14 September 2001
PIC profits – and a new name

By FWi staff

PIG-breeding company PIC International has announced pre-tax profits of 9.3 million and a name change to Sygen International.

The firm revealed yesterday that it had reversed last years loss of 1.8m, reports the Financial Times.

Brian Baldock, chairman, said it was ” a performance we are more than pleased with” as trading condition had been difficult.

Foot-and-mouth disease in Europe had cost the group an estimated 2m to the year ending 30 June,” he said.

The firm reported that losses in Europe fell from 9.8m to 4.2 m, despite foot-and-mouth costs, as restructuring has brought savings.

But the groups operating profits in the Americas rose by 42% to 24m and in the Asia region the firm was close to break-even.

Earnings per share were 0.9p, excluding the exceptional items, compared with a loss per share of 2.3p. The group has not recommended a dividend.