Animal genetics specialist Genus has shown early signs of stabilising after a gruelling year during which its share price tumbled by 20 per cent.
But in its preliminary full year result, there are signs that the Basingstoke-headquartered company has successfully steadied the ship. The firm lowered expectations drastically in the wake of the report, but has traded in line with them since.
Operating profit fell 10 per cent overall, but second half numbers were up 15 per cent year-on-year in constant currency.
The firm finished the year ended June 30 with an adjusted profit before tax of £59.8m, eight per cent down in constant currency.
But its net debt ballooned to £248.7m and basic earnings per share fell 23 per cent to 65.5p.
Its dividend remained at 32p. Its revenue at constant currency rose two per cent at constant currency.
Jorgen Kokke, chief executive at Genus, said: “Genus made significant progress against its strategic priorities during [2024]. I am confident that our decisive actions to structurally strengthen the Group will yield significant benefits in the years to come.
“In [2025], we will continue to execute against our strategic priorities and we expect to achieve significant growth in Group adjusted profit before tax in constant currency, in-line with market expectations.”
Genus, which last year used gene editing to develop pigs resistant to swine flu, said it “remained cautions” about market conditions, especially in China where demand remains subdued.