5th Sep 2024 10:23
(Alliance News) - Genus PLC on Thursday said revenue and profit decreased in its latest year, although it believes market conditions are "slowly improving".
The Basingstoke, England-based animal genetics biotechnology company said pretax profit dropped 86% to GBP5.5 million in the year ended June 30, from GBP39.4 million the year before.
Adjusted pretax profit, meanwhile, decreased 16% in line with expectations to GBP59.8 million from GBP71.5 million. This excluded a GBP23.2 million decrease in valuation of biological assets; a GBP14.6 million increase in the same for joint ventures and associates; and GBP24.6 million in "exceptional expenses".
Revenue decreased 3.0% to GBP668.8 million from GBP689.7 million.
Genus said PIC, its global porcine genetics business which sells "genetically superior" pigs to farmers, increased its market share and profit in "a robust performance" in all regions outside Asia. However, PIC's growth outside China was "offset by poor China performances".
Genus kept its final dividend unchanged at 21.7 pence, leaving the full-year total likewise unchanged at 32.0p per share.
Going forward, Genus said market conditions are "stable to slowly improving", although "we remain cautious, particularly in China". It also expects "significant growth" in adjusted pretax profit at constant exchange rates, "in-line with current market expectations".
"Genus made significant progress against its strategic priorities during FY24," commented Chief Executive Officer Jorgen Kokke. "I am confident that our decisive actions to structurally strengthen the group will yield significant benefits in the years to come."
Genus shares were down 3.1% at 1,738.00p on Thursday morning in London.
By Emma Curzon, Alliance News reporter
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