StockMarketWire.com - Genus reported pre-tax profits of £29m for the six months to the end of December, up 16% at actual currencies and 20% on a constant currency basis.

The strong performance was helped by the launch of Sexcel, improved market conditions and continued actions to strengthen execution and improve efficiency.

Revenues rose to £238.6m from £222.1m while operating profits including joint ventures rose to £31.5m from £26.8m.

Adjusted basic earnings per share rose 34% to 40.9p. The company declared an interim dividend of 8.1p per share, up 9.5%.

The group warned actual currencies, while continuing to be volatile, could reduce reported results by about £3m for the 2018 financial year.

Karim Bitar, Chief Executive said: 'Genus performed strongly in the first half of the 2018 fiscal year and made substantial strategic progress. The launch of Sexcel, our proprietary innovative sexed genetics product, has been well received by customers and early indications of its performance in the field are encouraging.'

'We are also pleased to have started sales of the IntelliGen technology to third parties in Europe and India, enabling other bull studs to take advantage of this novel technology.'

'ABS overall continued its trend of improved results following the actions taken last year. PIC continued to perform well, despite market headwinds in China, and we continued to strengthen its presence in Europe through the acquisition and partnership with Hermitage.'

'As planned, we increased our investment in our gene editing platform and made good progress in the PRRSv resistance development plan. We expect to further increase this investment in the second half.'

'We anticipate performing in line with our expectations in the full year on a constant currency basis, but now expect actual currencies to be a headwind for the year.'


At 9:35am: [LON:GNS] Genus PLC share price was -71p at 2265p



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