Genus reported fiscal 2026 revenue of £658.1 million, down 2% from £672.8 million, while adjusted profit before tax increased 35% to £100.2 million as stronger operating performance, joint venture contributions and cost initiatives improved profitability.
Adjusted operating profit increased 17% to £94.8 million, while adjusted operating profit including joint ventures increased 25% to £116.0 million.
Adjusted earnings per share increased 35% to 110.3 pence.
The decline in reported revenue largely reflected the deconsolidation of PIC China following its transfer into Genus’ newly formed joint venture with Beijing Capital Agribusiness in January 2026.
Excluding PIC China, group revenue was flat at constant currency and down 1% on an actual currency basis.
Statutory profit before tax increased sharply to £310.5 million from £28.5 million, primarily because Genus recognized a £204.1 million gain related to the sale of a 51% interest in PIC China to establish the strategic joint venture.
The company also benefited from a £12.8 million increase in the non-cash fair value of biological assets.
Genus generated £62.0 million of free cash flow, up 52% from £40.9 million a year earlier.
Leverage decreased to 0.4 times from 1.5 times, supported by free cash generation and approximately £98 million of net proceeds from the PIC China transaction.
Genus PIC generated strong trading across its regions, with total volume including joint ventures increasing 12%.
Adjusted royalty revenue, incorporating PIC ex-China and the company’s share of joint venture royalties, increased 5% to £196.9 million. Adjusted operating profit including joint ventures increased 17% to £130.8 million.
Genus ABS volume increased 1%, including 2% growth in sexed volume.
Adjusted operating profit including joint ventures increased to £22.9 million, supported by benefits from the company’s Value Acceleration Program despite weaker global dairy prices and softer customer demand.
The company also continued advancing its PRRS Resistant Pig program, securing approvals or favorable determinations in Argentina, Canada, Uruguay and Peru and beginning the commercialization process in selected Latin American markets.
Genus increased its full-year dividend 10% to 35.2 pence per share, including a final dividend of 24.0 pence.
The company also announced a £60 million share repurchase program expected to be completed during fiscal 2027.
For fiscal 2027, Genus expects adjusted profit before tax in constant currency to be in line with market expectations and moderately above normalized fiscal 2026 adjusted PBT of £90.3 million.
The company expects moderate adjusted operating profit growth from both PIC and ABS, with fiscal 2027 earnings expected to be weighted toward the second half.
KEY QUOTES:
“Genus achieved a strong performance in FY26. We formed our strategic porcine joint venture in China and received further global regulatory approvals for our pioneering PRP gene edit. Our balance sheet has also been significantly strengthened through another year of very strong organic cash generation as well as the proceeds from the formation of our porcine joint venture in China.”
“As a result of our strengthened balance sheet, and in accordance with our capital allocation framework, we will be returning £60m of surplus capital to shareholders via a share buyback programme that reflects the Board’s confidence in the future growth prospects and cash generation of the business. We look forward to making further progress on our strategic priorities in the year ahead.”
Jorgen Kokke, Chief Executive of Genus
