Restructuring masks Sygen progress

UK - One-off restructuring costs at its pig breeding division kept profits flat last year at Sygen, though the underlying picture showed strong growth.

Ignoring one-offs and goodwill, profits to in the year to June rose by 54% to £10.3m, compared with £6.7m, on sales up by 4% to £134.4m. Pre-tax profits were little changed at £6.2m (£6m) after one off costs of £3.3m in Europe.

PIC, the pig breeding division, lifted operating profits by 42% helped by good sales in the US and a recovery in Europe in the second half of the year.

Shrimp arm SyAqua lost £1.6m due to disease in the Brazilian market and production issues in Thailand and Mexico.

For the current financial year, leading indicators for the US pig industry point to favourable market conditions, according to the company.

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Source: ShareCast

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