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LONDON (Alliance News) - Genus PLC said Tuesday it is on course to perform ahead of its original expectations for 2015, although it expects to see slow growth in its second half, as it posted a rise in pretax profit for its first half.
In the half year to end-December 2014, the animal genetics company posted a pretax profit of GBP28.6 million, up from GBP22.0 million a year before, on a 9% rise in revenue to GBP198.5 million from GBP181.7 million. The strength of sterling hampered results, and at constant currency revenue was up 13%.
Porcine revenues were up 6% as growth in North America, Latin America and Europe offset weakness in Asia, where lower sales in Russia due to the economic situation and border close partly offset an improving performance in China. Bovine revenues were up 7%, as flat sales in Asia were offset by growth in North America, Latin America and Europe.
Genus proposed an interim dividend of 6.1 pence, up from 5.5 pence a year before.
The company said that it expects continued good progress in its second half but at a lower pace due falling dairy and pork prices, and market conditions in Russia and China. Additionally, the strengthening of the dollar is expected to be offset by a weakening euro and emerging market currencies.
However, Genus reiterated its overall performance for the full year is anticipated to be ahead of its original expectations.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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