LONDON (dpa-AFX) - Genus Plc (GNS.L), a biotechnology company, on Wednesday reported a steep decline in preliminary pre-tax income for the full year, amidst a fall in revenue.
This fall in pre-tax income was mainly due to 8.6 million pounds decrease in the non-cash fair value IAS41 valuation of Group biological assets, including JV's, and increased net exceptional expenses of 24.6 million pounds from last year's 3.5 million pounds.
For the 12 month period to June 30, the company posted a pre-tax income of 5.5 million pounds, compared with 39.4 million pounds last year.
Excluding items, pre-tax earnings were at 59.8 million pounds, compared with prior year's 71.5 million pounds.
Net profit stood at 7.9 million pounds or 11.9 pence per share as against last year's 33.3 million pounds or 50.5 pence per share.
Adjusted profit was 65 pence per share, lesser than 84.2 pence per share in 2023.
Operating profit plunged to 6.4 million pounds from 40.5 million pounds a year ago.
Adjusted operating profit was also down at 67 million pounds, compared with last year's 74.6 million pounds.
Revenue was 668.8 million pounds, down from last year's 689.7 million pounds.
The Board will a final dividend of 21.7 pence per share, bringing the total dividend for the year to 32 pence per ordinary share, unchanged from last year's 32 pence per share.
The final dividend will be paid on December 6 to the shareholders on the register as of November 8.
Looking ahead, Jorgen Kokke, CEO of Genus, said: 'In FY25, 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. However, Sterling has continued to appreciate against key foreign currencies since our trading update on 17 July 2024, and we now expect a currency headwind of approximately £8-9m in FY25, if current exchange rates continue throughout the fiscal year.'
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