Accelerating growth

During our last financial year, progress against our strategic objectives included:

• Delivered further increases in genetic merit across all targeted traits
• Continued to expand our network of elite nucleus farms; started construction on a joint venture genetic nucleus in Brazil and a new owned elite nucleus in Canada
• Increased global dissemination of elite genetics despite constraints created by COVID-19, flying 18,500 animals to 26 countries, including 13,000 pureline gilts to multiplication facilities in Russia and China

• Grew adjusted operating profits in Asia by 49%, driven particularly by increasing demand in China and underpinned by further expansion of our local supply chain
• Delivered adjusted operating profit growth of 13% across Europe, aided by our focus on large producers and expansion of our distribution network to support smaller customers
• Maintained previous performance levels in North America, despite the local impact of COVID-19, helped by sales of our PIC800 boar through new accounts with large producers
• Increased adjusted operating profit in Latin America by 17%, with particularly strong performance from Brazil

• Agreed further royalty contracts around the world, so that 78% of our business is now conducted on this basis (including 36% of our business in China)
• Strengthened our relationship with a major integrated producer in Latin America, through a contract that will see royalty payments increase each year, consistent with the incremental and cumulative value PIC genetics bring to its business
• Conducted a further 28 product trials, involving 87,056 pigs, to show producers the benefits of using PIC genetics in their systems