Genus posts record profits

BOVINE GENETICS firm Genus has posted record profits for the year ended March 31.

Pre-tax profits for the year had risen 9% to £8.8m on the back of a marginally reduced turnover.

It is the ninth year in a row Genus has returned an operating profit.

Beef and dairy semen sales reached 9.5m doses, worth £85.7m, a rise of 6% on the year and representing 45% of the group’s turnover.

Bovine genetics sales contributed nearly £11m, despite the effects of a weak US dollar.

A planned reduction in Genus’ animal health business saw total sales fall £4.2m but improved margins meant underlying operating profits jumped 19% to £1.9m.

Chief executive Richard Wood said the addition of six new bulls had helped the company’s stud become more competitive.

“We expect both animal health and development consultancy to continue to grow at historical rates.”

The board of directors has recommended a share dividend of 7.5p a share, a rise of 1p a share on last year’s results.

Genus shares were included in the new FTSE AIM 50 index, launched earlier this month.