Genus increases dividend and predicts stronger growth

3rd Sep 2013 07:14

Genus increased its annual dividend by 10 per cent and said it expected revenue growth to improve as it reported a rise in underlying profits.The animal genetics company's adjusted pre-tax profit rose 2% to £47.2m in the year ended June 30th even as feed costs increased. Statutory profit before tax fell 30% to £38.1m because of a fall in the value of biological assets under accounting rules.Chief Executive Karim Bitar said he expected an improving rate of growth from the second half of the current year. The dividend for the full year will be 16.1p, up from 14.6p.He said: "Genus has improved on last year's record results, with adjusted pre-tax profits up 2% in market conditions made challenging by high feed costs during the year. As a sign of our continuing confidence in the group's prospects, we are recommending an increase in the full-year dividend of 10%."Business in Asia grew by 14% and investment in research and development increased 12% to 28.0m.Adjusted pre-tax profit also accounts for currency fluctuations and rose 1% including those changes.