Genus posts strong preliminary results

Genetics firm Genus has announced a sharp increase in operating profits for the year ended 30 June 2007.

The firm’s global revenue increased 4% to £234m, while profits climbed 33% to £28.7m.

Revenue from Genus’ bovine division grew 7% to 11.3m doses worldwide, while reduced income from its pig genetics division had been tempered by a move to a margin-increasing royalty fee system.

Genus continued to reduce its debts by £9m to £111m and had also divested itself of some loss-making subsidiaries. The company has completed integrating the business of Sygen International, which it purchased in 2005.

Shareholder dividends are set to rise 11% to 9.1p/share.

Chief executive Richard Wood said crucial growth areas for Genus’ genetics business were China and Eastern Europe. “With an improving global agricultural climate and a more robust and diverse business, the board is confident Genus will continue to deliver strong operational progress and solid long-term growth.”