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Interim Results

Genus hikes divi as revenues rise

23 February 2017 08:18

Genus, a leading animal genetics company, reports adjusted pre-tax profits of £25.1m for the six months to the end of December - 5% up at actual currency but 10% down on a constant currency basis.

Revenues of £222.1m were up 18% on an actual basis and 3% higher at constant currencies.

On a statutory basis, operating profits were flat at £10.0m and pre-tax profits were 12% lower at £11.4m.

The interim dividend of 7.4p per share, which is payable on 31 March, is 10% up on last time.

Genus also announced that it has signed an agreement to enter into a strategic partnership covering the supply of porcine genetics in several markets.

PIC, Genus's porcine division, will acquire the genetic rights and intellectual property of Hermitage.

Hermitage will also become a strategic supply chain and distribution partner for PIC.

In addition, PIC will acquire certain Hermitage customer relationships in various geographies including Russia, the US and several European countries.

The transaction is subject to a number of closing conditions which are expected to be fulfilled by the end of March.

At 8:18am: (LON:GNS) Genus PLC share price was +28p at 1786p

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