Adjusted operating profit, including joint ventures, increased 4% in constant currency (3% lower in actual currency):
o Genus PIC profits up 10% in constant currency (9% in actual currency) with improvement in all regions and 16% growth in strategically important royalty revenues
o Genus ABS profits 23% lower in constant currency (28% in actual currency) with lower volumes due to tough dairy market conditions particularly in Europe. Action was taken in the period to improve Genus ABS performance
o Genus Asia profits up 93% in constant currency (87% in actual currency) with a strong turnaround achieved in the China porcine business following the strategic repositioning of the business over the last two years
o Research and development expenditure increased 16% in constant currency (19% in actual currency) to support planned strategic growth initiatives
Revenue 3% lower in constant currency (5% lower in actual currency) primarily due to expected lower porcine by-product sales following the exit in the previous year from the Génétiporc Quebec nucleus and lower pig prices in North America
Adjusted earnings per share up 5% in constant currency (3% lower in actual currency)
Lower statutory results reflect non-cash fair value reduction in bovine biological assets due to lower overall volumes of semen and a planned increase in the percentage of genomic semen sales over future periods
Net cash flow from operating activities of £5.6m (2014: £19.6m) was impacted by expected seasonal working capital outflows, higher exceptional items and increased tax payments. The prior period was also exceptionally strong, benefiting from the sale of the Génétiporc Quebec nucleus animals
Net debt of £88.2m (2014: £73.2m), including adverse foreign exchange translation of £5.7m year to year, represented 1.5 times trailing twelve months EBITDA (2014: 1.3 times). New five year bank facility of £160m agreed on improved terms, effective 22 February 2016
Interim dividend increased 10% to 6.7 pence per share payable on 30 March 2016
Continued good progress in implementation of strategy:
