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(Alliance News) - Genus PLC on Tuesday said its earnings grew in its most recently ended financial year despite disruption that was caused by coronavirus pandemic.
The FTSE 250-listed animal genetics company said its revenue in the year to the end of June grew by 13% to GBP551.4 million from GBP488.5 million, with pretax profit jumping to GBP51.5 million from GBP9.9 million.
Genus explained that pretax profit growth included a GBP15.8 million uplift in net IAS 41 biological asset valuation and GBP19.2 million of exceptional costs, compared with a reduced asset valuation and higher exceptional costs in the prior year.
Genus upped its annual payout by 5.1% to 29.1 pence from 27.7p paid a year earlier.
Looking ahead, Genus said a "very strong" financial position, with high operating cash flows and significant borrowings headroom, enables flexibility to invest further in growth.
Genus helps farmers breed better pigs and cattle.
"In the second half the group showed its resilience following the outbreak of the Covid-19 pandemic," said Chief Executive Stephen Wilson.
"We had to adapt in many ways to ensure that we could continue to supply our customers in the face of extraordinary circumstances, but through the ingenuity and determination of our people we have been able to keep operating uninterrupted during the crisis," added Wilson.
Genus shares were trading 5.1% higher in London on Tuesday at 3,738.05 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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