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
