Financial highlights
Adjusted profit before tax of £39.3m, unchanged in constant currency (down 8% in actual currency)
Adjusted earnings per share of 46.5p, up 3% in constant currency (down 5% in actual currency) with benefit of lower tax rate
Statutory profit before tax up 14% to £38.2m and earnings per share up 23% to 47.7p
Substantially improved cash conversion of 103% (2013: 77%)
Healthy after tax return on invested capital2 of 19.2% (2013: 19.9%)
Dividend increased by 10% to 17.7p, well covered at 2.6 times
Business highlights
Volume growth of 8% in porcine and 5% in dairy and beef
Double digit profit growth in PIC, in constant currency, despite industry disease challenges
Strong ABS rebound with profits up 12% in constant currency
Asia results down 49% due to China investment costs and market conditions
Acquisition and successful integration of Génétiporc strengthens PIC leadership
Acceleration of the rate of porcine genetic improvement by 35% and further reduction in genetic lag
First porcine commercial multiplication agreement signed in China with Riverstone
First bovine royalty agreement with ABP Food Group for beef genetics
Commenting, Karim Bitar, Chief Executive said:
"We achieved a good performance in PIC and ABS in 2014, whilst Asia and specifically China was impacted by poor market conditions and the planned investments in expanding our porcine capacity. The strategic progress we have made positions us well to take advantage of improving market conditions. Although we face some continuing headwinds, we expect to perform in line with expectations in 2015."
