30% profit jump for Genus
By FWi staff
GENUS, the cattle breeding and international agricultural consultants, have announced a 30% rise in pre-tax profits to £5.2 million for the year ending 31 March, 1999.
Despite what company chairman John Beckett described as the worst agricultural recession since the 1930s, Genus sales climbed by 20% to £57.2m.
Operating profits rose by 40% to £3.6m and the board is recommending a 14% increase in dividend from 3.5p to 4p.
In the breeding business, operating profit increased by 32% to £2.4m, while operating profits from consultancy increased by £700,000 to £1.1m.
Genus wants to create an independent consulting division with an annual turnover of £30m and has invested £7m in new businesses and £3m in research and development to achieve this.
Meanwhile, attempts to acquire the animal health supplier VDC are continuing.
Currently trading on OFEX, Genus is seeking a move to Aim or full market listing at a meeting of its shareholders on 9 June.