BULL and pig sperm specialist Genus saw its share price plummet over nine per cent yesterday, after full-year results missed analysts’ expectations.
The FTSE 250-listed firm’s revenue edged up one per cent to £345.3m and pre-tax profit rose two per cent to £47.2m.
Earnings per share rose three per cent to 55p.
Profits in the firm’s beef and dairy business fell five per cent this year, which Genus attributed to difficult market conditions, caused by higher feed costs and low milk prices in the US and Latin America, and the severe weather conditions which affected the beef season in Brazil.
“We expect to make further progress in the year ahead and anticipate an improving rate of growth from the second half of 2014 fiscal year onwards,” said chief executive Karim Bitar.
“As a sign of our continuing confidence in the group's prospects, we are recommending an increase in the full-year dividend of 10 per cent.” Shares closed 8.9 per cent lower at £13.48.