Genus FY profits slip as weak Chinese PIC performance weighs

24th Feb 2022 09:19

(Sharecast News) - Biotechnology company Genus said on Thursday that full-year profits had slipped in 2021 as the group's performance was impacted by the performance of its PIC unit in China.

Genus said operating profits, including those from joint ventures, fell 19% to £35.0m, while pre-tax profits slipped 21% year-on-year to £37.0m as "challenging market conditions" for PIC in China led to a 2% slip in annual revenues to £281.2m.

The FTSE 250-listed firm noted that when excluding PIC China, group adjusted pre-tax profits were up 25% in constant currency and revenues were up 4%.

However, statutory pre-tax profits decreased 35% to £24.4m due to lower adjusted profits and a decrease in the net valuation of its IAS 41 biological asset.

Separately, Genus revealed that its PIC subsidiary has entered into definitive agreements with Canadian agrifood business Olymel for the provision of genetic products and services in connection with its AlphaGene porcine genetic improvement program.

Genus said the collaboration with Olymel increases PIC's footprint in the Canadian porcine genetics market and will better allow both parties to serve pork producers across the country.

As of 0940 GMT, Genus shares were down 5.76% at 2,980.0p.