Genus raises profits by 35%
GENUS, the UKs leading cattle breeding company, raised operating profits by 35% last year, despite declining dairy and beef markets.
Sales of semen declined as a result of reduced herd sizes and the impact of BSE, but the core business still accounted for 60% of turnover.
The decline was offset by improvements in genetic research, new non-core breeding products and introduction of farm consultancy services.
Turnover rose from £46.6 million to £47.5m in the year to March 31. Operating profits rose from £1.9m to £2.6m.
Genus said the costs of defending an unwelcome takeover bid last autumn and later-than-planned property sales reduced pre-tax profits to £4m from £4.9m last time.
- Genus on the hunt with £8.4m war-chest, FWi, yesterday (24 June)
- Financial Times 25/06/98 page 26 (News Digest)