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Genus annual profit plunges but revenue surges on regional growth

7th Sep 2023 11:17

(Alliance News) - Genus PLC on Thursday posted a drop in annual profit on higher costs, but said growth across all regions drove an increase in revenue.

The Basingstoke, England-based animal genetics company said in the financial year ended June 30, pretax profit fell by 19% to GBP39.4 million from GBP48.4 million a year prior, as finance costs multiplied to GBP15.4 million.

Revenue rose by 16% to GBP689.7 million from GBP593.4 million the year before, citing "growth across all regions", with Europe delivering the largest revenue surge of 20%, driven by a rise in breeding stock sales. Its Genus ABS business recorded revenue growth of 17%, driven by the continued success of its sexed genetics and NuEra beef genetics, as well as the implementation of price increases as a response to cost inflation.

Genus's dividend for the year was held at 32.0 pence per share.

Looking ahead, Genus said it expects to perform in line with its full-year expectations for adjusted operating profit. Nevertheless, the company said adjusted pretax profit growth will likely be "modest" as it forecasts a GBP2 million increase in finance costs due to rising interest rates.

Shares in Genus were down 4.8% at 2,125.98p each in London on Thursday morning.

By Sabrina Penty, Alliance News reporter

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