Profit Growth by PIC Helps Genus Annual Results10 October 2014
GLOBAL - PIC's parent, Genus, has published its annual report for 2014, with the acquisition and successful integration of Génétiporc hleping to strengthen PIC leadership as one of the business highlights of the year.
Among the Business Highlights given in the Genus 2014 Annual Report are volume growth of eight per cent in porcine and five per cent in dairy and beef.
Double-digit profit growth has been achieved in PIC, in constant currency, despite industry disease challenges. The acquisition and successful integration of Génétiporc has strengthened PIC's leadership.
The rate of porcine genetic improvement has been accelerated by 35 per cent and the gentic lag further reduced.
Genus has signed its first porcine commercial multiplication agreement in China with Riverstone.
There has been a strong ABS rebound with profits up 12 per cent in constant currency.
Asia results are down 49 per cent due to China investment costs and market conditions.
The company has formed its first bovine royalty agreement with ABP Food Group for beef genetics.
On its fiscal performance, Genus reports adjusted profit before tax of UK£39.3 million, unchanged in constant currency (down eight per cent in actual currency)
Adjusted earnings per share are 46.5p, up three per cent in constant currency - although down five per cent in actual currency - with the benefit of a lower tax rate.
Statutory profit before tax is up 14 per cent to £38.2 million and earnings per share are up 23 per cent to 47.7p.
Cash conversion at 103 per cent has been substantially improved from 2013, when it stood at 77 per cent.
After-tax return on invested capital is described as "healthy" at 19.2 per cent. It stood at 19.9 per cent in 2013.
The dividend has been increased by 10 per cent to 17.7p, well covered at 2.6 times.
You can view the full annual report from Genus by clicking here.
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