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Animal genetics company Genus said annual profits rose by more than a quarter despite the challenging environment in China caused by the rapid spread of African Swine Fever.
For the year ended 30 June 2019, statutory pre-tax profit rose 27% to £9.9m and revenue increased 4% to £488.5m.
Bovine revenue was up 7% in constant currency, primarily driven by sexed semen sales growth of 40%. Porcine revenue was stable despite fewer animal shipments in China as a result of African Swine Fever (ASF), though porcine royalty revenue increased by 7% in constant currency.
The company recommended a final dividend of 18.8p per share, taking the total dividend to 27.7p a share, up 7% on last year.
'Genus is a strong business, with a proven strategy and business model, which positions us for ongoing growth in both ABS (dairy and beef cattle) and PIC (pigs). ASF will continue to affect PIC volumes in China in the short term and while we foresee some improvement in FY20, fuller restocking is likely in FY21,' the company said.
'Notwithstanding this, and in line with the Board's expectations, Genus expects to deliver further strategic and financial progress in FY20,' it added.