StockMarketWire.com - Animal genetics company Genus raised its dividend after reporting a rise in profit, led by 'excellent performance' in its porcine sales business.

For the year ended 30 June 2020, adjsuted pre-tax profit rose 16% to £71m on-year as revenue increased 13% to £551.4m.

The porcine sales business, or PIC, which saw revenue up 17%, was the 'major contributor' to growth, as it benefited from strong demand in China as large producers expanded to fill the supply shortfall caused by African Swine Fever in 2019, the company said.

The company recommended a final dividend of 19.7p a share, an increase of 5% over the prior year's, taking the final dividend to 29.1p, up 5%.

Looking ahead, the company said the impact of the pandemic would continue into the next fiscal year.

'COVID-19 has had a significant impact on the world economy and consumer incomes, and the pandemic has also caused operational challenges for elements of the animal protein value chain, most notably meat processors in the US,' the company said. 'We expect these challenges to have a continuing impact for our customers in FY21 and greater currency headwinds are anticipated.'

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