Genus profits rise on Latin America growth

British animal genetics firm Genus today posted a 3% rise in full-year adjusted pretax profit as higher prices drove growth in Latin America, and said it continued to see profit growth in the current year.

The Hampshire-based company, which sells semen from high-yield strains of pigs and cows to farmers, also raised its final dividend by 10% to 12.1 pence a share.

Separately, Genus named Bob Lawson as its new non-executive chairman, replacing John Hawkins, who will retire in November.

For the fiscal year ended June 30, the company posted an adjusted pretax profit of £32.9 million, compared with £32 million a year ago.

Pretax profit was up 56% to £40.8 million.
Revenue rose 2% to £285.3 million. Sales from Latin America increased by 13% to £38.6 million.

Analysts on average were expecting a full-year pretax profit of £31.7 million on revenue of £277.3 million.