North & Latin American Boost Genus Results

GLOBAL - In its results for the financial year, Genus has reported an increase of seven per cent in operating profit to more than £45 million.

6 September 2011

2 minute read

Genus, a leading global animal genetics company, announces its preliminary results for the year ended 30 June 2011.

The company has achieved record results with strong growth in sales and adjusted profits as recovery in agricultural markets has continued.

Adjusted operating profit including joint ventures was up seven per cent to £45.3 million. Bovine volumes were up 11 per cent and porcine volumes up six per cent. North America and Latin America led the recovery with double-digit profit increases.

Strategic investment in research and development increased by eight per cent to £25.3 million.

Adjusted profit before tax was up 19 per cent to £39.0 million and earnings per share were up 22 per cent to 44.8 pence.

Strategic progress in developing markets has been good, according to Genus. Regional management has been strengthened in the Far East and Latin America. A bovine stud acquired in Russia became operational in August 2011, and production and marketing of locally produced semen has started in India, with encouraging initial sales.

Richard Wood, Chief Executive, commented: "In this, my final year as Chief executive, I am pleased to report record results with adjusted pre-tax profits up 19 per cent.

"In addition, good progress has been made in laying the foundations to realise the growth potential in developing markets particularly in Russia, India and China. This together with our global footprint and market leading genetics leave the Group exceptionally well placed to continue its growth in the years ahead."