New chairman unveiled at Genus

7th Sep 2010 07:32

Animal genetics company Genus edged up earnings last year despite tough times for farmers and the agricultural sector.Underlying profit before tax rose 3% to £32.9m in the year to 30 June from £32.0m a year earlier, although on a constant exchange rates (CER) basis profits were flat.Statutory profit before tax jumped 56% to £40.8m from £26.2m.Earnings per share rose 2% (CER: 0%) to 36.7p from 36.1p the year before.Revenue rose 2% to £285.3m from £280.4m in the preceding year but was down 1% on a CER basis.Regional operating profit, which represents adjusted operating profit before research & development costs and central costs, rose 7% to £70.0m from £65.5m.Profit from developing markets now accounts for 30% of the total regional operating profit, up from 28% last year, as the company experienced robust growth in Latin America and eastern Europe.Bovine volumes were up 7% year on year and porcine volumes were up 3%.Net debt has been reduced to £80.0m after cash inflow of £12.9m.The dividend has been bumped up by 10% to 21.1p."As market recovery evolved during the second half of the financial year, Genus's performance improved to achieve year on year double digit profit growth. This trend has continued into the new financial year," said Richard Wood, chief executive of Genus.The company added that Bob Lawson will become non-executive chairman of the company following the Annual General Meeting on 11 November 2010 when John Hawkins, the present chairman, retires from the board. Lawson, aged 65, is non-executive chairman of housebuilder Barratt Developments and also of recruitment firm Hays, though he will be relinquishing that role soon.