Full Year 2024 Genus PLC Earnings Call Transcript
Key Points
- Genus PLC (GENSF) achieved considerable progress in structurally strengthening the company despite challenging trading conditions.
- The company saw continued growth in its porcine segment, particularly in Europe, and doubled its royalty customer base in China.
- Significant advancements were made in the commercialization of the PRRS Resistant Pig (PRP), with regulatory progress in the US, Canada, Japan, and China.
- The Value Acceleration Programme (VAP) realized GBP7.3 million of benefit in FY24, with an annualized run rate of GBP10 million, and further benefits expected in FY25.
- Genus PLC (GENSF) maintained a solid financial position with a leverage level within the target range and a comfortable interest cover of 8 times.
- The company faced a challenging environment in the bovine segment, with a 6% decline in volumes and significant impacts in China.
- Adjusted operating profit fell 3% in constant currency and 9% in actual currency, with a noticeable decline in the first half of the year.
- PIC China experienced a GBP5.7 million decrease in profits due to a tough operating environment.
- Exceptional expenses were high at GBP24.6 million, including litigation settlements and restructuring costs.
- FX was a significant headwind, with a GBP6 million impact in FY24 and an expected GBP8 million to GBP9 million headwind in FY25.
Good morning, everyone. Thank you for joining us. My name is Jorgen Kokke, and I am the CEO of Genus. In this presentation, Alison Henriksen, our CFO, and I will take you through Genus' preliminary results for the year ended 30 June 2024.
In summary, I'd say we achieved considerable progress in structurally strengthening Genus, despite the challenging trading conditions. Let me start with an overview and some of our key financial headlines. Here are my four strategic priorities, which I outlined last year and which have remained unchanged. I'm very pleased with the actions taken to position Genus for profit growth going forward.
Firstly, we are driving continued growth in porcine and building a more stable business in China. In FY24, PIC, excluding China, continued to grow, particularly in the second half of the year. And it is encouraging to see PIC Europe makes such good market share gains.
In China, our commercial strategy to focus on the royalty model has resulted in us winning 13 new royalty customers in
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