Genus FY Adj. Profit Declines On Adverse Impact Of PIC China; Revenue Up 2% In Constant Currency

Genus plc (GNS.L,GNS.L) reported that its fiscal year adjusted profit before tax declined to 71.5 million pounds from 84.8 million pounds, prior year. Adjusted earnings per share was 82.3 pence compared to 100.1 pence. Excluding PIC China, Group adjusted profit before tax was up 25% in constant currency and revenue was up 7% in constant currency.

Profit before tax declined to 48.4 million pounds from 55.8 million pounds, last year. Earnings per share was 62.2 pence compared to 72.0 pence. Statutory profit before tax declined by 13%, reflecting lower adjusted profit, lower net IAS 41 biological asset movement and share-based payments.

For the year ended 30 June 2022, revenue increased to 593.4 million pounds from 574.3 million pounds, last year. PIC’s revenue declined by 5% as a result of the downturn of the porcine market in China impacting the customers’ demand for genetics.

Stephen Wilson, Chief Executive, said: “The Board remains confident in the Group’s strategy and the many opportunities for Genus. Medium-term growth expectations remain unchanged.”

The Board recommended a final dividend of 21.7 pence per ordinary share, consistent with the prior year final dividend. When combined with the interim dividend, this will result in a total dividend for the year of 32.0 pence per ordinary share, the same as prior year. The final dividend will be paid on 9 December 2022 to the shareholders on the register at the close of business on 18 November 2022.

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