Genus increases its pre-tax profit
GENUS, the consultancy and technology group, managed to increase pre-tax profit by 46% in the year ending Mar 31, 2002, despite the effects of foot-and-mouth. The international breeding division saw the greatest improvement, particularly in the US and UK, with turnover up by 4.5% to £74.5m and profit up by more than a third to £10.6m.
This was despite AI problems caused by F&M in the UK. "The UK operations were temporarily restructured so a full insemination service could be offered in areas unaffected by F&M while semen deliveries were maintained in infected areas," says the company.
Group turnover increased marginally to £160.2m, while pre-tax profit nearly doubled to £5.7m. Improved cash flow allowed net debt to drop 25% to £15.4m.
But the consulting division was more affected by F&M resulting in an operating loss of £1.4m.
The board has recommended a 6% increase in dividend, to 4.75p/share, the value of which rose to 162.5p last Friday. *