2015 Highlights
Financial Highlights
Adjusted profit before tax of £46.6m, up 19% (up 23% in constant currency), driven mainly by a strong performance from the porcine division
Adjusted earnings per share of 56.8p, up 22% (up 26% in constant currency)
Statutory profit before tax up 51% to £57.8m and earnings per share up 40% to 66.7p
Robust cash conversion of 107% (2014: 103%) was maintained
Strong after tax return on invested capital2 of 21.2% (2014: 19.2%)
Dividend increased by 10% to 19.5p, well covered by adjusted earnings at 2.9 times (2014: 2.6 times)
Operational Highlights
Volume growth of 6% in porcine and 6% in dairy and beef
Strong profit growth in Genus PIC of 17% in constant currency, benefiting from full integration of Génétiporc and a strong overall performance
Genus Asia profits unchanged in constant currency (down 8% in actual currency), despite market challenges in Russia and China
Genus ABS revenue up 9%, with profits unchanged in constant currency (down 3% in actual currency) due to increased product costs
Acquisition of 51% of In Vitro Brasil S.A. ('IVB') strengthens Genus ABS's portfolio, enabling customers to accelerate genetic improvement in their herds with bovine IVF
Acquisition of Birchwood secures long-term distribution of Genus PIC's proprietary boar genetics to mid-sized customers in North America
Good strategic progress achieved in research and development across all the key initiative areas of genomic selection, animal health and gender skew
Commenting, Karim Bitar, Chief Executive said:
"Genus performed well in 2015 achieving operational results that reflect the strategic progress and improvement we have been making. The opportunity in the animal genetics market remains large. We are convinced that as we vigorously execute our strategy of innovation and market focus, we will capture more of the market opportunity.
While market conditions across our industries and geographies look likely to be mixed in 2016, we expect underlying performance to be in line with expectations. However, currencies remain a significant headwind."
