Genus (GNS)

Sector:

Pharma and Biotech

Index:

FTSE 250

5,670.00p
   
  • Change Today:
      5.00p
  • 52 Week High: 6,070.00
  • 52 Week Low: 3,744.00
  • Currency: UK Pounds
  • Shares Issued: 65.77m
  • Volume: 75,638
  • Market Cap: £3,728.93m
  • RiskGrade: 128

Genus reports strong interim results

By Josh White

Date: Thursday 25 Feb 2021

LONDON (ShareCast) - (Sharecast News) - Animal genetics company Genus reported a record adjusted profit before tax in its interim results on Thursday, as revenue in its porcine genetics business 'PIC' rose 8%.
The FTSE 250 company said royalty revenue in PIC was ahead 7%, with "particularly high growth" in Asia and Europe.

It said it saw continued royalty growth and high breeding stock sales in China, contributing to PIC volume growth of 11% for the six months ended 31 December.

The firm said there was also "excellent" revenue growth of 17% in its bovine genetics business 'ABS', particularly Brazil, Russia, India and China, with continued success of its 'Sexcel' and 'NuEra' beef genetics.

ABS volume growth stood at 19%, with sexed volumes ahead 42% and beef up 22%.

Looking at that record adjusted profit before tax, Genus said it was up 44% in constant currency year-on-year at £48.4m, as its statutory profit before tax rose 27% to £38.7m.

Adjusted operating profit, including joint ventures and excluding gene editing costs, were 35% higher at £54.7m.

Genus reported double-digit adjusted operating profit growth in PIC of 17% and in ABS of 37%, as its research and development investment decreased 2%, with a lower-than-planned spend due to Covid-19 short-term constraints.

First half free cash inflow reached a record of £26.6m, as the company's net debt narrowed to £92.2m, with its net debt-to-EBITDA ratio standing at 0.8x.

The board declared an interim dividend of 10.3p, up 10%, with an adjusted earnings cover of 3.3x.

"Genus performed very strongly and made further good strategic progress in the first half of the 2021 fiscal year," said chief executive officer Stephen Wilson.

"Both PIC and ABS grew adjusted operating profits in double digits, with China, Brazil, India and Russia being notably high growth markets.

"PIC's expansion in China was significant, gaining share with large producers that have been re-stocking following the spread of African swine fever in 2019."

Wilson said PIC Europe's growth was also "very strong", reflecting success with key accounts, leveraging the firm's genetics and supply chain.

"ABS' volume growth in the half was a record, driven by the continued success of Sexcel, and strong performance by our proprietary NuEra beef business.

"Latin America, Europe and Asia all grew strongly, and ABS' adjusted operating margin improved through better product mix and operating leverage."

Stephen Wilson said that in the second half of the 2021 fiscal year, the company was expecting growth to be lower, with increased currency headwinds.

"Nevertheless, Genus continues to have significant growth opportunities and the board's expectations remain unchanged for the full year."

At 0930 GMT, shares in Genus were down 5.49% at 4,952.2p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Genus Market Data

Currency UK Pounds
Share Price 5,670.00p
Change Today 5.00p
% Change 0.09 %
52 Week High 6,070.00
52 Week Low 3,744.00
Volume 75,638
Shares Issued 65.77m
Market Cap £3,728.93m
RiskGrade 128

Genus Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
99.62% below the market average99.62% below the market average99.62% below the market average99.62% below the market average99.62% below the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average
Price Trend
66.67% above the market average66.67% above the market average66.67% above the market average66.67% above the market average66.67% above the market average
58.06% above the sector average58.06% above the sector average58.06% above the sector average58.06% above the sector average58.06% above the sector average
Income
64.35% below the market average64.35% below the market average64.35% below the market average64.35% below the market average64.35% below the market average
63.64% below the sector average63.64% below the sector average63.64% below the sector average63.64% below the sector average63.64% below the sector average
Growth
84.16% above the market average84.16% above the market average84.16% above the market average84.16% above the market average84.16% above the market average
61.11% above the sector average61.11% above the sector average61.11% above the sector average61.11% above the sector average61.11% above the sector average

What The Brokers Say

Strong Buy 3
Buy 1
Neutral 3
Sell 0
Strong Sell 0
Total 7
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Genus Dividends

  Latest Previous
  Final Interim
Ex-Div 18-Nov-21 04-Mar-21
Paid 10-Dec-21 01-Apr-21
Amount 21.70p 10.30p

Trades for 21-Sep-2021

Time Volume / Share Price
16:35 28,594 @ 5,670.00p
16:29 5 @ 5,655.00p
16:29 1 @ 5,660.00p
16:29 25 @ 5,650.00p
16:29 29 @ 5,655.00p

Genus Key Personnel

CEO Stephen Wilson
CFO Alison Henriksen

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