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Genus interim profits jump
LONDON - Genus PLC said trading in the second half of the year started strongly and unveiled a 22 pct rise in pretax profits, driven by buoyant demand for its genetically improved pigs and bulls, which it sells to farmers for breeding.
Reporting under IFRS accounting standards for the first time, the company said pretax profits from continuing operations jumped to 6.1 mln stg in the six months to end-Dec, from 5.0 mln last time.
Turnover almost doubled to 116.3 mln stg, largely boosted by the acquisition of Sygen at the end of 2005, which made a full six month contribution for the first time.
Operating profits, before amortisation and one-time items, more than doubled to 15.9 mln stg, benefiting from the Sygen results, while the weak dollar erased 1.0 mln stg.
The 189 mln stg acquisition combined Sygen's pig and shrimp breeding business with Genus' cow and bull outfit. The companies use selective breeding techniques, rather than genetic modification, to breed animals which possess desired traits such as milk production or health. It sells both breeding animals and semen.
'We have made excellent progress with the integration of Sygen and have delivered the results expected, despite the negative impact on profits of the weak US dollar,' chief executive Richard Wood said in a statement.
Genus said it expects agricultural market conditions to be largely unchanged in the second half year and a strong start to the period means market expectations will likely be achieved for the full year.
'This implies a further upgrade to underlying performance,' it added.
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