StockMarketWire.com - Animal genetics company Genus saw its share price nosedive Thursday after statutory profit slumped sharply as it wrote down its biological assets.

For the year ended 30 June 2018, statutory profit before tax fell 81% to £7.8m, revenue rose 2% to £470.3m.

The value of the company's biological assets slumped to -£28.7m, from a £1.1m valuation in the previous year. Excluding the adjusted for the write down, profit before tax rose 4% to £58.5m.

The company declared a final dividend of 17.9p a share, taking the total dividend to 26.0p a share, up 10% on last year.

The company said it anticipated further growth in 2019, but warned of short term pain amid a more challenging external environment, owing to growing barriers to international trade and the recent spread of African Swine Fever to China. 'Genus performed strongly in 2018, achieving our financial objectives and making good strategic progress. ABS growth was particularly strong, alongside another good year for PIC,' said Karim Bitar, Chief Executive. 'The successful launch of Sexcel, our innovative proprietary 21st century sexed semen product in September 2017, was a real highlight after many years of pioneering development. It was very pleasing to hear from dairy farmers how the product performance is exceeding their expectations.' At 8:31am: [LON:GNS] Genus PLC share price was -269p at 2453p



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