Financial Highlights
Adjusted profit before tax up 7% to £49.7m (up 10% in constant currency), driven by strong performances in Genus PIC and Genus Asia, particularly China
Statutory profit before tax up 5% to £60.9m includes a pension related exceptional credit of £44.2m (2015: £0.4m) and a reduction in the value of biological assets £17.1m (2015: £24.9m increase)
Adjusted basic earnings per share up 7% to 60.7p (up 10% in constant currency) and statutory basic earnings per share up 23% to 81.1p reflecting a lower statutory tax rate on adjusting items
Revenue of £388.3m, reduced 3% due to lower bovine volumes in tough dairy markets and lower porcine by-product and up-front sales. Growth of 17% (14% in constant currency) in strategically important royalty revenues
Solid cash conversion1 as expected of 88% (2015: 107%) after two years of exceptional performance above 100%
After tax return on invested capital2 of 19.1% (2015: 21.7%), impacted by year end currency translation on our US asset base following the recent strengthening of the US Dollar against Sterling
Dividend increased by 10% to 21.4p, well covered by adjusted earnings at 2.8 times (2015: 2.9 times)
