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Genus Profits in Times of Trouble
UK - Cattle genetics company Genus Plc reported a forty percent rise in profits this year, despite continuing struggle within much of the industry.The information, released on Tuesday, showed that full-year pretax profits beat average expectations. It is believed that the company benefited from an increasing focus on farm productivity and yield.
Genus boosts animal breeding through biotechnology, specifically in the bovine and porcine farming sectors. Chief executive Richard Wood said that high food prices, along with the problems in the banking sector, had also helped the company post these strong annual results.
Over all, shares climbed 2.3 percent and pretax profits soared to 28 million pounds for the full year 2008 - a large increase from the 20 million pounds raised in 2007. This prompted Landsbanki UK to raise its rating to 'buy' from 'hold' and up its full year 2009 forecasts, whilst repeating its 896 pence target price.
According to the figures, sales came in at 247.1 million pounds on an adjusted basis, prompting Mr Wood to say that he remained confident for the year ahead.
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