Genus turnover doubled for half year
FARMER-OWNED agribusiness Genus doubled its turnover in the half year to Sept 30.
A 21% increase (to £31m) in the breeding and consultancy sectors was augmented by £21m from animal health supplier VDC, acquired in June.
Pre-tax profits increased 35% to £2.9m after net interest charges and profit on disposal of properties.
Both VDC and Genus latest acquisition, US cattle breeding company ABS Global, mean that Genus now has an annualised turnover approaching £190m, says chief executive, Richard Wood. "During the second half of the year we will be consolidating our new business.
"Our plans for a stock market flotation for the group remain on course and we intend to seek a listing for our shares in the first half of the next financial year," says Mr Wood. *