18 September 1998

Pre-tax profits of pig genetics specialist rise

genetics specialist Pig Imp-rovement Company International Group – the successor company to Dalgety – has announced pre-tax profits of £69.9m for the year to June 30. This is up 5.6% year on year.

Exceptional profits resulting from the sale of four of the groups five divisions, including Dalgety Agriculture, ran to £156m, compared with an exceptional loss of £137.8m in 1997.

PIC reported operating profits of £28m on sales of £220m. The upturn was helped by a 13% profit rise in the Americas and 2% in Europe.

Research and development and loss-making Asian and Central Europe business soaked up £2.2m of additional revenue.

But the company warned that exceptionally depressed pig slaughter prices could see producers cut back on stock, which could have an adverse effect on PICs short-term profit growth. &#42