Genus profits surge despite slowdown in Russia

 
Adam Hignett
BULL AND pig sperm specialist Genus’ shares jumped almost eight per cent yesterday after revealing a 30 per cent rise in second-half, pre-tax profits.

The overall increase came despite a decline in profits from its in Asia division, which has a high exposure to Russia which has suffered from sanctions and economic contraction.

However, this was not enough to offset strong revenue and profit growth in North America, Latin America and Europe.

Genus last month announced the acquisition of a 51 per cent stake of In Vitro Brasil for £4.6m, allowing the company to expand into the rapidly developing area of bovine IVF.

Revenues rose to £198.5m from £181.7m while pre-tax profits increased 30 per cent to £28.6m due to a strong pound.

Shares in the company closed up 7.68 per cent at 1,388p.