014 LTIP (granted 22 Nov 2019) Nil 23,531 – – – – 23,531 22 Nov 2022 22 Nov 2029
2014 LTIP (granted 22 June 2020) Nil 633,899 – – – – 633,899 22 June 2023 22 June 2030
2014 LTIP (granted 20 May 2021) Nil – 676,916 – – – 676,916 20 May 2024 20 May 2031
DSBP (granted 2 May 2018) Nil 9,578 – (5) (9,573)
8
– – 2 May 2021 2 May 2028
DSBP (granted 30 April 2019) Nil 31,430 – 242 (12,235)
9
– 19,437 30 April 2021 30 April 2029
DSBP (granted 22 June 2020) Nil 16,906 – 214 – – 17,120 22 June 2022 22 June 2030
5,462,953 1,682,039 451 (855,225) (609,412) 5,680,806
1. The weighted average share price at the date of exercise of these options was £5.64.
2. The weighted average share price at the date of exercise of these options was £6.40.
3. The weighted average share price at the date of exercise of these options was £5.78.
4. The weighted average share price at the date of exercise of these options was £5.59.
5. The weighted average share price at the date of exercise of these options was £6.15.
6. The weighted average share price at the date of exercise of these options was £6.96.
7. The weighted average share price at the date of exercise of these options was £5.81.
8. The weighted average share price at the date of exercise of these options was £5.59.
9. The weighted average share price at the date of exercise of these options was £5.59.
At 31 December 2021, 292,541 (2020: 321,480) share options were exercisable at a weighted average exercise price of £1.19
(2020: £1.26) per share.
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 153

Notes to the Group Financial Statements continued
Sharesave Plan
Sharesave Plan options were granted to eligible employees on 21 October 2021 at an exercise price of £5.78 per share, a 20%
discount to the average share price over the three business days preceding the offer. Participating employees can exercise
their options to purchase the shares acquired through their savings plans at the option price after three years. These
options have an exercise date of 2024 to 2025.
Long-Term Incentive Plan (LTIP)
LTIP options were awarded to a number of senior executives on 20 May 2021. These options have an exercise date of 2024 to
2031. The vesting of each award is subject to the satisfaction of certain performance criteria, of which 25% is based on total
shareholder return (the TSR element), 25% is based on sustainability performance (the sustainability element) and 50% is
based on earnings per share (the EPS element). Further details of the scheme are provided in the Annual Report
onRemuneration.
Deferred Share Bonus Plan (DSBP)
There were no awards made under the DSBP in 2021.
All these equity-settled, share-based payments are measured at fair value at the date of grant. The fair value determined
at the date of grant of the equity-settled, share-based payments is expensed to the income statement on a straight-line
basis over the vesting period, based on the Group’s estimates of shares that will eventually vest, with a corresponding
adjustment to equity. Fair value for the Sharesave Plan options is measured by use of a Black–Scholes model. Fair value of
the LTIP options is measured by use of a Monte Carlo model. The expected life used in the models has been adjusted, based
on management’s best estimate for the effects of non-transferability, exercise restrictions and behavioural considerations.
The assumptions used for each share-based payment were as follows:
2014
LTIP
options
granted
20 May
2021
2014
Sharesave
options
granted
2021
Share price at the date of grant £6.03 £6.96
Exercise price Nil £5.78
Shares under option 676,916 1,005,123
Vesting period (years) 3.00 3.25
Expected volatility 35.4% 37.8%
Median volatility of the comparator group 38.2% n/a
Expected life (years) 3.00 3.25
Risk free rate 0.14% 0.69%
Dividend yield 2.5% 2.5%
TSR performance of the Company at the date of grant 1.9% n/a
Median TSR performance of the comparator group at the date of grant 38.2% n/a
Correlation (median) 33.3% n/a
Fair value per option £4.91 £2.02
2014
LTIP
options
granted
22 June
2020
2014
Sharesave
options
granted
2020
Share price at the date of grant £4.40 £4.54
Exercise price Nil £3.45
Shares under option 633,899 1,618,815
Vesting period (years) 3.00 3.25
Expected volatility 33.9% 33.4%
Median volatility of the comparator group 38.2% n/a
Expected life (years) 3.00 3.25
Risk free rate (0.05)% (0.11)%
Dividend yield 2.5% 2.5%
TSR performance of the Company at the date of grant (18.5)% n/a
Median TSR performance of the comparator group at the date of grant (24.4)% n/a
Correlation (median) 33.3% n/a
Fair value per option £2.71 £1.18
154 Genuit Group plc Annual Report & Accounts 2021

The expected volatility is based on historical share price movements. The Directors anticipate it is possible the performance
criteria in relation to the LTIP options may not be met.
2021
£m
2020
£m
Share-based payments charge for the year 2.2 1.4
25. Trade and other payables
31 December
2021
£m
31 December
2020
£m
Trade payables 94.1 75.1
Other taxes and social security costs 11.2 18.6
Accruals 30.2 18.5
135.5 112.2
Trade payables are non-interest bearing and generally settled on 30 to 60 day terms.
26. Financial liabilities
31 December
2021
£m
31 December
2020
£m
Non-current loans and borrowings:
Bank loan
– principal 198.0 60.0
– unamortised debt issue costs (0.6) (1.1)
Total non-current loans and borrowings 197.4 58.9
Cash at bank and in hand (52.3) (44.1)
Net debt excluding lease liabilities 145.1 14.8
31 December
2021
£m
31 December
2020
£m
Other financial liabilities:
Trade and other payables 135.5 112.2
Lease liabilities 20.6 12.9
Other liabilities 1.4 0.7
Deferred and contingent consideration 4.8 3.4
Derivative financial instruments 0.1 –
162.4 129.2
Bank loan
On 19 November 2018, the Group entered into an Amendment and Restatement Agreement with various lenders in respect of
the Group’s previous revolving credit facility agreement dated 4 August 2015. The bank loan, which comprised a £300.0m
revolving credit facility and £50.0m uncommitted accordion facility, was secured and would have matured in November
2023 (with two further uncommitted annual renewals through to November 2025 possible). The Group incurred £1.7m of debt
issue costs in respect of entering into the Amendment and Restatement Agreement dated 19 November 2018 which were
capitalised and are being amortised to the income statement over the term of the facility to November 2023.
On 4 May 2020, the Group entered into a revised Amendment and Restatement Agreement with its banking group to provide
the additional £50.0m Covid-19 facility for a period of 12 months, leaving the Group with £350.0m of total revolving credit
facilities for the next 12 months. The Group also secured agreement from its banking group to temporarily waive certain
requirements within the Group’s revolving credit facility and suspend the June 2020 quarterly leverage covenant test. The
Group incurred £0.3m of debt issue costs in respect of entering into the revised Amendment and Restatement Agreement
which were capitalised and amortised to the income statement over the 12-month term of the facility. The facility expired in
May 2021.
Interest was payable on the bank loan at LIBOR plus an interest margin ranging from 0.90% to 2.75% which is dependent on
the Group’s leverage (net debt excluding lease liabilities as a multiple of pro forma EBITDA) and reduces as the Group’s
leverage reduces. The interest margin at 31 December 2021 was 1.40% (2020: 1.40%). With effect from 4 January 2022, LIBOR
was replaced by the Standard Overnight Index Average (SONIA). Pro forma EBITDA for the year was £117.9m (2020: £59.6m),
and is defined as pre-IFRS 16 underlying operating profit before depreciation, amortisation and share-based payment
charges, for the 12 months preceding the balance sheet date adjusted where relevant to include a full year of EBITDA from
acquisitions made during those 12 months.
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 155

Notes to the Group Financial Statements continued
2021
£m
2020
£m
Pro forma EBITDA (12 months preceding the balance sheet)
Underlying operating profit 95.3 42.2
Depreciation of property, plant and equipment 18.4 16.3
Amortisation of internally generated intangible assets 0.1 –
Unwind of discount on lease liabilities (0.7) (0.5)
Share-based payments charge 2.5 1.6
115.6 59.6
EBITDA from acquisitions 2.3 –
117.9 59.6
At 31 December 2021, the Group had available, subject to covenant headroom, £102.0m (2020: £240.0m) of undrawn
committed borrowing facilities in respect of which all conditions precedent had been met.
The Group is subject to a number of covenants in relation to its bank loan which, if breached, would result in the bank loan
becoming immediately repayable. These covenants specify certain maximum limits in terms of net debt, excluding lease
liabilities, as a multiple of pro forma EBITDA and interest cover. At 31 December 2021, the Group was not in breach of any bank
covenants. The covenant position was as follows:
Covenant
Covenant
requirement
Position at
31 December
2021
Interest cover (Underlying operating profit : Finance costs excluding debt issue cost amortisation) >4.0:1 31.3:1
Leverage (Net debt excluding lease liabilities : pro forma EBITDA) <3.0:1 1.2:1
The interest cover and leverage covenants remain at 4.0:1 and 3.0:1, respectively, throughout the remaining term of the
revolving credit facility to November 2023, though there exists the option to apply to extend the leverage covenant to 3.5:1 for
a limited period of time if the Group makes an acquisition.
Euro-Commercial Paper
On 1 May 2020, the Group entered into a £100.0m Euro-Commercial Paper Programme with Citibank N.A. (acting as Issuing
and Paying Agent) under the UK Government’s joint HM Treasury and Bank of England Covid Corporate Financing Facility
(CCFF). On 14 May 2020, the Company drew down £99.463m under the CCFF and issued £100.0m of Euro-Commercial Paper
to the Bank of England at a coupon rate of 0.65% per annum maturing on 12 March 2021. On 8 September 2020, the Euro-
Commercial Paper was bought back for £99.710m inclusive of accrued coupon. The Company incurred minimal costs in
respect of entering into the CCFF, which have been charged to the income statement in 2020.
27. Related party transactions
Compensation of key management personnel (including Directors):
2021
£m
2020
£m
Short-term employee benefits 4.8 2.3
Share-based payments 0.7 0.4
5.5 2.7
Key management personnel comprise the Executive Directors and other key managers in the Group.
156 Genuit Group plc Annual Report & Accounts 2021

28. Financial risk management objectives and policies
The Group’s principal financial liabilities comprise loans and borrowings, deferred and contingent consideration, lease
liabilities, derivative financial instruments and trade and other payables. The main purpose of these financial liabilities is
tofinance the Group’s operations. The Group has trade and other receivables and cash that are derived directly from
itsoperations.
The Group is exposed to interest rate cash flow, foreign currency exchange, credit and liquidity risk.
The Group’s senior management oversees the mitigation of these risks which are summarised as follows:
Interest rate cash flow risk
The interest rate on the Group’s £300m revolving credit facility is variable, being payable at LIBOR plus a margin. With effect
from 4 January 2022, LIBOR was replaced by the Standard Overnight Index Average (SONIA).
In order to reduce the Group’s exposure to potential future increases in interest rates, the Group previously entered into
interest rate swaps which expired in August 2020, with interest payable at a fixed rate return of 1.735% (excluding margin).
Foreign currency exchange risk
Foreign currency exchange risk is the risk that the fair value of a financial instrument or future cash flows will fluctuate
because of changes in foreign currency exchange rates. The Group’s exposure to the risk of changes in foreign currency
exchange rates relates primarily to the Group’s operating activities where the revenue or expense is denominated in a
currency other than the functional currency of the entity undertaking the transaction.
The Group enters into forward foreign currency exchange contracts for the purchase and sale of foreign currencies in order
to manage its exposure to fluctuations in currency rates, primarily in respect of US Dollar and Euro receipts and payments.
Foreign currency exchange sensitivity
The table below demonstrates the sensitivity to a 10% change in the Euro exchange rate versus Pounds Sterling, the
presentational currency of the Group used for translation purposes, on the net assets and profit after tax of the Group. The
Group’s exposure to foreign currency exchange rate changes for all other currencies is not material.
Change in exchange rate
Effect on
net assets
£m
Effect on
profit after
tax
£m
2021
10% strengthening of Pounds Sterling: against Euro (0.8) (0.1)
10% weakening of Pounds Sterling: against Euro 1.0 0.1
2020
10% strengthening of Pounds Sterling: against Euro (0.5) (0.1)
10% weakening of Pounds Sterling: against Euro 0.6 0.1
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily for trade receivables)
and from its financing activities, including cash deposits with banks.
Trade receivables
Customer credit risk is managed by each subsidiary subject to the Group’s established policy, procedures and controls
relating to customer credit risk management. Credit quality of the customer is assessed based on an extensive credit rating
scorecard and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables
are regularly monitored and any shipments to major export customers are generally covered by letters of credit or other
forms of credit insurance.
The requirement for impairment is analysed at each balance sheet date on an individual basis for major clients.
Additionally, a large number of minor receivables are grouped into homogeneous groups and assessed for impairment
collectively. The calculation is based on actually incurred historical data. The maximum exposure to credit risk at the
balance sheet date is the carrying amount of each class of financial assets as disclosed in Note 21 which is adjusted for
forward-looking information.
The Group does not hold collateral as security. The Group evaluates the concentration of risk with respect to trade
receivables as low. At 31 December 2021, 39% (2020: 39%) of net trade receivables were covered by credit insurance which is
subject to the normal policy deductibles.
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 157

Notes to the Group Financial Statements continued
Financial instruments and cash deposits
The Group maintains strong liquidity through cash balances and deposits (£52.3m at 31 December 2021) and its undrawn
committed revolving credit facility (£102.0m at 31 December 2021) which matures in November 2023 (with two further
uncommitted annual renewals through to November 2025 possible).
Credit risk arising from cash deposits with banks is managed in accordance with the Group’s established treasury policy,
procedures and controls. Deposits of surplus funds are made only with banks that have as a minimum a single A credit
rating. The Group’s maximum exposure to credit risk for the components of the balance sheet at 31 December 2021 and
31December 2020 is the carrying amounts as illustrated in Note 22.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s approach
to managing liquidity is to ensure that it will always have sufficient liquidity to meet its liabilities when due, under both
normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation. The
Group had cash and cash equivalents of £52.3m and undrawn and committed credit facilities of £102.0m at 31 December
2021, and no debt maturities within 12 months.
The table below summarises the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments:
31 December 2021
< 3 months
£m
3 to 12
months
£m
1 to 5
years
£m
> 5 years
£m
Total
£m
Bank loan – principal – – 198.0 – 198.0
Other financial liabilities:
Trade and other payables 135.5 – – – 135.5
Deferred and contingent consideration 0.5 – 4.3 – 4.8
Forward foreign currency derivatives 6.0 – – – 6.0
Lease liabilities 0.9 3.6 11.1 8.3 23.9
Other liabilities – 0.5 – 0.9 1.4
142.9 4.1 213.4 9.2 369.6
31 December 2020
< 3 months
£m
3 to 12
months
£m
1 to 5
years
£m
> 5 years
£m
Total
£m
Bank loan – principal – – 60.0 – 60.0
Other financial liabilities:
Trade and other payables 112.2 – – – 112.2
Deferred and contingent consideration 3.4 – – – 3.4
Forward foreign currency derivatives 5.6 – – – 5.6
Lease liabilities 0.8 2.7 9.4 – 12.9
Other liabilities – – 0.7 – 0.7
122.0 2.7 70.1 – 194.8
158 Genuit Group plc Annual Report & Accounts 2021

Fair values of financial assets and financial liabilities
The book value of trade and other receivables, trade and other payables, cash balances, bank loan and other liabilities
equates to fair value.
The table below sets out the Group’s accounting classification of its other financial liabilities and their carrying amounts and
fair values:
Carrying
value
£m
Fair
value
£m
Forward foreign currency derivatives (designated as hedging instruments) 0.1 0.1
Interest-bearing loans and borrowings due after more than one year
(designated as financial liabilities measured at amortised cost) 197.4 197.4
Deferred and contingent consideration (designated as financial liabilities at FVTPL) 4.8 4.8
Lease liabilities (designated as financial liabilities measured at amortised cost) 20.6 20.6
Total at 31 December 2021 222.9 222.9
Carrying
value
£m
Fair
value
£m
Interest-bearing loans and borrowings due after more than one year
(designated as financial liabilities measured at amortised cost) 58.9 58.9
Deferred and contingent consideration (designated as financial liabilities at FVTPL) 3.4 3.4
Lease liabilities (designated as financial liabilities measured at amortised cost) 12.9 12.9
Total at 31 December 2020 75.2 75.2
The fair values were determined as follows by reference to:
• Forward foreign currency derivatives: quoted exchange rates.
• Deferred and contingent consideration: Directors’ assessment of the likelihood that financial targets will be achieved (see
Note 18).
• Lease liabilities: present value of lease payments to be made over the lease terms.
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation
technique:
Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;
Level 2: other techniques for which all inputs which have a significant effect on the recognised fair value are observable,
either directly or indirectly; and
Level 3: techniques which use inputs which have a significant effect on the recognised fair value that are not based on
observable market data.
The fair values disclosed above, with the exception of deferred and contingent consideration which is categorised as Level 3,
all relate to items categorised as Level 2.
There have been no transfers in any direction between Levels 1, 2 or 3 in the years ended 31 December 2021 and 2020.
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 159

The Directors are responsible
forpreparing the Annual Report
andthefinancial statements in
accordance with applicable UK
lawand regulations.
UK company law requires the Directors
to prepare financial statements for
eachfinancial year. Under that law the
Directors have elected to prepare the
financialstatements in accordance
with UK-Adopted International
Accounting Standards (IFRSs).
Under company law the Directors must
not approve the financial statements
unless they are satisfied that they give
a true and fair view of the state of
affairs ofthe Company and of the
profit or loss of the Company for
thatperiod.
In preparing these financial
statements the Directors are
requiredto:
• select suitable accounting policies
inaccordance with IAS 8, Accounting
Policies, Changes in Accounting
Estimates and Errors, and then apply
themconsistently;
• make judgements and accounting
estimates that are reasonable
andprudent;
• present information, including
accounting policies, in a
mannerthat provides relevant,
reliable, comparable and
understandable information;
Directors’ Responsibilities
Statement
In relation to the parent company financial statements
• provide additional disclosures
whencompliance with the specific
requirements in IFRSs is insufficient
toenable users to understand the
impact of particular transactions,
other events and conditions on the
Company’s financial position and
financial performance;
• state whether IFRSs have been
followed, subject to any material
departures disclosed and explained
in the financial statements; and
• prepare the financial statements
onthe going concern basis unless
itis appropriate to presume that
theCompany will not continue
inbusiness.
The Directors are responsible for
keeping adequate accounting records
that are sufficient to show and explain
the Company’s transactions and
disclose with reasonable accuracy at
any time the financial position of the
Company and enable them to ensure
that the financial statements comply
with the Companies Act 2006. They are
also responsible for safeguarding the
assets of the Company and hence
fortaking reasonable steps for the
prevention and detection of fraud
andother irregularities.
160 Genuit Group plc Annual Report & Accounts 2021

Notes
31 December
2021
£m
31 December
2020
£m
Non-current assets
Investments 4 245.5 243.8
Current assets
Amounts owed by subsidiary undertakings and other receivables 5 190.9 190.6
Total assets 436.4 434.4
Current liabilities
Amounts owed to subsidiary undertakings and other payables 6 (51.4) (120.0)
Net assets 385.0 314.4
Capital and reserves
Equity share capital 7 0.2 0.2
Share premium 7 93.6 –
Capital redemption reserve 7 1.1 1.1
Own shares 7 – –
Other reserves 7 116.5 116.5
Retained earnings 173.6 196.6
Total equity 385.0 314.4
Included in retained earnings is a loss for the year of £5.5m (2020: £3.5m loss).
The financial statements were approved for issue by the Board of Directors and signed on its behalf by:
Joe Vorih
Director
15 March 2022
Paul James
Director
15 March 2022
Company Registration No. 06059130
Company Balance Sheet
At 31 December 2021
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 161

Equity
share
capital
£m
Share
premium
£m
Capital
redemption
reserve
£m
Own
shares
£m
Other
reserves
£m
Retained
earnings
£m
Total
equity
£m
At 31 December 2019 0.2 – 1.1 – – 196.5 197.8
Loss for the year – – – – – (3.5) (3.5)
Total comprehensive income for the year – – – – – (3.5) (3.5)
Issue of share capital – – – – 120.0 – 120.0
Transaction costs on issue of share capital – – – – (3.5) – (3.5)
Share-based payments charge – – – – – 1.4 1.4
Share-based payments settled – – – – – 2.1 2.1
Share-based payments excess tax benefit – – – – – 0.1 0.1
At 31 December 2020 0.2 – 1.1 – 116.5 196.6 314.4
Loss for the year – – – – – (5.5) (5.5)
Total comprehensive income for the year – – – – – (5.5) (5.5)
Dividends paid – – – – – (21.7) (21.7)
Issue of share capital – 96.3 – – – – 96.3
Transaction costs on issue of share capital – (2.7) – – – – (2.7)
Share-based payments charge – – – – – 2.2 2.2
Share-based payments settled – – – – – 2.1 2.1
Share-based payments excess tax benefit – – – – – (0.1) (0.1)
At 31 December 2021 0.2 93.6 1.1 – 116.5 173.6 385.0
Company Statement
ofChanges in Equity
For the year ended 31 December 2021
162 Genuit Group plc Annual Report & Accounts 2021

31 December
2021
£m
31 December
2020
£m
Operating activities
Loss before tax (5.7) (3.5)
Net finance cost – 0.3
Operating loss (5.7) (3.2)
Transaction costs on issue of share capital 0.1 0.1
Non-cash items: Share-based payments 0.5 0.3
Operating cash flows before movement in working capital (5.1) (2.8)
Movement in working capital:
Receivables (0.2) (0.1)
Payables 0.4 (1.0)
Inter-group balances (69.0) (114.3)
Net cash flows from operating activities (73.9) (118.2)
Financing activities
Issue of share capital 96.3 120.0
Transaction costs on issue of share capital (2.8) (3.6)
Issue of Euro-Commercial Paper – 99.4
Buyback of Euro-Commercial Paper – (99.7)
Dividends paid (21.7) –
Proceeds from exercise of share options 2.1 2.1
Net cash flows from financing activities 73.9 118.2
Net change in cash and cash equivalents – –
Cash and cash equivalents at 1 January – –
Cash and cash equivalents at 31 December – –
Company Cash
FlowStatement
For the year ended 31 December 2021
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 163

Notes to the Company
Financial Statements
For the year ended 31 December 2021
satisfied that the Group has sufficient
liquidity and covenant headroom to
withstand reasonable variances to the
base forecast, as well as the downside
scenarios. In addition, the Directors
have noted the range of possible
additional liquidity options available to
the Group, should they be required.
As a result, the Directors have satisfied
themselves that the Company has
adequate financial resources to
continue in operational existence for a
period of at least the next 15 months.
Accordingly, they continue to adopt
the going concern basis in preparing
the financial statements.
2.3 Investments
Investments in subsidiary undertakings
are held at historical cost less any
applicable provision for impairment.
2.4 Share-based payments
In the case of equity-settled schemes,
the fair value of options granted is
recognised as an employee expense
with a corresponding increase in
equity. The fair value is measured at
the date of grant and spread over the
period during which the employees
become unconditionally entitled to the
options. The value of the options is
measured using the Black–Scholes
and Monte Carlo models, taking into
account the terms and conditions
(including market and non-vesting
conditions) upon which the options
were granted. Non-market vesting
conditions are taken into account by
adjusting the number of equity
instruments expected to vest at each
balance sheet date so that, ultimately,
the cumulative amount recognised
over the vesting period is based on the
number of options that eventually vest.
No expense is recognised for awards
that do not ultimately vest, except for
equity-settled transactions where
vesting is conditional upon a market or
non-vesting condition, which are
treated as vesting irrespective of
whether or not the market or non-
vesting condition is satisfied, provided
that all other performance and/or
service conditions are satisfied.
are presented in Pounds Sterling and
all values are rounded to one decimal
place of a million (£m) unless
otherwise indicated. No income
statement or statement of
comprehensive income is presented
by the Company as permitted by
Section 408 of the Companies Act
2006. The results of Genuit Group plc
are included in the consolidated
financial statements of Genuit
Groupplc.
2.2 Going concern
The Directors have made enquiries into
the adequacy of the Company’s
financial resources, through a review of
the Group’s budget and medium-term
financial plan, including cash flow
forecasts. The Group has modelled a
range of scenarios, with the base
forecast being one in which, over the 18
months ending 30 June 2023, sales
volumes grow in line with or
moderately above external
construction industry forecasts.
In addition, the Directors have
considered several downside
scenarios, including adjustments to
the base forecast, a period of
significantly lower like-for-like sales,
profitability and cash flows. Consistent
with our Principal Risks and
Uncertainties these downside
scenarios included, but were not
limited to, loss of production, loss of a
major customer, product failure,
recession, increases in interest rates
and increases in raw material prices.
Downside scenarios also included a
combination of these risks, and reverse
stress testing. The Directors have
considered the impact of climate-
related matters on the going concern
assessment and it is not expected to
have a significant impact on the
Group’s going concern.
At 31 December 2021, the Group had
available £102.0m of undrawn
committed borrowing facilities in
respect of which all conditions
precedent had been met. These
borrowing facilities are available until
at least November 2023, subject to
covenant headroom. The Directors are
1. Authorisation of financial
statements
The parent company financial
statements of Genuit Group plc
(formerly Polypipe Group plc) (the
‘Company’) for the year ended 31
December 2021 were authorised for
issue by the Board of Directors on 15
March 2022 and the balance sheet
was signed on the Board’s behalf by
Joe Vorih and Paul James.
Genuit Group plc is a public limited
company incorporated and domiciled
in England and Wales. The principal
activity of the Company is that of a
holding company.
2. Summary of significant
accounting policies
The basis of preparation and
accounting policies used in preparing
the historical financial information for
the year ended 31 December 2021 are
set out below. These accounting
policies have been consistently
applied in all material respects to all
the periods presented.
2.1 Basis of preparation and
statement of compliance with
IFRSs
The Company’s financial statements
have been prepared in accordance
with UK-Adopted International
Accounting Standards ('UK-Adopted
IAS'). In preparing the Company’s
financial statements the Directors
have considered the impact of climate
change. This included an assessment
of investments and how they could be
impacted by measures taken to
address global warming. No issues
were identified that would impact
thecarrying values of such assets or
have any other impact on the
financialstatements.
The accounting policies which follow
set out those policies which apply in
preparing the financial statements for
the year ended 31 December 2021.
The Company’s financial statements
have been prepared on a historical
cost basis. The financial statements
164 Genuit Group plc Annual Report & Accounts 2021

The financial effect of awards by the Company of options over its equity shares to employees of subsidiary undertakings are
recognised by the Company in its individual financial statements. In particular, the Company records an increase in its
investment in subsidiaries with a corresponding adjustment to equity equivalent to the IFRS 2 cost in subsidiary undertakings.
2.5 Cash dividend
The Company recognises a liability to pay a dividend when the distribution is authorised and the distribution is no longer at
the discretion of the Company. Under UK company law a distribution is authorised when it is approved by the shareholders.
A corresponding amount is then recognised directly in equity.
2.6 Own shares
The Company operates an employee benefit trust (EBT). The Company, and/or the EBT, holds Genuit Group plc shares for the
granting of Genuit Group plc shares to employees and Directors. These shares are recognised at cost and presented in the
balance sheet as a deduction from equity. No profit or loss is recognised in the income statement on the purchase, sale,
issue or cancellation of these shares. No dividends are earned on these shares.
2.7 Financial instruments
The Company policy for accounting for financial instruments is consistent with the Group policy detailed in Note 2.14 of the
Group’s consolidated financial statements. A financial instrument is any contract that gives rise to a financial asset of one
entity and a financial liability or equity instrument of another entity. The Company’s only financial assets are amounts owed
by subsidiary undertakings (see Note 5).
3. Dividend per share
2021
£m
2020
£m
Amounts recognised as distributions to equity holders in the year:
Final dividend for the year ended 31 December 2020 of 4.8p per share (2019: nil) 11.8 –
Interim dividend for the year ended 31 December 2021 of 4.0p per share (2020: nil) 9.9 –
21.7 –
Proposed final dividend for the year ended 31 December 2021 of 8.2p per share (2020: 4.8p) 20.3 11.8
The proposed final dividend is subject to approval by shareholders at the Annual General Meeting and has not been
included as a liability in these financial statements.
4. Investments
Shares in
subsidiary
undertakings
£m
Cost
At 1 January 2020 242.7
Additions – share-based payments 1.1
At 31 December 2020 243.8
Additions – share-based payments 1.7
At 31 December 2021 245.5
Net book value
At 31 December 2021 245.5
At 31 December 2020 243.8
At 1 January 2020 242.7
In 2021, an adjustment in respect of share-based payments of £1.7m (2020: £1.1m) was made to shares in subsidiary
undertakings, representing the financial effects of awards by the Company of options over its equity shares to employees of
subsidiary undertakings. The total contribution to date was £6.3m (2020: £4.6m).
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 165

Notes to the Company Financial Statements continued
The companies in which the Company had an interest at 31 December 2021 are shown below:
Name of company Country of incorporation Holding
Proportion
of voting
rights and
shares held
AAA Holdings Limited
1†
England & Wales Ordinary £1 100%
*
Adey Commercial Limited
2
England & Wales Ordinary £1 100%
*
Adey Holdings (2008) Limited
2†
England & Wales Ordinary £1 100%
*
Adey Innovation Limited
2
England & Wales Ordinary £1 100%
*
Adey Innovation LLC
3
United States of America n/a 100%
*
Adey Innovation SAS
4
France Ordinary €1 100%
*
Adey Innovation (Shanghai) Water Treatment Technology Co. Ltd
5
China n/a 100%
*
Alderburgh Limited
1
England & Wales Ordinary £1 100%
*
Alderburgh Ireland Limited
6
Republic of Ireland Ordinary €1 100%
*
Alpha Scientific Ltd
2
England & Wales Ordinary £0.01 100%
*
Drain Products Europe BV
7
The Netherlands Ordinary €100 100%
*
Environmental Sustainable Solutions Ltd
1
England & Wales Ordinary £1 100%
*
Equaflow Ltd
1†
England & Wales Ordinary £1 50%
*
Ferrob Ventilation Ltd
1
England & Wales Ordinary £1 100%
*
Genuit Limited
1
England & Wales Ordinary £1 100%
*
Hayes Pipes (Ulster) Limited
8
Northern Ireland Ordinary £1 100%
*
Home Ventilation (Ireland) Limited
9
Northern Ireland Ordinary £1 100%
*
Infra Green Limited
1†
England & Wales Ordinary £1 100%
*
Insulated Damp-Proof Course Limited
1
England & Wales Ordinary £1 100%
*
London Bidco Limited
2†
England & Wales Ordinary £1 100%
*
London Finco Limited
2†
England & Wales Ordinary £1 100%
*
London Topco Limited
2†
England & Wales Ordinary £0.01 – £1 100%
*
Manthorpe Building Products Limited
1
England & Wales Ordinary £1 100%
*
Manthorpe Building Products Holdings Limited
1
England & Wales Ordinary £1 100%
*
Mason Pinder (Toolmakers) Limited
1
England & Wales Ordinary £1 100%
*
Nuaire Limited
1
England & Wales Ordinary £1 100%
*
Nu-Heat (Holdings) Limited
1†
England & Wales Ordinary £0.01 100%
*
Nu-Heat UK Limited
1
England & Wales Ordinary £1 100%
*
Nuhold Limited
1
England & Wales Ordinary £0.1 100%
*
Nu-Oval Acquisitions 1 Limited
1†
England & Wales Ordinary £0.94 – £1 100%
*
Nu-Oval Acquisitions 2 Limited
1†
England & Wales Ordinary £1 100%
*
Nu-Oval Acquisitions 3 Limited
1
England & Wales Ordinary £1 100%
*
Oracstar Limited
1
England & Wales Ordinary £1 100%
*
Permavoid Limited
1
England & Wales Ordinary £1 100%
*
Permavoid Technologies Limited
1
England & Wales Ordinary £1 100%
*
Permavoid Technologies (USA) Limited
1
England & Wales Ordinary £1 100%
*
Permavoid Technologies (USA) LLC
10
United States of America Ordinary $1 100%
*
Pipe Holdings plc
1
England & Wales Ordinary £1 100%
*
Pipe Holdings 1 plc
1
England & Wales Ordinary £1 100%
*
Pipe Holdings 2 Limited
1†
England & Wales Ordinary £1 100%
*
Pipe Luxembourg Sarl
11
Luxembourg Ordinary £1 100%
Plumbexpress Limited
1
England & Wales Ordinary £1 100%
*
Plura Composites Ltd
12
England & Wales Ordinary £1 51%
*
Polydeck Limited
13
England & Wales Ordinary £1 51%
*
Polypipe Limited
1
England & Wales Ordinary £0.1 100%
*
Polypipe Building Products Limited
1
England & Wales Ordinary £1 100%
*
Polypipe Civils Limited
1
England & Wales Ordinary £1 100%
*
Polypipe Commercial Building Systems Limited
1
England & Wales Ordinary £1 100%
*
Polypipe Group 1 Limited (formerly Genuit Group Limited)
1
England & Wales Ordinary £0.01 100%
*
Polypipe (Ireland) Ltd
8
Northern Ireland Ordinary £1 100%
*
Polypipe Italia SRL
14
Italy Ordinary €0.52 100%
*
Polypipe Middle East FZE
15
United Arab Emirates Ordinary 1m UAE Dirhams 100%
*
Polypipe T.D.I. Limited
1
England & Wales Ordinary £1 100%
*
Polypipe Terrain Limited
1
England & Wales Ordinary £1 100%
*
166 Genuit Group plc Annual Report & Accounts 2021

Name of company Country of incorporation Holding
Proportion
of voting
rights and
shares held
Polypipe Terrain Holdings Limited
1
England & Wales Ordinary £1 100%
*
Polypipe Trading Limited
1
England & Wales Ordinary £0.1 100%
*
Polypipe (Ulster) Limited
8
Northern Ireland Ordinary £1 100%
*
Polypipe Ventilation Limited
1
England & Wales Ordinary £1 100%
*
Robimatic Limited
1
England & Wales Ordinary £1 100%
*
Solutek Environmental Limited
1
England & Wales Ordinary £1 100%
*
Surestop Limited
1
England & Wales Ordinary £1 100%
*
Sustainable Water and Drainage Systems BV
7
The Netherlands Ordinary €1 50%
*
Sustainable Water and Drainage Systems Limited
1†
England & Wales Ordinary £1 50%
*
Tree Ground Solutions BV
7
The Netherlands Ordinary €10 100%
*
Water Management Solutions LLC
16
Qatar Ordinary 1,000 Qatari Riyals 49%
*
All the companies operate principally in their country of registration and in the same class of business as the Group.
* Theshares in the undertakings marked with an asterisk are held by subsidiary undertakings.
† We report that these companies are excluded from the obligation to carry out the audit required under Section 479A of the Companies
Act 2006 because data in the accounts of these companies shall be guaranteed by Genuit Group plc under Section 479C of the
Companies Act 2006.
Registered offices of subsidiaries:
1. 4 Victoria Place, Holbeck, Leeds, LS11 5AE.
2. Unit 2 St Modwen Park, Haresfield, Stonehouse, Gloucestershire, GL10 3EZ.
3. PO Box 38664, Pittsburgh, PA, 15328, United States of America.
4. 119B Rue de Colombes, 92600 Asnieres Sur Seine, France.
5. Room 308-18, No. 998, South Shen Bin Road, Min Hang District, Shanghai, China.
6. Ballybrack, Kilmacthomas, Co. Waterford.
7. Kattenburgerstraat 5, 1018, JA, Amsterdam, The Netherlands.
8. Dromore Road, Lurgan, Co. Armagh, BT66 7HL.
9. 19 Bedford Street, Belfast, BT2 7EJ.
10. 251 Little Falls Drive, Wilmington, Delaware, 19808-1674, United States of America.
11. 15 Boulevard F.W. Raiffeisen, L-2411 Luxembourg.
12. Unit 5 Johnsons Estate, Tarran Way South, Tarran Industrial Estate, Moreton, Wirral, Merseyside, CH46 4TP.
13. Unit 14 Burnett Industrial Estate, Cox’s Green, Wrington, Bristol, Somerset, BS40 5QP.
14. Localita Pianmercato 5C-D-H, 16044 Cicagna, Genova, Italy.
15. PO Box 18679, Showroom A2 SR 07, First Al Khail Street, Jebel Ali Free Zone, Dubai, United Arab Emirates.
16. Level 15, Commercial Bank Plaza, West Bay, Doha, Qatar.
5. Amounts owed by subsidiary undertakings and other receivables
31 December
2021
£m
31 December
2020
£m
Amounts owed by subsidiary undertakings 189.9 189.9
Deferred income tax assets 0.7 0.6
Prepayments 0.3 0.1
190.9 190.6
No material allowance for expected credit losses is deemed necessary in respect of amounts owed by subsidiary
undertakings.
6. Amounts owed to subsidiary undertakings and other payables
31 December
2021
£m
31 December
2020
£m
Amounts owed to subsidiary undertakings 50.2 119.2
Other payables 1.2 0.8
51.4 120.0
7. Share capital and reserves
Share capital
31 December 2021 31 December 2020
Number** £ Number** £
Authorised share capital:
Ordinary shares of £0.001 each 248 248,170 228 228,466
Allotted, called up and fully paid:
Ordinary shares of £0.001 each 248 248,170 228 228,466
** Millions of shares.
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 167

Notes to the Company Financial Statements continued
The ordinary shares are voting non-redeemable shares and rank equally as to dividends, voting rights and any return of
capital on winding up. Details of share options in issue on the Company’s share capital and share-based payments are set
out in Note 24 to the Group’s consolidated financial statements.
Share premium
On 11 February 2021, the Company conducted a non-pre-emptive placing of 18,704,085 new ordinary shares at £5.15 per
share generating gross proceeds of £96.3m with issue costs of £2.7m. Net proceeds in excess of the nominal value of £93.6m
have been credited to the share premium account. A further £0.1m of listing fees have been incurred and charged to the
income statement in 2021.
Capital redemption reserve
Following the consolidation and subdivision of shares in 2014 the Company’s deferred shares were cancelled. In order to
maintain the Company’s capital a transfer was made from retained earnings to a capital redemption reserve at that time.
Own shares
Own shares represent the cost of Genuit Group plc shares purchased in the market and held by the Company, and/or the
employee benefit trust (EBT), to satisfy the future exercise of options under the Group’s share option schemes. These shares
are recognised at cost and presented in the balance sheet as a deduction from equity. No profit or loss is recognised in the
income statement on the purchase, sale, issue or cancellation of these shares. No dividends are earned on these shares.
During the year the Group issued 1,000,000 shares (2020: 500,000 shares) to the EBT at the nominal value of £0.001.
Other reserves
On 7 May 2020, the Company conducted a non-pre-emptive placing of 26,966,300 new ordinary shares at £4.45 per share
generating gross proceeds of £120.0m. The placing was undertaken using a cashbox structure. As a result, the Company
was able to take relief under Section 612 of the Companies Act 2006 from crediting share premium and instead transfer the
net proceeds in excess of the nominal value to other reserves. Advisers’ fees of £3.5m have been netted off against the
gross proceeds. A further £0.1m of listing fees have been incurred and charged to the income statement in 2020.
8. Profit for the financial year
Genuit Group plc has not presented its own income statement as permitted by Section 408 of the Companies Act 2006.
Theloss for the year dealt with in the financial statements of the Company was £5.5m (2020: £3.5m loss for the year).
The only employees remunerated by the Company were the Directors of the Company. Remuneration paid to the Directors
is disclosed in Note 10 to the Group’s consolidated financial statements.
Amounts paid to the Company’s auditor in respect of the audit of the financial statements of the Company are disclosed in
Note 7 to the Group’s consolidated financial statements.
Fees paid to the auditor for non-audit services to the Company itself are not disclosed in the individual financial statements
of the Company because the Group’s consolidated financial statements are prepared which are required to disclose such
fees on a consolidated basis. These are disclosed in Note 7 to the Group’s consolidated financial statements.
9. Related party transactions
The following table provides the analysis of transactions that have been entered into with related parties:
31 December 2021 31 December 2020
Recharges
(to)/from
related
parties
£m
Amounts
owed to
related
parties
£m
Recharges
from related
parties
£m
Amounts
owed to
related
parties
£m
Polypipe Limited (69.0) 50.2 14.9 119.2
Loan
advanced
£m
Amounts
owed by
related
parties
£m
Loan
advanced
£m
Amounts
owed by
related
parties
£m
Pipe Holdings 1 plc:
Eurobonds – 64.9 – 64.9
Preference shares – 18.3 – 18.3
Other – 0.9 – 0.9
Pipe Holdings 2 Limited – 6.4 – 6.4
Pipe Holdings plc – 99.4 99.4 99.4
– 189.9 99.4 189.9
Other related party transactions are disclosed in Note 27 to the Group’s consolidated financial statements.
168 Genuit Group plc Annual Report & Accounts 2021

Shareholder
Information
Registrar services
Our shareholder register is managed
and administered by Link Group.
LinkGroup should be able to help
youwith most questions you have
inrelation to your holding in Genuit
Group plc shares.
Link Group can be contactedat:
Link Group
10th Floor
Central Square
29 Wellington Street
Leeds
LS1 4DL
www.linkgroup.eu
Shareholder helpline for information
relating to your shares call:
+44 (0)371 664 0300
Website helpline for information
onusing this website call:
+44 (0)371 664 0391
Calls to 0371 are charged at the
standard geographic rate and will vary
by provider. Calls outside the United
Kingdom are charged at the
applicable international rate.
We are open between 09:00–17:30,
Monday to Friday excluding public
holidays in England and Wales.
e-mail: enquiries@linkgroup.co.uk
In addition, Link offers a range of other
services to shareholders including a
share dealing service and a share
portal to manage your holdings.
Financial calendar
Preliminary Announcement of Results for the year ended 31 December 2021 15 March 2022
Annual General Meeting 19 May 2022
Final dividend for the year ended 31 December 2021
– Ex-dividend date 21 April 2022
– Record date 22 April 2022
– Payment date 25 May 2022
Half yearly results for the six months ending 30 June 2022 16 August 2022
Half yearly dividend for the six months ending 30 June 2022
– Ex-dividend date 1 September 2022
– Record date 2 September 2022
– Payment date 28 September 2022
Share dealing service
A share dealing service is available
toexisting shareholders to buy or
selltheCompany’s shares via Link
MarketServices.
Online and telephone dealing facilities
provide an easy to access and simple
to use service.
For further information on this service,
or to buy or sell shares, please contact:
www.linksharedeal.com –
onlinedealing
0371 664 0445 – telephone dealing
email: info@linksharedeal.com
Please note that the Directors of
theCompany are not seeking to
encourage shareholders to either buy
or sell their shares. Shareholders in any
doubt as to what action to take are
recommended to seek financial
advice from an independent financial
adviser authorised by the Financial
Services and Markets Act2000.
Financial
Statements
Business
Overview
Strategic
Report Governance Remuneration 169

Principal Group
businesses
Contact details
and advisers
UK
Polypipe Building Products
Broomhouse Lane
Edlington
Doncaster
South Yorkshire
DN12 1ES
Neale Road
Doncaster
South Yorkshire
DN2 4PG
Polypipe Ulster
Dromore Road
Lurgan
Co. Armagh
BT66 7HL
Polypipe Civils and GreenUrbanisation
Charnwood Business Park
North Road
Loughborough
LE11 1LE
Holmes Way
Horncastle
LN9 6JW
Polypipe Building Services
New Hythe Business Park
College Road
Aylesford
Kent
ME20 7PJ
Nuaire
Western Industrial Estate
Caerphilly
CF83 1NA
Domus Ventilation
Cambria House
Caerphilly Business Park
Van Road
Caerphilly
CF83 3ED
Manthorpe Building Products
Brittain Drive
Codnor Gate Business Park
Ripley
DE5 3ND
Alderburgh
Solutions House
Dane Street
Rochdale
OL11 4EZ
Nu-Heat
Heathpark House
Devonshire Road
Heathpark Industrial Estate
Honiton
Devon
EX14 1SD
Adey Innovation
Unit 2
St Modwen Park
Haresfield
Stonehouse
Gloucestershire
GL10 3EZ
Plura Composites
Unit 5 Johnsons Estate
Tarran Way South
Tarran Way Industrial Estate
Moreton
Wirral
CH46 4TP
Polydeck
Unit 14
Burnett Industrial Estate
Cox’s Green
Wrington
Bristol
BS40 5QP
Mainland Europe
Polypipe Italia
Localita Pianmercato 5C-D-H
16044 Cicagna, Genova
Italy
Permavoid
Kattenburgerstraat 5
1018, JA
Amsterdam
The Netherlands
Middle East
Polypipe Middle East FZE
PO Box 18679
Showroom A2 SR 07
First Al Khail Street
Jebel Ali Free Zone
Dubai
United Arab Emirates
Company registration number
and registered office
06059130
4 Victoria Place
Holbeck
Leeds
LS11 5AE
Independent auditor
Ernst & Young LLP
1 Bridgewater Place
Water Lane
Leeds
LS11 5QR
Principal bankers
Lloyds
Sheffield
RBS
Leeds
NatWest
Leeds
Santander
Leeds
Citibank
London
Danske Bank
Belfast
Bank of Ireland
Manchester
Registrar and transfer office
Link Group
10th Floor
Central Square
29 Wellington Street
Leeds
LS1 4DL
Stockbrokers
Deutsche Bank AG
Numis Securities Limited
170 Genuit Group plc Annual Report & Accounts 2021

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Genuit Group plc
4 Victoria Place
Holbeck
Leeds
LS11 5AE
+44 (0) 1138 315315
www.genuitgroup.com