Genus announces an interim dividend of 10.3pence per share

DividendMax Ltd.

Genus announces an interim dividend of 10.3pence per share

On 24 February 2021, the Genus PLC Directors proposed an interim dividend of 10.3 pence per share payable on 1 April 2021.

Other financial highlights include:

Strong revenue growth of 6% in actual currency and 11% in constant currency

Strong revenue growth of 8% in PIC, their porcine genetics business; royalty revenue up 7%, particularly high growth in Asia and Europe

Continued royalty growth and high breeding stock sales in China contributing to PIC volume growth 11% (up 7% excluding China)

Excellent revenue growth of 17% in ABS, our bovine genetics business, particularly Brazil, Russia, India and China; continued success with Sexcel® and NuEra® beef genetics

ABS volume growth of 19%, with sexed volumes up 42% and beef up 22%

Record adjusted profit before tax ('PBT'), up 44% in constant currency; statutory PBT at £38.7m

Adjusted operating profit including joint ventures and excluding gene editing cost up 35%

Double digit adjusted operating profit growth in PIC (up 17%) and ABS (up 37%); R&D investment decreased 2% with lower spend than planned due to COVID-19 short-term constraints

Statutory PBT increased 27% to £38.7m, impacted by a lower net IAS 41 biological asset valuation uplift offset by lower exceptional costs

Strong cash generation, earnings momentum and increased dividends

Record first half free cash inflow of £26.6m, net debt reduced to £92.2m, net debt to EBITDA of 0.8x 

Adjusted earnings per share up 44%; interim dividend up 10% with 3.3x adjusted earnings cover

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