LONDON (dpa-AFX) - Genus Plc (GNS.L), a British bio-technology firm, on Thursday reported a decline in pre-tax profit for the six-month period to December 31, 2022. However, the company recorded a rise in revenue, reflecting a firm performance.
For the first-half, the UK-based company reported a pre-tax income of 15 million pounds, lesser than 24.4 million pounds, reported for the same period of 2021. This decline shows a 17.2 million pounds non-cash decrease in the net IAS 41 biological assets fair value, reflecting an increase in discount rates applied in the valuation calculation as well as offsetting movements in other key inputs.
However, adjusted pre-tax income stood at 42.2 million pounds, higher than 37 million pounds of previous year.
After tax, profit was at 13.4 million pounds or 20.3 pence per share, compared with 19.9 million pounds or 30.2 pence per share, a year ago.
Operating earnings were at 14.7 million pounds as against last year's 23.9 million pounds.
Excluding items, operating earnings moved up to 41.2 million pounds from 35 million pounds of 2021.
Genus generated revenue of 350.2 million pounds, compared with 281.2 million pounds of last year.
The Board has declared an interim dividend of 10.3 pence per share, unchanged from last year's 10.3 pence per share, which is to be paid on March 30, to shareholders of record on March 3.
Looking ahead, Stephen Wilson, Chief Executive of Genus, said: 'The Board remains confident in the Group's strategy and the many opportunities for Genus. Expectations for the 2023 fiscal year remain unchanged.'
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