Annual Report 2025
At a glance
We are pioneering animal genetic improvement to sustainably nourish the world
We produce and sell elite animal genetics to farmers. Animals bred from these genetics have traits that farmers value, such as feed conversion efficiency, disease resistance and faster growth.
Our genetics therefore enable farmers to raise healthier animals that produce more high-quality protein per unit of input. This increases farmer profitability and food supply resilience, and reduces the environmental impact of animal protein production.
Discover more about us2025 Highlights
Our year in numbers
Genus achieved a strong performance in FY25, executing its strategic priorities as planned.
£672.8m
Group revenue
2024: £669m Change: 1%
£28.5m
Statutory profit before tax
2024: £5.5m Change: 418%
£74.3m
Adjusted profit before tax1
2024: £59.8m Change: 24%
£40.9m
Free cash flow1
2024: -£3.2m
32.0p
Dividend per share
2024: 32.0p Change: 0%
81.8p
Adjusted basic earnings per share1
2024: 65.5p Change: 25%
£362.9m
Adjusted revenue2
PIC
£307.7m
Adjusted revenue2
ABS
£111.9m
Adjusted operating profit3
PIC
£19.5m
Adjusted operating profit3
ABS
1Adjusted results are the Alternative Performance Measures (‘APMs’) used by the Board to monitor underlying performance at a Group and operating segment level, which are applied consistently throughout. These APMs should be considered in addition to, and not as a substitute for or as superior to statutory measures. For more information on APMs, see APM Glossary in AR PDF.
2Revenue Includes Joint Ventures.
3Adjusted Operating Profit includes product development.
Chairman’s Statement
“Our results show the benefits of having a rigorous focus on near-term delivery, while continuing to invest to ensure the business remains successful well into the future.”
Iain Ferguson CBE, Chairman
Chief Executive’s Review
“During FY25 we made significant progress with our strategic priorities.”
Jorgen Kokke, Chief Executive
Delivering our strategic priorities
During FY25 we made significant progress against our strategic priorities.
01
Continued growth in porcine, with more stable growth in China
PIC continued to demonstrate that it has industry-leading genetics, underpinned by a strong supply chain and customer care. Notable achievements in the year included winning 12 new royalty customers in China and continued strong growth in the Americas.
02
Deliver successful commercialisation of our PRP gene edit and attractive returns from R&D
We made excellent progress with our PRP programme, after many years of effort achieving a key objective as we received regulatory approval from the US FDA in April 2025.
03
Drive greater value from bovine
We initiated the Value Acceleration Program (VAP) in FY24, to advance value creation for ABS. In FY25 we continued with Phase 2, focusing on selectively centralising aspects of ABS’s operations, realising further benefits from supply chain integration, and optimising our product allocation.
Our Markets and Business Model
Long-term growth drivers in our markets
Our porcine and bovine divisions operate under the brand names PIC and ABS, respectively. Porcine and bovine markets are different, and PIC and ABS therefore employ different business models and have different financial profiles.
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Strategic Framework
Our strategic framework defines our focus areas to deliver success. We determine the framework at Group level and implement it through our business units.
Operating Reviews
Our operating reviews cover ABS, PIC and R&D. They explore the commercial context, financial performance, strategic progress and future priorities in each case.
Financial Review
Our financial review explores the company’s performance during the year and explains what this means for areas including taxation and shareholder dividends.
Innovating with purpose
We are pursuing a focused R&D portfolio, closely aligned with business needs
Sustainability Report
Pioneering animal genetic improvement to sustainably nourish the world
