Genus plc Reports Preliminary Results for the Year Ended 30 June 2022

Rhea-AI Summary

Genus (LSE:GNS) reported preliminary results for the year ending June 30, 2022, revealing a 3% revenue increase to £593.4 million. Adjusted profit before tax decreased by 16%, impacted by challenges in PIC China and rising input costs due to inflation and the Ukraine war. Excluding PIC China, adjusted profit rose by 28%. Key highlights include strong growth in ABS with a 9% increase in adjusted operating profit and significant capital investments like the new genetics farm in Canada. Despite macroeconomic headwinds, the group remains confident in its medium-term growth outlook.

Positive

• Adjusted profit before tax excluding PIC China increased by 28%.
• Revenue growth of 3% in actual currency, reflecting overall business resilience.
• ABS's adjusted operating profit grew by 9%, driven by strong sales of proprietary genetics.
• Successful capital investments, including PIC's new elite genetics farm in Canada.

Negative

• Adjusted profit before tax decreased by 16% due to adverse market conditions.
• Challenging conditions in PIC China resulted in lower profitability.
• Free cash flow reported as a negative £13.5 million, reflecting lower profits.

Continued Strategic Progress in Challenging Markets

Webcast Available at 7:01AM BST, 2.01 EDT

LONDON--(BUSINESS WIRE)-- Genus (LSE:GNS), a leading global animal genetics company, today announces its preliminary results for the year ended 30 June 2022. The full report has been made available on the investors section of the Genus plc website. The Company will discuss its corporate, operational and financial highlights in a pre-recorded webcast at 7:01 AM BST, 2.01 EDT.

Commenting on the performance and outlook, Stephen Wilson (Chief Executive) said:

“The Group performed robustly, although challenging market conditions in China porcine impacted the performance of PIC. We also made good strategic progress and completed significant capital investments including Atlas, PIC’s new elite genetics farm in Canada to support growth. Our strategic collaboration with Olymel, which we announced during the year, is progressing well, further strengthening PIC’s North America business.

“Bovine producers faced more challenging conditions in the second half of the year, as a result of significantly increased input costs and the Ukraine war. However, ABS continued to grow volumes and expand margins, driven by the success of Sexcel (including expansion of sales through our third party IntelliGen business), as well as strong growth in sales of our proprietary NuEra beef genetics across all regions.

“PIC delivered strong growth in operating profits excluding PIC China, underpinned by market share gains with key customers in North America, Latin America, and Europe, despite challenging political and macro-economic events. However, as expected, the porcine market and COVID-19 lockdowns in China adversely affected PIC China’s trading during the second half of the year. The live pig price in China remained below the cost of production and has only showed signs of recovery since June.

“Over the summer, China’s live pig prices have risen above 21 RMB/kg, improving confidence that the country’s porcine industry is on the path to recovery and profitability. Industry expectations are that prices will continue to exceed 20 RMB/kg for the remainder of 2022, although there could still be some further volatility. Investments we have made to increase elite porcine supply chain capacity position Genus well to support Chinese producers' needs and benefit from the market recovery over time.

“The Board remains confident in the Group's strategy and the many opportunities for Genus. Medium-term growth expectations remain unchanged.”

Outlook

As noted above, macro-economic conditions remain particularly challenging for our customers in many parts of the world, however, since the start of the 2023 fiscal year, China’s live pig prices have risen above 21 RMB/kg, improving confidence that the country’s porcine industry is on the path to recovery. There is still uncertainty as to how sustained this will be and the implications for demand for porcine genetics. Our investments in China position us well to benefit from an upturn. More broadly our clear strategy, strong product portfolio and depth of skill in our sales, services and R&D teams give us confidence that we will continue to make strategic and financial progress in fiscal year 2023 and beyond. The Group remains well positioned to benefit from improving market conditions when these occur and therefore our medium-term growth expectations remain unchanged.

Results presentation today

A pre-recorded analysts and bankers briefing to discuss the preliminary results for the year ended 30 June 2022 will be held via a video webcast facility and will be accessible via the following link from 7:01am today:

https://webcasting.buchanan.uk.com/broadcast/62c6c042d161177b45786de1

This will be followed by a live Q&A session to be held by invitation via Zoom at 10:30am. Please contact Verity Parker at Buchanan for details; verityp@buchanan.uk.com

Results Highlights

		Adjusted results1								Statutory results
		Actual currency						Constant currency change2		Actual currency
Year ended 30 June		2022		2021		Change				2022		2021		Change
		£m		£m		%		%		£m		£m		%
Revenue		593.4		574.3		3		2		593.4		574.3		3
Operating profit		68.8		76.9		(11)		(13)		49.4		47.7		4
Operating profit inc JVs exc gene editing		85.6		97.4		(12)		(14)		n/a		n/a		n/a
Profit before tax		71.5		84.8		(16)		(18)		48.4		55.8		(13)
Free cash flow		(13.5)		37.5		(136)		n/m3
Basic earnings per share (pence)		82.7		100.9		(18)		(20)		62.5		72.6		(14)
Dividend per share (pence)										32.0		32.0		-

Robust performance across the business, despite challenging macro-economic events; Group results adversely impacted by PIC China

• Group revenue up 2% in constant currency (3% in actual currency), adjusted profit before tax (‘PBT’) down 18% in constant currency (16% in actual currency)
• Excluding PIC China, Group adjusted PBT up 25% in constant currency (28% in actual currency) and revenue up 7% in constant currency (9% in actual currency)
• R&D investment increased by 6%² as planned
• Statutory PBT reduced by 13% to £48.4m, reflecting lower adjusted profit, lower net IAS 41 biological asset movement and share-based payments

Challenging market conditions for PIC China as previously indicated, strong PIC performance elsewhere

• China pig prices averaged 14.6 RMB/kg through the year, down 50% on the prior year. Since June 2022, these have now recovered to over 21 RMB/kg, which exceeds the cost of production for most producers
• Overall PIC volumes were stable, with revenue down 5%² but royalty revenue up 1%². Adjusted operating profit declined by 13%²
• Excluding China, PIC’s volumes up 8%, revenue up 4%², royalty revenue up 8%² and adjusted operating profit up 11%²
• Strong customer wins drove North America growth; solid performances in Latin America and Europe despite challenging market conditions for customers

Good performance in ABS, with adjusted operating profit growth of 9%² and volume growth of 3%, despite more challenging market for producers

• Continued success for Sexcel^® (supporting sexed volume growth of 18%) and NuEra^® beef (with volumes up 21% and total beef volumes up 9%)
• Strong growth in third party sales of IntelliGen sexed semen production in North America and Europe
• High growth in Asia, particularly China and continued growth in Latin America
• Overall, ABS’s adjusted operating profit up 9%²

Lower cash generation and earnings than prior year, dividends maintained

• Free cash outflow of £13.5m, reflecting lower profit from PIC China, continued investment in the business as well as expected working capital outflows. Solid cash conversion of 82%¹
• Net debt increased to £185.0m, with year-end net debt to EBITDA ratio of 1.7x¹, within 1.0x-2.0x targeted range
• On 26 August 2022 Genus extended its multi-currency revolving credit facility to 2025 and increased the facility by £40m (to £190m) and USD $25m (to $150m) under an accordion option
• Adjusted earnings per share 18% lower, final dividend in line with prior year, with 2.6x¹ adjusted earnings cover

Continued strategic progress and investment for growth

• Further genetic progress in pork, dairy and beef, contributing to a reduction in use of energy, water and land in animal protein production. Good progress on reduction of Genus’s carbon emissions, with the primary intensity ratio⁴ reduced by 25% since FY19
• Acquisition in Canada of Olymel LP’s internal elite porcine genetics programme, AlphaGene, for CAD$25m (£14.5m) in February 2022 progressing well, generating royalties in the second half
• Significant capital investments to support growth including expansion of the ABS Leeds facility in Wisconsin, completion of the PIC Atlas facility in Canada in June 2022 and further roll out of the GenusOne enterprise system, now live in over 60% of Genus’s business
• Investments in digitalisation to deliver differentiation for ABS’s Gene Advance genetic offering and ecommerce capabilities

Building R&D capabilities and opportunity pipeline

• PRRSv resistant pig programme on track, with final FDA submissions expected to be made by December 2023
• R&D pipeline strengthened from investments, with an increase in the number of projects in the discovery and proof of concept phases

1 Adjusted results are the Alternative Performance Measures (‘APMs’) used by the Board to monitor underlying performance at a Group and operating segment level, which are applied consistently throughout. These APMs should be considered in addition to, and not as a substitute for or as superior to statutory measures.

2 Constant currency percentage movements are calculated by restating the results for the year ended 30 June 2022 at the average exchange rates applied to adjusted operating profit for the year ended 30 June 2021.

3 n/m = not meaningful

4 The primary intensity ratio is a measure of the Group’s Scope 1 and 2 emissions per tonne of animal weight

Financial Review

In the year ended 30 June 2022, the Group achieved revenue growth of 3% in actual currency (2% in constant currency). However, adjusted operating profit including joint ventures fell by 13% (15% in constant currency), due to some significant market challenges. These included rising inflation (driven particularly by increasing energy prices), the impact of the war in Ukraine and, most notably, turbulence in China’s porcine industry following the sharp decline in pig prices in 2021. The resultant decline in operating profit in China had a significant impact on the Group’s results. Excluding PIC China, however, adjusted operating profit including joint ventures increased by 28% (25% in constant currency).

On a statutory basis, profit before tax was £48.4m (2021: £55.8m). The difference between statutory and adjusted profit before tax principally reflected the reduction in the non-cash fair value of IAS 41 biological assets and lower share-based payment charge. Basic earnings per share on a statutory basis were 62.5 pence (2021: 72.6 pence).

The Group continued its significant R&D investment strategy, up 7% (6% in constant currency). Excluding gene editing costs, adjusted operating profit including joint ventures fell by 12% (14% in constant currency) and adjusted profit before tax was down 16% (18% in constant currency).

The effect of exchange rate movements on the translation of overseas profits was to increase the Group’s adjusted profit before tax for the year by £1.8m, compared with 2021, primarily due to the weakness of Sterling.

About Genus

Genus advances animal breeding and genetic improvement by applying biotechnology and sells added value products for livestock farming and food producers. Its technology is applicable across livestock species and is currently commercialised by Genus in the dairy, beef and pork food production sectors.

Genus's worldwide sales are made in over 75 countries under the trademarks 'ABS' (dairy and beef cattle) and 'PIC' (pigs) and comprise semen, embryos and breeding animals with superior genetics to those animals currently in farms. Genus's customers' animals produce offspring with greater production efficiency and quality, and our customers use them to supply the global dairy and meat supply chains.

Genus’s competitive edge comes from the ownership and control of proprietary lines of breeding animals, the biotechnology used to improve them and its global supply chain, technical service and sales and distribution network.

Headquartered in Basingstoke, United Kingdom, Genus companies operate in over 24 countries on six continents, with research laboratories located in Madison, Wisconsin, USA.

Forward-looking Statements

This Announcement may contain, and the Company may make verbal statements containing “forward-looking statements” with respect to certain of the Company’s plans and its current goals and expectations relating to its future financial condition, performance, strategic initiatives, objectives and results. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this Announcement. Forward-looking statements sometimes use words such as “aim”, “anticipate”, “target”, “expect”, “estimate”, “intend”, “plan”, “goal”, “believe”, “seek”, “may”, “could”, “outlook”, “will” or other words of similar meaning. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond the control of the Company, including amongst other things, diverse factors such as domestic and global economic business conditions, market-related risks such as fluctuations in commodity prices, interest rates and exchange rates, the policies and actions of governmental and regulatory authorities, the effect of sanctions on the ability to trade, the effect of competition, inflation, deflation, the timing effect and other uncertainties of future acquisitions or combinations within relevant industries, the effect of the spread of African Swine Fever and other animal diseases, the continued development and improvement of our IntelliGen^® technology, the development and registration of our innovative new products, such as our gene edited porcine reproductive and respiratory syndrome virus resistant pigs, the continued growth in emerging markets, the effect of tax and other legislation and other regulations in the jurisdictions in which the Company and its respective affiliates operate, the effect of volatility in the equity, capital and credit markets on the Company’s profitability and ability to access capital and credit, a decline in the Company’s credit ratings; the effect of operational risks; and the loss of key personnel. As a result, the actual future financial condition, performance and results of the Company may differ materially from the plans, goals and expectations set forth in any forward-looking statements. Except as required by applicable law or regulation, the Company expressly disclaims any obligation or undertaking to publish any updates or revisions to any forward-looking statements contained in this Announcement to reflect any changes in the Company’s expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

No statement in this Announcement is intended to be a profit forecast, and no statement in this Announcement should be interpreted to mean that earnings per share of the Company for the current or future financial years would necessarily match or exceed the historical published earnings per share of the Company. Information contained in this Announcement should not be relied upon as a guide to the Company’s future performance.

This announcement is available on the Genus website www.genusplc.com

GROUP INCOME STATEMENT
For the year ended 30 June 2022

		2022 £m		2021 £m
REVENUE		593.4		574.3
Adjusted operating profit		68.8		76.9
Adjusting items:
– Net IAS 41 valuation movement on biological assets		(5.4)		(10.8)
– Amortisation of acquired intangible assets		(8.3)		(7.4)
– Share-based payment expense		(3.7)		(7.7)
		(17.4)		(25.9)
Exceptional items (net)		(2.0)		(3.3)
Total adjusting items		(19.4)		(29.2)
OPERATING PROFIT		49.4		47.7
Share of post-tax profit of joint ventures and associates retained		5.2		13.1
Finance costs		(6.6)		(5.4)
Finance income		0.4		0.4
PROFIT BEFORE TAX		48.4		55.8
Taxation		(11.7)		(9.0)
PROFIT FOR THE YEAR		36.7		46.8
ATTRIBUTABLE TO:
Owners of the Company		40.9		47.3
Non-controlling interest		(4.2)		(0.5)
		36.7		46.8
EARNINGS PER SHARE
Basic earnings per share		62.5p		72.6p
Diluted earnings per share		62.2p		72.0p

		2022 £m		2021 £m
Alternative Performance Measures
Adjusted operating profit		68.8		76.9
Adjusted operating profit attributable to non-controlling interest		(0.3)		(0.1)
Pre-tax share of profits from joint ventures and associates excluding net IAS 41 valuation movement		9.2		13.0
Gene editing costs		7.9		7.6
Adjusted operating profit including joint ventures and associates, excluding gene editing costs		85.6		97.4
Gene editing costs		(7.9)		(7.6)
Adjusted operating profit including joint ventures and associates		77.7		89.8
Net finance costs		(6.2)		(5.0)
Adjusted profit before tax		71.5		84.8
Adjusted earnings per share
Basic adjusted earnings per share		82.7p		100.9p
Diluted adjusted earnings per share		82.3p		100.1p

Adjusted results are the Alternative Performance Measures (‘APMs’) used by the Board to monitor underlying performance at a Group and operating segment level, which are applied consistently throughout.

GROUP STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 June 2022

		2022 £m		2022 £m		2021 £m		2021 £m
PROFIT FOR THE YEAR				36.7				46.8
Items that may be reclassified subsequently to profit or loss
Foreign exchange translation differences		66.6				(45.2)
Fair value movement on net investment hedges		(0.7)				0.4
Fair value movement on cash flow hedges		1.9				0.2
Tax relating to components of other comprehensive expense		(8.2)				7.6
				59.6				(37.0)
Items that may not be reclassified subsequently to profit or loss
Actuarial gains on retirement benefit obligations		27.3				22.3
Movement on pension asset recognition restriction		(69.8)				(0.1)
Release/(recognition) of additional pension liability		43.7				(19.9)
(Loss)/gain on equity instruments measured at fair value		(6.1)				6.7
Tax relating to components of other comprehensive income/(expense)		1.1				(2.0)
				(3.8)				7.0
OTHER COMPREHENSIVE INCOME/(EXPENSE) FOR THE YEAR				55.8				(30.0)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR				92.5				16.8
ATTRIBUTABLE TO:
Owners of the Company		97.3				17.1
Non-controlling interest		(4.8)				(0.3)
				92.5				16.8

GROUP STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2022

Called up share capital £m

Share premium account £m

Own shares £m

Trans- lation reserve £m

Hedging reserve £m

Retained earnings £m

Total £m

Non- controlling interest £m

Total equity £m

BALANCE AT 30 JUNE 2020

6.5

179.1

(0.1)

29.5

(0.2)

280.7

495.5

(1.0)

494.5

Foreign exchange translation differences, net of tax

–

–

–

(37.7)

–

–

(37.7)

0.2

(37.5)

Fair value movement on net investment hedges, net of tax

–

–

–

0.3

–

–

0.3

–

0.3

Fair value movement on cash flow hedges, net of tax

–

–

–

–

0.2

–

0.2

–

0.2

Gain on equity instruments measured at fair value, net of tax

–

–

–

–

–

5.0

5.0

–

5.0

Actuarial gains on retirement benefit obligations, net of tax

–

–

–

–

–

19.8

19.8

–

19.8

Movement on pension asset recognition restriction, net of tax

–

–

–

–

–

(0.1)

(0.1)

–

(0.1)

Recognition of additional pension liability, net of tax

–

–

–

–

–

(17.7)

(17.7)

–

(17.7)

Other comprehensive (expense)/income for the year

–

–

–

(37.4)

0.2

7.0

(30.2)

0.2

(30.0)

Profit/(loss) for the year

–

–

–

–

–

47.3

47.3

(0.5)

46.8

Total comprehensive (expense)/income for the year

–

–

–

(37.4)

0.2

54.3

17.1

(0.3)

16.8

Recognition of share-based payments, net of tax

–

–

–

–

–

4.9

4.9

–

4.9

Dividends

–

–

–

–

–

(19.5)

(19.5)

–

(19.5)

Adjustment arising from change in non-controlling interest and written put option

–

–

–

–

–

–

–

(0.2)

(0.2)

Issue of ordinary shares

0.1

–

–

–

–

–

0.1

–

0.1

BALANCE AT 30 JUNE 2021

6.6

179.1

(0.1)

(7.9)

–

320.4

498.1

(1.5)

496.6

Foreign exchange translation differences, net of tax

–

–

–

59.4

–

–

59.4

(0.6)

58.8

Fair value movement on net investment hedges, net of tax

–

–

–

(0.6)

–

–

(0.6)

–

(0.6)

Fair value movement on cash flow hedges, net of tax

–

–

–

–

1.4

–

1.4

–

1.4

Loss on equity instruments measured at fair value, net of tax

–

–

–

–

–

(4.6)

(4.6)

–

(4.6)

Actuarial gains on retirement benefit obligations, net of tax

–

–

–

–

–

19.5

19.5

–

19.5

Movement on pension asset recognition restriction, net of tax

–

–

–

–

–

(49.7)

(49.7)

–

(49.7)

Recognition of additional pension liability, net of tax

–

–

–

–

–

31.0

31.0

–

31.0

Other comprehensive (expense)/income for the year

–

–

–

58.8

1.4

(3.8)

56.4

(0.6)

55.8

Profit/(loss) for the year

–

–

–

–

–

40.9

40.9

(4.2)

36.7

Total comprehensive (expense)/income for the year

–

–

–

58.8

1.4

37.1

97.3

(4.8)

92.5

Recognition of share-based payments, net of tax

–

–

–

–

–

4.0

4.0

–

4.0

Dividends

–

–

–

–

–

(20.9)

(20.9)

–

(20.9)

Adjustment arising from change in non-controlling interest and written put option

–

–

–

–

–

–

–

(0.1)

(0.1)

BALANCE AT 30 JUNE 2022

6.6

179.1

(0.1)

50.9

1.4

340.6

578.5

(6.4)

572.1

GROUP BALANCE SHEET
As at 30 June 2022

		2022 £m		2021 £m
ASSETS
Goodwill		111.0		101.5
Other intangible assets		72.0		56.3
Biological assets		333.7		279.9
Property, plant and equipment		171.4		123.0
Interests in joint ventures and associates		41.2		34.1
Other investments		10.2		14.7
Derivative financial assets		2.2		–
Other receivables		8.6		1.8
Deferred tax assets		10.1		8.0
TOTAL NON-CURRENT ASSETS		760.4		619.3
Inventories		50.9		37.0
Biological assets		33.1		39.6
Trade and other receivables		129.5		106.2
Cash and cash equivalents		38.8		46.0
Income tax receivable		4.0		2.6
Derivative financial assets		1.0		0.1
Asset held for sale		0.2		0.2
TOTAL CURRENT ASSETS		257.5		231.7
TOTAL ASSETS		1,017.9		851.0
LIABILITIES
Trade and other payables		(124.7)		(110.3)
Interest-bearing loans and borrowings		(7.1)		(13.9)
Provisions		(1.9)		(1.3)
Deferred consideration		(0.8)		(1.6)
Obligations under leases		(10.1)		(9.0)
Tax liabilities		(4.9)		(6.4)
Derivative financial liabilities		(1.8)		–
TOTAL CURRENT LIABILITIES		(151.3)		(142.5)
Trade and other payables		(0.2)		(1.4)
Interest-bearing loans and borrowings		(182.1)		(109.4)
Retirement benefit obligations		(8.3)		(11.1)
Provisions		(12.0)		(11.1)
Deferred consideration		(0.7)		(0.5)
Deferred tax liabilities		(60.3)		(53.0)
Derivative financial liabilities		(6.4)		(6.1)
Obligations under leases		(24.5)		(19.3)
TOTAL NON-CURRENT LIABILITIES		(294.5)		(211.9)
TOTAL LIABILITIES		(445.8)		(354.4)
NET ASSETS		572.1		496.6
EQUITY
Called up share capital		6.6		6.6
Share premium account		179.1		179.1
Own shares		(0.1)		(0.1)
Translation reserve		50.9		(7.9)
Hedging reserve		1.4		–
Retained earnings		340.6		320.4
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY		578.5		498.1
Non-controlling interest		(0.7)		3.6
Put option over non-controlling interest		(5.7)		(5.1)
TOTAL NON-CONTROLLING INTEREST		(6.4)		(1.5)
TOTAL EQUITY		572.1		496.6

GROUP STATEMENT OF CASH FLOWS
For the year ended 30 June 2022

		2022 £m		2021 £m
NET CASH FLOW FROM OPERATING ACTIVITIES		34.3		67.5
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends received from joint ventures and associates		3.2		4.1
Joint venture and associate loan payment		–		(0.4)
Acquisition of joint venture and associate		(2.2)		(2.4)
Acquisition of trade and assets		(0.8)		(6.9)
Acquisition of Olymel AlphaGene assets		(14.5)		–
Acquisition of investments		(1.0)		(0.9)
Payment of deferred consideration		(1.0)		(6.7)
Purchase of property, plant and equipment		(42.1)		(28.7)
Purchase of intangible assets		(8.8)		(5.1)
Proceeds from sale of property, plant and equipment		–		0.3
NET CASH OUTFLOW FROM INVESTING ACTIVITIES		(67.2)		(46.7)
CASH FLOWS FROM FINANCING ACTIVITIES
Drawdown of borrowings		138.7		195.1
Repayment of borrowings		(83.9)		(176.1)
Payment of lease liabilities		(11.3)		(11.7)
Equity dividends paid		(20.9)		(19.5)
Dividend to non-controlling interest		(0.1)		(0.2)
Debt issue costs		(0.6)		(1.9)
Issue of ordinary shares		–		0.1
NET CASH INFLOW/(OUTFLOW) FROM FINANCING ACTIVITIES		21.9		(14.2)
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS		(11.0)		6.6
Cash and cash equivalents at start of the year		46.0		41.3
Net (decrease)/increase in cash and cash equivalents		(11.0)		6.6
Effect of exchange rate fluctuations on cash and cash equivalents		3.8		(1.9)
TOTAL CASH AND CASH EQUIVALENTS AT 30 JUNE		38.8		46.0

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220907006184/en/

Enquiries:

Genus plc (Stephen Wilson, Chief Executive Officer / Alison Henriksen, Chief Financial Officer)

+44 1256 345970

Buchanan (Charles Ryland / Chris Lane / Verity Parker)

+44 207 4665000

Source: Genus plc

FAQ

What were Genus's revenue results for the year ending June 30, 2022?

Genus reported revenue of £593.4 million, a 3% increase compared to the previous year.

What factors impacted Genus's adjusted profit before tax in 2022?

The adjusted profit before tax decreased by 16% due to challenges in PIC China and rising input costs from inflation and the Ukraine war.

How did the PIC China segment perform in the latest results?

PIC China faced significant challenges, resulting in lower profitability and a market performance negatively impacted by live pig prices.

What is Genus's outlook for the medium-term growth?

Genus remains confident in its medium-term growth expectations, despite current macroeconomic challenges.

What investments did Genus make to support growth?

Genus made significant capital investments, including a new genetics farm in Canada and expansion of ABS facilities.

What was the performance of ABS in terms of profitability?

ABS showed strong performance with a 9% increase in adjusted operating profit, supported by successful genetics sales.