REG - Genus PLC - Interim Results
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RNS Number : 4384U Genus PLC 26 February 2026
For immediate release 26 February 2026
Genus plc
Interim results for the six months ended 31 December 2025
RECORD FIRST HALF PROFIT AND SUBSTANTIAL STRATEGIC PROGRESS
Adjusted results(1) Statutory results
Actual currency Constant currency change(2) Actual currency
Six months ended 31 December 2025 2024 Change 2025 2024 Change
£m £m % % £m £m %
Revenue 335.6 336.4 0 0 335.6 336.4 0
Operating profit 55.8 40.3 38 37 35.8 12.5 186
Operating profit inc JVs 64.4 45.2 42 40
Profit before tax 55.7 35.4 57 54 39.5 3.3 1097
Cash generated by operations 38.5 46.1 -16 n/a(3) 41.8 44.6 -6
Free cash flow(1) 8.2 10.3 -20 n/a(3)
Basic earnings per share (pence) 60.8 39.8 53 49 45.1 2.4 1779
Dividend per share (pence) 11.2 10.3 9
Record first half financial performance
· Record first half adjusted operating profit driven by strong growth
in PIC, a £5.6m milestone payment from the Group's Chinese partner, Beijing
Capital Agribusiness ("BCA"), and Value Acceleration Programme ("VAP") actions
benefitting ABS
· Adjusted profit before tax (PBT) increased 57%; excluding the BCA
milestone, adjusted PBT increased 42% in actual currency and 39% in constant
currency
· Statutory PBT of £39.5m increased significantly year on year with
the difference relative to adjusted PBT predominantly caused by a £6.4m
decrease in the non-cash fair value IAS41 valuation of biological assets
· Strong cash generated by operations driving a free cash inflow(1) of
£8.2m which compares well to a strong prior year period
· Net debt to adjusted EBITDA ratio reduced to 1.4x(1) (30 June 2025:
1.5x)
· Adjusted earnings per share increased 53% and interim dividend
increased to 11.2p per share
Substantial strategic progress
· Porcine: Strategic Chinese porcine joint venture formed on 31 January
2026, post period end
· PRRS(4) Resistant Pig ("PRP"): Significant milestone for North
American commercialisation with Canada approving use of the PRP gene edit on
23 January 2026
· Bovine: VAP Phase 3 initiatives actioned and on track to deliver
approximately £7m of in-year benefit and approximately £9m of annualised
benefit
Divisional headlines
· PIC - Strong trading across all regions with particular strength in
China and LATAM
o Strategically important royalty revenue growth of 6% to £93m and total
volume up 15%
o Adjusted operating profit including joint ventures increased by 30%(2)
driven by strong trading in Agroceres and China, lower input costs and a
£5.6m milestone payment from the Group's Chinese partner BCA
· ABS - VAP initiatives delivering significant adjusted operating
profit and cash flow improvements
o Stable volume, with sexed volume up 1% and conventional dairy and beef
volume 2% lower
o Significant improvement in adjusted operating profit including joint
ventures to £10.9m (FY25 H1: £8.6m) driven by £4.7m of VAP benefits,
partially offset by lower profit in ABS China and higher bovine product
development costs, as expected
Outlook: Incorporating PIC China deconsolidation, outlook in-line with market
expectations
· Continued good momentum across the business
· Broadly neutral currency impact expected in FY26 H2 if current
exchange rates continue through the fiscal year
· On 31 January 2026, the Group successfully formed its Chinese porcine
joint venture, resulting in expected receipt of approximately £100m in fiscal
Q4 and deconsolidation of the Group's PIC China business
· Incorporating PIC China deconsolidation, Board expectations for FY26
Group adjusted PBT are in-line with current market expectations(5)
Commenting on the performance and outlook, Jorgen Kokke, Chief Executive,
said:
"Genus achieved a strong first half with broad-based growth across PIC and
continued improvement in ABS profitability. Our focus on cash generation also
continued to deliver strong results. Post-period end we also achieved two
significant strategic milestones. The first was the successful formation of
our strategic Chinese porcine joint venture which creates the best platform to
accelerate PIC China's long-term growth opportunity. The second was Canada's
approval of our PRP gene edit which adds to our portfolio of regulatory
approvals. We remain focused on executing our strategic priorities and look
forward to the second half of FY26 with confidence."
Results presentation today
Management is hosting an in-person results presentation and Q&A session
today at 08:30am at Peel Hunt's London offices (100 Liverpool Street, London,
EC2M 2AT). Those unable to attend in person can also join remotely; please
contact Toto Berger at Burson Buchanan for details: genus@buchanan.uk.com
Enquiries:
Genus plc (Jorgen Kokke, Chief Executive Officer; Andy Russell, Chief Tel: 01256 345970
Financial Officer / Anand Date, Investor Relations & Sustainability
Director)
Burson Buchanan (Charles Ryland / Toto Berger / Jamie Hooper) Tel: 0207 4665000
About Genus
Genus is a world-leading animal genetics company. Genus creates advances to
animal breeding and genetic improvement by applying biotechnology and sells
added value products for livestock farming and food producers. Its technology
is applicable across livestock species and is currently commercialised by
Genus in the dairy, beef and pork food production sectors.
Genus's worldwide sales are made in over seventy-five countries under the
trademarks 'ABS' (dairy and beef cattle) and 'PIC' (pigs) and comprise semen,
embryos and breeding animals with superior genetics to those animals currently
in farms. Genus's customers' animals produce offspring with greater production
efficiency, and quality, and use these to supply the global dairy and meat
supply chains.
The Group's competitive edge has been created from the ownership and control
of proprietary lines of breeding animals, the biotechnology used to improve
them and its global supply chain, technical service and sales and distribution
network. The PRRS(4) Resistant Pig is a market leading innovation in gene
editing which Genus is looking to commercialise in the porcine industry once
further regulatory approvals are obtained.
With headquarters in Basingstoke, United Kingdom, Genus companies operate in
over twenty-five countries on six continents, with research laboratories
located in Madison, Wisconsin, USA.
(1) Adjusted 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
(2) Constant currency percentage movements are calculated by restating the
results for the six months ended 31 December 2025 at the average exchange
rates applied to adjusted operating profit for the year ended 30 June 2025
(3) n/a = not applicable
(4) Porcine Reproductive and Respiratory Syndrome
(5) The company compiled consensus for FY26 adjusted profit before tax is
£88.9m with a range of £88.0m to £90.0m. This excludes the BCA milestone
receipt of £5.6m. This consensus is based upon 8 analyst estimates
Group Performance
Genus achieved record profits and continued strong free cash flow generation
in the first half.
Group revenue was broadly similar to the prior year (flat in constant
currency) at £335.6m (FY25 H1: £336.4m). PIC revenue increased by 1% (2%
increase in constant currency) with strategically important royalty revenue
increasing 7% in constant currency and total volumes growing 15%. ABS revenue
decreased by 2% (2% decrease in constant currency) with volume decreasing 1%.
Higher margin sexed volume grew 1% with conventional dairy and beef volume
both decreasing 2%.
PIC adjusted operating profit including joint ventures increased substantially
to £71.9m (FY25 H1: £55.4m), growth of 30% (30% increase in constant
currency). This growth was particularly driven by strong trading in China and
LATAM, and the recognition of a £5.6m milestone payment from our Chinese
partner, BCA. In ABS, adjusted operating profit including joint ventures
increased to £10.9m (FY25 H1: £8.6m), growth of 27% (18% increase in
constant currency). VAP initiatives were the major driver of ABS's improved
adjusted operating profit and contributed £4.7m in the period comprising £2m
of annualised Phase 2 initiatives and £2.7m of in-year benefit from Phase 3
initiatives. This was partially offset by lower ABS profits in China, where
the border remains closed to bovine genetic imports from the U.S., and higher
product development costs. R&D investment decreased by 10% (8% decrease in
constant currency) as planned to £7.1m (FY25 H1: £7.9m). Group Central costs
increased to £11.2m (FY25 H1: £10.9m), principally due to increased
performance related remuneration accruals. Genus's share of adjusted joint
venture operating profits was £8.7m (FY25 H1: £4.8m).
As a result, Group adjusted operating profit including joint ventures
increased to £64.4m (FY25 H1: £45.2m), growth of 42% (40% increase in
constant currency). Group adjusted operating profit margin increased 580bps to
19.2% (FY25 H1: 13.4%). Excluding the BCA milestone payment, Group adjusted
operating profit margin increased 410bps to 17.5%.
Adjusted profit before tax of £55.7m (FY25 H1: £35.4m), was an increase of
57% (54% increase in constant currency). Net finance costs were lower at
£8.7m (FY25 H1: £9.8m) with the key drivers being a £0.5m decrease due to
lower interest rates, a £0.2m decrease due to lower average borrowings year
on year and a £0.4m decrease due to additional foreign interest income and
reduced finance lease interest and amortisation costs. The effect of exchange
rate movements on the translation of overseas profits increased the Group's
adjusted profit before tax by £1.0m compared with the prior year.
On a statutory basis, profit before tax was significantly improved at £39.5m
(FY25 H1: £3.3m). The difference between statutory and adjusted profit before
tax was primarily driven by a £6.4m non-cash decrease (FY25 H1: £16.0m
decrease) in net IAS 41 biological assets fair value and exceptional costs of
£6.7m, of which £4.6m relates to ABS restructuring under its VAP programme
and £1.9m in relation to the formation of the porcine joint venture in China.
The tax charge on adjusted profits for the period was £15.5m (FY25 H1:
£9.2m), which represented a tax rate on adjusted profit before tax of 27.8%
(FY25 H1: 26%) with the prior period benefitting from a one-off tax refund in
the UK. Adjusted earnings per share was 60.8p (FY25 H1: 39.8p) an increase of
53% (49% increase in constant currency). Statutory earnings per share was
45.1p (FY25 H1: 2.4p).
After a strong free cash flow performance in the prior year period, the group
continued to maintain momentum with an FY26 H1 inflow of £8.2m (FY25 H1:
£10.3m inflow). Strong EBITDA growth underpinned this performance, though it
was offset by a working capital outflow of £22.7m (FY25 H1: £3.0m inflow).
This outflow was driven by higher performance‑related payments and also
increased receivables, largely associated with the £5.6m BCA milestone
payment. The prior year performance benefited from unusually low
performance‑related payments and a one‑off step change in inventory and
debtor management within the bovine business. Capital expenditure remained
stable at £7.5m (FY25 H1: £7.3m), and net cash movement in biological assets
delivered a £0.4m inflow (FY25 H1: £nil). Overall, this resulted in a cash
conversion of 60% (FY25 H1: 102%).
Net debt increased to £232.9m (FY25: £228.2m) over the period with the free
cash flow performance offset by exceptional items of £10.5m, primarily
related to the ABS VAP programme, and the Group's final dividend of £14.3m.
The net debt to adjusted EBITDA ratio improved to 1.4x (30 June 2025: 1.5x).
The Group's return on adjusted invested capital, as defined in the alternative
performance measures glossary, was higher at 15.8% (30 June 2025: 14.7%) due
to the significant adjusted operating profit improvement through the period.
The Board has updated its progressive dividend policy to provide greater
clarity to stakeholders. Full year dividends are now expected to represent a
30% to 40% payout of adjusted earnings per share. Full year dividends will
continue to be split between an interim and final dividend, with the interim
dividend being 35% of the previous full year dividend. The Group's FY25 full
year dividend was 32.0 pence per share, hence the Board is proposing an FY26
interim dividend of 11.2 pence per share (FY25 interim: 10.3 pence per share).
This will be payable on 27 March 2026 to shareholders on the register at 6
March 2026.
Strategic Priorities
We continue to focus on the same strategic priorities to improve profitability
and guide our progress.
1. Continued growth in porcine, accelerated growth in China
PIC continued to demonstrate the strength of its industry-leading genetics,
supply chain and customer care. First half performance was broad-based with
royalty revenue growth in every region. Post-period end, successful formation
of the Chinese joint venture with BCA created the strongest platform to
accelerate PIC China's long-term growth and reduce potential volatility over
time.
2. Successfully commercialise PRP and deliver attractive returns from R&D
Successful R&D is at the core of our business and PRP commercialisation
remains our primary focus. Post-period end we achieved another important
regulatory milestone as Canada approved use of the PRP gene edit. Canadian
approval means we are one step closer to commercialising PRP in North America
albeit we still require approvals in the key export markets of Mexico and
Japan. We continue to make progress with regulators in these jurisdictions as
well as with other international regulators. Beyond PRP, we remain excited by
other medium-term opportunities in disease resistance and reproductive
technology.
3. Drive greater value from bovine
We initiated VAP to accelerate Bovine's growth and structurally improve
margins, ROIC and cash generation. VAP benefits of £4.7m were a significant
driver of ABS's adjusted operating profit growth in FY26 H1. VAP Phase 3 is
ahead of our previous expectations and is on track to deliver approximately
£7m of in-year benefit and £9m of annualised benefit to adjusted operating
profit. We remain focused on driving further value creation in bovine through
accelerating top-line growth and embedding commercial excellence.
People
Our people help us deliver our results and shape our strategic progress. Their
input is vital, so we regularly seek their feedback and ideas for the
business. During the period, we conducted our latest employee survey, in which
78% of our people took part. This helped us understand what's working well and
where we have opportunities to improve. We are now exploring these findings in
more depth through focus groups with colleagues across the global company,
which will inform action planning. It's all part of ongoing work to strengthen
our culture, improve the employee experience and nurture the common purpose
that drives success.
Genus PIC - Operating Review
Actual currency Constant currency
Six months ended 31 December 2025 2024 Change Change
£m £m % %
Revenue 183.6 181.3 1 2
Adjusted operating profit pre-product development 72.6 67.8 7 8
Porcine product development expense (9.3) (16.9) (45) (42)
Adjusted operating profit exc JV 63.3 50.9 24 25
Adjusted operating profit inc JV 71.8 55.4 30 30
Adjusted operating margin exc JV 34.5% 28.1% 6.4pts 6.4pts
First half market conditions were varied for pork producers in different
regions of the world. In the Americas, pork producers generally made good
margins with profits supported by lower feed costs. In Europe, pork prices
weakened materially towards the end of the calendar year after African Swine
Fever was identified amongst a number of wild boars in Spain. Pork producers
in China also experienced a challenging six months with pork prices below the
industry average cost of production for most of the period.
Amidst this backdrop, PIC performance was very strong. Revenue increased 1%
driven by a 15% increase in volume. Strategically important royalty revenue
increased 7%* with modest growth in North America (+1%*) and strong growth in
every other region: LATAM (+7%*), EMEA (+10%*), Asia ex-China (+9%*) and China
(+51%*). Adjusted operating profit including JVs increased 30%* due to
particularly strong trading in LATAM and China, lower input costs, and
recognition of a £5.6m milestone payment from the Group's Chinese partner
BCA. Excluding this milestone, adjusted operating profit including JVs
increased 20%*.
Product development costs decreased 42%* primarily due to the recognition of
the planned £5.6m milestone payment from the Group's Chinese partner BCA.
Excluding this milestone payment, product development costs decreased 9%*.
Within product development, expenditure on PRP market acceptance activities
increased, as planned, to £4.9m excluding the BCA milestone payment.
* Constant currency growth rate compared with the same period last year
Genus ABS - Operating Review
Actual currency Constant currency
Six months ended 31 December 2025 2024 Change Change
£m £m % %
Revenue 150.8 154.0 (2) (2)
Adjusted operating profit pre-product development 23.4 19.2 22 20
Bovine product development expense (12.7) (11.0) 16 19
Adjusted operating profit exc JV 10.7 8.2 30 22
Adjusted operating profit inc JV 10.9 8.6 27 18
Adjusted operating margin exc JV 7.2% 5.6% 1.6pts 1.2pts
Bovine markets were varied around the world. Producers in North America
generally operated at positive margins with supportive milk prices and very
strong beef prices. In Europe, however, it was a challenging period for dairy
and beef producer profits. In Brazil, beef prices continued to improve through
the period driven by record exports and improving local demand. In China,
local dairy producers continued to face weak demand and low milk prices.
Amidst this backdrop, ABS volume decreased 1% in the period with sexed volume
increasing 1%. Beef and conventional dairy volume decreased 2%. ABS Revenue
decreased by 2%* and adjusted operating profit including joint ventures
increased by 18%*, a margin improvement of 1.2pts in constant currency,
compared with the prior year. Trading was strong across the Americas and EMEA
whilst Asia was weaker, as expected, due to China's continuing restriction on
bovine genetic imports from the U.S.. IntelliGen performance was similarly
strong across all regions except Asia.
In FY24, Management initiated a comprehensive Value Acceleration Programme
("VAP") to accelerate Bovine's growth and structurally improve margins, ROIC
and cash generation. VAP initiatives continued to be a major driver of ABS's
adjusted profit improvement in H1 FY26 and contributed £4.7m of benefit,
comprising £2m of annualised Phase 2 benefits and £2.7m of Phase 3 benefits.
Phase 3 initiatives are now expected to achieve approximately £7m of in-year
FY26 benefit and approximately £9m of annualised benefit. Exceptional
restructuring costs of £3.7m associated with VAP Phase 3 were recognised in
the first half.
Spend on bovine product development increased 16%*, as expected, predominantly
due to higher bull depreciation and the impact of acquiring the minority
interest in De Novo.
* Constant currency growth rate compared with the same period last year
Research and Development - Operating Review
Actual currency Constant currency
Six months ended 31 December 2025 2024 Change Change
£m £m % %
Gene editing (1.7) (2.0) (16) (13)
Other research and development (5.4) (5.9) (8) (6)
Net expenditure in R&D (7.1) (7.9) (10) (8)
Net expenditure on R&D decreased 10%, as planned. For the full year, net
expenditure on R&D is expected to be 2% of group revenue. R&D's key
near-term focus is achieving PRP regulatory approvals and in the medium-term,
we remain excited by opportunities in disease resistance and reproductive
technology.
* Constant currency growth rate compared with the same period last year
Growth Data Table
The table below contains additional performance data for the Group's business
units. All growth rates are in constant currency and compare to the same
period in the prior year.
Constant Currency
Six months ended 31 December 2025 2024
% %
PIC
Revenue Growth 2 8
North America (6) 7
LATAM 3 16
EMEA (3) (6)
Asia 30 27
Royalty Revenue Growth 7 5
North America 1 5
LATAM 7 11
EMEA 10 0
Asia 36 2
ABS
Revenue Growth (2) 3
North America 6 5
LATAM 8 7
EMEA 0 5
Asia (40) 8
Sexed Volume Growth 1 13
North America 8 22
LATAM 12 17
EMEA 23 1
Asia (31) 15
Principal Risks and Uncertainties
Genus's approach to risk management is to identify, evaluate and prioritise
risks and uncertainties so we can take action to mitigate them. The Genus plc
Annual Report 2025 (a copy of which is available on the Genus plc website at
www.genusplc.com) sets out on pages 52-55 the principal risks and
uncertainties that might impact the performance of the Group.
Some of these risks relate to our business operations, while others relate to
future commercial exploitation of our PRRS Resistant Pigs, our leading-edge
R&D programmes, and our IntelliGen technology. We are also exposed to
global economic and political risks such as trade restrictions attributed to
regional or global conflicts, disease risks (e.g. African Swine Fever),
climate impacts, or cyber security.
There has been no material change to the principal risks that might affect the
performance of the Group in the current financial year.
GENUS PLC
CONDENSED CONSOLIDATED INCOME STATEMENT
For the six months ended 31 December 2025
Note Six months Six months Year
ended ended ended
31 December 2025 31 December 30 June
£m 2024 2025
£m
£m
REVENUE 2 335.6 336.4 672.8
Adjusted operating profit 2 55.8 40.3 81.1
Adjusting items:
- Net IAS 41 valuation movement on biological assets 8 (6.4) (16.0) (13.3)
- Amortisation of acquired intangible assets 7 (2.4) (2.9) (5.6)
- Impairment of goodwill - - (1.5)
- Share-based payment expense (4.5) (2.9) (6.9)
(13.3) (21.8) (27.3)
Exceptional items (net) 3 (6.7) (6.0) (11.4)
Total adjusting items (20.0) (27.8) (38.7)
OPERATING PROFIT 35.8 12.5 42.4
Share of post-tax profit of joint ventures and associates retained 10 12.4 5.1 9.1
Other gains and losses 19 - (4.5) (4.2)
Finance costs 4 (9.2) (11.3) (21.4)
Finance income 4 0.5 1.5 2.6
PROFIT BEFORE TAX 39.5 3.3 28.5
Taxation 5 (9.6) (1.8) (9.2)
PROFIT FOR THE PERIOD 29.9 1.5 19.3
ATTRIBUTABLE TO:
Owners of the Company 29.8 1.6 19.3
Non-controlling interest 0.1 (0.1) -
29.9 1.5 19.3
EARNINGS PER SHARE
Basic earnings per share 14 45.1p 2.4p 29.3p
Diluted earnings per share 14 44.5p 2.4p 28.9p
Alternative Performance Measures
Adjusted operating profit 55.8 40.3 81.1
Adjusted operating (profit)/loss attributable to non-controlling interest (0.1) 0.1 -
Pre-tax share of profits from joint ventures and associates excluding net IAS 8.7 4.8 12.0
41 valuation movement
Adjusted operating profit including joint ventures and associates 64.4 45.2 93.1
Net finance costs 4 (8.7) (9.8) (18.8)
Adjusted profit before tax 55.7 35.4 74.3
Adjusted earnings per share
Basic adjusted earnings per share 14 60.8p 39.8p 81.8p
Diluted adjusted earnings per share 14 60.0p 39.4p 80.6p
Adjusted 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 statutory measures, and not as a substitute for or
as superior to them. For more information on APMs, see APM Glossary.
GENUS PLC
CONDENSED CONSOLIDATED Statement of Comprehensive Income
For the six months ended 31 December 2025
( ) Year ended
Six months ended Six months ended 30 June 2025
31 December 2025 31 December 2024
£m £m £m £m £m £m
PROFIT FOR THE PERIOD 29.9 1.5 19.3
Items that may be reclassified subsequently to profit or loss
Foreign exchange translation differences 9.3 (18.9) (35.7)
Fair value movement on net investment hedges (0.7) 0.7 (0.5)
Fair value movement on cash flow hedges - (0.5) (1.4)
Tax relating to components of other comprehensive (expense)/income (0.3) 0.9 (5.1)
8.3 (17.8) (42.7)
Items that may not be reclassified subsequently to profit or loss
Actuarial gain/(loss) on retirement benefit obligations 2.2 0.7 (18.5)
Movement on pension asset recognition restriction (2.4) (0.7) 16.4
Interest restriction on IFRIC 14 0.4 - 1.8
Tax relating to components of other comprehensive expense - - (0.1)
0.2 - (0.4)
OTHER COMPREHENSIVE INCOME/(EXPENSE) FOR THE PERIOD 8.5 (17.8) (43.1)
TOTAL COMPREHENSIVE INCOME/(EXPENSE) FOR THE PERIOD 38.4 (16.3) (23.8)
ATTRIBUTABLE TO:
Owners of the Company 38.3 (16.2) (23.6)
Non-controlling interest 0.1 (0.1) (0.2)
38.4 (16.3) (23.8)
GENUS PLC
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 31 December 2025
Note Called up Share premium account £m Own shares Translation reserve Hedging reserve Retained earnings £m Total Non- Total equity
share capital
£m
£m
£m
£m
controlling interest
£m
£m
£m
BALANCE AT 30 JUNE 2024 (restated) (1) 6.6 179.1 (0.1) 10.5 0.9 320.8 517.8 (4.3) 513.5
Foreign exchange translation differences, net of tax - - - (40.8) - - (40.8) (0.2) (41.0)
Fair value movement on net investment hedges, net of tax - - - (0.5) - - (0.5) - (0.5)
Fair value movement on cash flow hedges, net of tax - - - - (1.2) - (1.2) - (1.2)
Actuarial loss on retirement benefit obligations, net of tax - - - - - (14.2) (14.2) - (14.2)
Movement on pension asset recognition restriction, net of tax - - - - - 12.4 12.4 - 12.4
Interest restriction on IFRIC 14, net of tax - - - - - 1.4 1.4 - 1.4
Other comprehensive (expense)/income for the year - - - (41.3) (1.2) (0.4) (42.9) (0.2) (43.1)
Profit for the year - - - - - 19.3 19.3 - 19.3
Total comprehensive (expense)/income for the year - - - (41.3) (1.2) 18.9 (23.6) (0.2) (23.8)
Recognition of share-based payments, net of tax - - - - - 7.4 7.4 - 7.4
Dividends 6 - - - - - (21.1) (21.1) - (21.1)
Adjustment arising from change in non-controlling interest and written put - - - - - (4.4) (4.4) 4.4 -
option
BALANCE AT 30 JUNE 2025 6.6 179.1 (0.1) (30.8) (0.3) 321.6 476.1 (0.1) 476.0
Foreign exchange translation differences, net of tax - - - 8.9 - - 8.9 (0.1) 8.8
Fair value movement on net investment hedges, net of tax - - - (0.5) - - (0.5) - (0.5)
Fair value movement on cash flow hedges, net of tax - - - - - - - - -
Actuarial gains on retirement benefit obligations, net of tax - - - - - 1.6 1.6 - 1.6
Movement on pension asset recognition restriction, net of tax - - - - - (1.7) (1.7) - (1.7)
Interest restriction on IFRIC 14, net of tax - - - - - 0.3 0.3 - 0.3
Other comprehensive income/(expense) for the period - - - 8.4 - 0.2 8.6 (0.1) 8.5
Profit for the period - - - - - 29.8 29.8 0.1 29.9
Total comprehensive income for the period - - - 8.4 - 30.0 38.4 - 38.4
Recognition of share-based payments, net of tax - - - - - 3.7 3.7 - 3.7
Dividends 6 - - - - - (14.3) (14.3) - (14.3)
Issue of ordinary shares 0.1 - - - - - 0.1 - 0.1
BALANCE AT 31 DECEMBER 2025 6.7 179.1 (0.1) (22.4) (0.3) 341.0 504.0 (0.1) 503.9
1 See note 1 for details of the prior period restatement
Note Called up Share premium account £m Own shares Translation reserve Hedging reserve Retained earnings £m Total Non- Total equity
share capital
£m
£m
£m
£m
controlling interest
£m
£m
£m
BALANCE AT 30 JUNE 2024 (restated) (1) 6.6 179.1 (0.1) 10.5 0.9 320.8 517.8 (4.3) 513.5
Foreign exchange translation differences, net of tax - - - (17.8) - - (17.8) (0.2) (18.0)
Fair value movement on net investment hedges, net of tax - - - 0.6 - - 0.6 - 0.6
Fair value movement on cash flow hedges, net of tax - - - - (0.4) - (0.4) - (0.4)
Actuarial gain on retirement benefit obligations, net of tax - - - - - 0.5 0.5 - 0.5
Movement on pension asset recognition restriction, net of tax - - - - - (0.5) (0.5) - (0.5)
Other comprehensive expense for the period - - - (17.2) (0.4) - (17.6) (0.2) (17.8)
Profit/(loss) for the period - - - - - 1.6 1.6 (0.1) 1.5
Total comprehensive (expense)/income for the period - - - (17.2) (0.4) 1.6 (16.0) (0.3) (16.3)
Recognition of share-based payments, net of tax - - - - - 3.1 3.1 - 3.1
Dividends 6 - - - - - (14.3) (14.3) - (14.3)
Adjustment arising from change in non-controlling interest and written put - - - - - (4.4) (4.4) 4.4 -
option
BALANCE AT 31 DECEMBER 2024 (restated) (1) 6.6 179.1 (0.1) (6.7) 0.5 306.8 486.2 (0.2) 486.0
1 See note 1 for details of the prior period restatement
GENUS PLC
CONDENSED CONSOLIDATED BALANCE SHEET
As at 31 December 2025
Note 31 December (restated)(1) 30 June
2025 31 December 2025
£m
£m
2024
£m
ASSETS
Goodwill 101.9 109.4 102.8
Other intangible assets 7 52.0 61.0 55.3
Biological assets 8 210.0 235.7 219.0
Property, plant and equipment 9 137.0 169.6 160.3
Interests in joint ventures and associates 10 73.3 63.0 62.8
Other investments 3.2 3.6 3.2
Derivative financial assets 17 - 0.6 -
Other receivables 12 8.5 11.3 10.3
Deferred tax assets 31.5 28.9 30.9
TOTAL NON-CURRENT ASSETS 617.4 683.1 644.6
Inventories 11 47.4 51.8 46.2
Biological assets 8 26.8 30.1 34.7
Trade and other receivables 12 121.9 128.4 119.2
Cash and cash equivalents 43.4 47.4 48.0
Income tax receivable 9.8 2.9 6.2
Derivative financial assets 17 - 1.1 0.1
Assets classified as held for sale 20 54.6 - -
TOTAL CURRENT ASSETS 303.9 261.7 254.4
TOTAL ASSETS 921.3 944.8 899.0
LIABILITIES
Trade and other payables 13 (84.5) (111.0) (107.7)
Interest-bearing loans and borrowings (4.5) (4.0) (2.9)
Provisions (0.2) (0.7) (0.4)
Deferred consideration (2.7) (2.8) (2.6)
Obligations under leases (10.1) (12.9) (13.3)
Tax liabilities (6.7) (2.8) (2.2)
Derivative financial liabilities 17 (0.1) (0.8) (2.2)
Liabilities directly associated with assets classified as held for sale 20 (26.0) - -
TOTAL CURRENT LIABILITIES (134.8) (135.0) (131.3)
Trade and other payables 13 (0.1) - (0.1)
Interest-bearing loans and borrowings (229.1) (244.6) (215.9)
Retirement benefit obligations 16 (7.1) (6.5) (6.9)
Provisions (0.1) (0.3) (0.3)
Deferred consideration (5.4) (8.6) (7.9)
Deferred tax liabilities (21.7) (26.6) (25.8)
Derivative financial liabilities 17 (2.1) (1.1) (1.0)
Obligations under leases (17.0) (36.1) (33.8)
TOTAL NON-CURRENT LIABILITIES (282.6) (323.8) (291.7)
TOTAL LIABILITIES (417.4) (458.8) (423.0)
NET ASSETS 503.9 486.0 476.0
EQUITY
Called-up share capital 6.7 6.6 6.6
Share premium account 179.1 179.1 179.1
Own shares (0.1) (0.1) (0.1)
Translation reserve (22.4) (6.7) (30.8)
Hedging reserve (0.3) 0.5 (0.3)
Retained earnings 341.0 306.8 321.6
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY 504.0 486.2 476.1
Non-controlling interest 0.4 0.3 0.4
Put option over non-controlling interest (0.5) (0.5) (0.5)
TOTAL NON-CONTROLLING INTEREST (0.1) (0.2) (0.1)
TOTAL EQUITY 503.9 486.0 476.0
1 See note 1 for details of the prior period restatement
GENUS PLC
Condensed consolidated Group Statement of Cash Flows
For the six months ended 31 December 2025
Note Six months Year
Six months ended ended
ended 31 December 30 June
31 December 2024 2025
£m
£m
2025
£m
NET CASH FLOW FROM OPERATING ACTIVITIES 15 22.7 25.5 67.2
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends received from joint ventures and associates 0.2 - 6.1
Joint venture and associate loan repayment - 0.1 -
Payment of deferred consideration - (0.6) (0.6)
Disposal of subsidiary investment - 1.3 1.3
Acquisition of other investments - (2.4) (2.4)
Purchase of property, plant and equipment (5.3) (5.2) (13.4)
Purchase of intangible assets (2.4) (2.5) (5.2)
Proceeds from sale of property, plant and equipment 0.2 0.4 0.4
NET CASH OUTFLOW FROM INVESTING ACTIVITIES (7.3) (8.9) (13.8)
CASH FLOWS FROM FINANCING ACTIVITIES
Drawdown of borrowings 93.4 86.4 152.8
Repayment of borrowings (80.8) (70.5) (158.2)
Payment of lease liabilities (7.2) (7.9) (14.1)
Equity dividends paid (14.3) (14.3) (21.1)
Purchase of non-controlling interest in De-Novo Genetic LLC (2.7) (2.6) (2.6)
Equity issued 0.1 - -
Dividend to non-controlling interest - (0.1) (0.1)
Debt issue costs (0.5) (0.7) (3.3)
NET CASH OUTFLOW FROM FINANCING ACTIVITIES (12.0) (9.7) (46.6)
NET INCREASE IN CASH AND CASH EQUIVALENTS 3.4 6.9 6.8
Cash and cash equivalents at start of period 48.0 42.5 42.5
Net increase in cash and cash equivalents 3.4 6.9 6.8
Effect of exchange rate fluctuations on cash and cash equivalents 0.8 (2.0) (1.3)
TOTAL CASH AND CASH EQUIVALENTS AT END OF PERIOD 52.2 47.4 48.0
INCLUDED IN ASSETS CLASSIFIED AS HELD FOR SALE 20 8.8 - -
CASH AND CASH EQUIVALENTS AT END OF PERIOD 43.4 47.4 48.0
GENUS PLC
ANALYSIS OF NET DEBT
For the six months ended 31 December 2025
At 1 July Net Foreign exchange Non-cash movement At 31 December 2025 Amounts in 'Held for Sale' At 31 December 2025
(Note 20)
2025 cash flows
£m £m £m £m £m £m £m
Cash and cash equivalents 48.0 3.4 0.8 - 52.2 8.8 43.4
Interest-bearing loans - current (2.9) (12.1) - 10.5 (4.5) - (4.5)
Interest-bearing deferred consideration - current (2.6) 2.7 (0.1) (2.7) (2.7) - (2.7)
Lease liabilities - current (13.3) 7.2 (0.3) (6.4) (12.8) (2.7) (10.1)
(18.8) (2.2) (0.4) 1.4 (20.0) (2.7) (17.3)
Interest-bearing loans - non-current (215.9) - (2.2) (11.0) (229.1) - (229.1)
Interest-bearing deferred consideration - non-current (7.7) - (0.2) 2.7 (5.2) - (5.2)
Lease liabilities - non-current (33.8) - (0.8) 3.8 (30.8) (13.8) (17.0)
(257.4) - (3.2) (4.5) (265.1) (13.8) (251.3)
Total debt financing (276.2) (2.2) (3.6) (3.1) (285.1) (16.5) (268.6)
Net debt (228.2) 1.2 (2.8) (3.1) (232.9) (7.7) (225.2)
Included within non-cash movements is £2.6m in relation to net new leases
(including disposals) and £0.5m in the unwinding of debt issue cost.
At 1 July Net Foreign exchange Non-cash movement At 31 December 2024
2024 cash flows
£m £m £m £m £m
Cash and cash equivalents 42.5 6.9 (2.0) - 47.4
Interest-bearing loans - current (4.9) (4.0) - 4.9 (4.0)
Interest-bearing deferred consideration - current - 2.6 (0.2) (5.2) (2.8)
Lease liabilities - current (14.0) 7.9 - (6.8) (12.9)
(18.9) 6.5 (0.2) (7.1) (19.7)
Interest-bearing loans - non-current (228.2) (11.2) 0.2 (5.4) (244.6)
Interest-bearing deferred consideration - non-current - - (0.4) (8.0) (8.4)
Lease liabilities - non-current (44.1) - (0.1) 8.1 (36.1)
(272.3) (11.2) (0.3) (5.3) (289.1)
Total debt financing (291.2) (4.7) (0.5) (12.4) (308.8)
Net debt (248.7) 2.2 (2.5) (12.4) (261.4)
Net debt is gross debt, made up of unsecured bank loans and overdrafts and
obligations under finance leases, with a deduction for cash and cash
equivalents.
GENUS PLC
NOTES TO THE CONDENSED SET OF FINANCIAL STATEMENTS
For the six months ended 31 December 2025
1. BASIS OF PREPARATION
The unaudited Condensed Set of Financial Statements for the six months ended
31 December 2025:
· were prepared in accordance with International Accounting Standard
34 'Interim Financial Reporting' ('IAS 34') and thereby have been prepared in
conformity with the requirements of the Companies Act 2006 and the
International Financial Reporting Standards ('IFRSs') adopted in the United
Kingdom;
· are presented on a condensed basis as permitted by IAS 34 and
therefore do not include all disclosures that would otherwise be required in a
full set of financial statements; these should be read, therefore, in
conjunction with the Genus plc Annual Report 2025;
· includes all adjustments, consisting of normal recurring
adjustments, necessary for a fair statement of the results for the periods
presented;
· do not constitute statutory accounts within the meaning of section
435 of the Companies Act 2006; and
· were approved by the Board of Directors on 25 February 2026.
The information relating to the year ended 30 June 2025 is an extract from the
published financial statements for that year, which have been delivered to the
Registrar of Companies. The auditor's report on those financial statements was
not qualified and did not contain statements under section 498(2) or (3) of
the Companies Act 2006.
The unaudited Condensed Set of Financial Statements for the six months ended
31 December 2025 has not been reviewed by our Auditor.
The unaudited condensed set of financial statements have been prepared on the
basis of the accounting policies set out in the Annual Report 2025. The Genus
plc Annual Report 2025 (a copy of which is available on the Genus plc website
at www.genusplc.com (http://www.genusplc.com) ) sets out on pages 52-55 a
number of risks and uncertainties that might impact upon the performance of
the Group. There has been no material change to the principal risks that might
affect the performance of the Group in the current financial period.
The preparation of the Condensed Set of Financial Statements requires
management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets and liabilities
at the balance sheet date, and the reported amounts of revenue and expenses
during the period. Actual results could vary from these estimates. The
estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognised in the period in which the
estimate is revised if the revision affects only that period or in the period
of revision and future periods if the revision affects both current and future
periods.
Functional and presentational currency
The principal exchange rates were as follows:
Average Closing
Six months Six months Year
ended 31 ended 31 ended 31 31 30
December December 30 June December December June
2025 2024 2025 2025 2024 2025
US Dollar/£ 1.33 1.29 1.30 1.35 1.25 1.37
Euro/£ 1.15 1.20 1.19 1.15 1.21 1.17
Brazilian Real/£ 7.24 7.46 7.46 7.41 7.74 7.46
Mexican Peso/£ 24.61 25.68 25.83 24.26 26.06 25.75
Chinese Yuan/£ 9.47 9.25 9.35 9.42 9.13 9.84
Russian Rouble/£ 106.87 126.11 118.29 106.43 142.33 107.38
Restatement of biological assets valuation
For the year ended 30 June 2025, we restated the prior period Group Balance
Sheet in accordance with IAS 8 and IAS 1 (revised), following an update to
the discount rate applied in valuing our bovine and porcine biological assets.
This reflects a revised 10-year pre‑tax risk adjusted rate, consistent with
the useful life of the animals and available market data. The change resulted
in a reduction in biological assets of £41.1m and related deferred tax
liabilities of £10.7m. We have therefore also reclassified the comparative
Group Balance Sheet as at 31 December 2024 to reflect these previously
reported changes and to ensure consistency with the Annual Report for the year
ended 30 June 2025. For the six months ended 31 December 2024, there has been
no material effect on the Group Income Statement, Group Statement of
Comprehensive Income or the Group Statement of Cash Flows. Accordingly, there
is no restatement of the Group Income Statement and no adjustment to earnings
per share.
Impact of Russian Sanctions
The Group has two group operating companies that are incorporated in Russia -
Limited Liability Co. Genus ABS Russia and PIC Genetics LLC ('Russian-based
subsidiaries/entities'). Following the sanctions that have been put in place
by the UK and other governments, the Group implemented a comprehensive
screening process with external counsel to ensure that its Russian entities do
not trade with sanctioned individuals or entities controlled by them. The main
impact of the sanctions regime on our business has been to categorise the
banks in Russia into sanctioned and non-sanctioned banks. Where we receive
money from sanctioned banks we are unable to use the cash without a licence
from His Majesty's Treasury ('HMT'). For cash receipts from non-sanctioned
banks into the entities' non-sanctioned banks we are able to use the cash in
Russia for day-to-day operations.
The UK Office of Financial Sanctions Implementation ('OFSI') issued a general
licence for trading in agricultural commodities in Russia effective on the 4
November 2022 which provides exemptions to the sanctions regime in connection
with the export, production and transport of agricultural commodities. This
definition includes reproductive materials such as are supplied by Genus.
Under this general licence, receipts from non-sanctioned customers received
from and before 4 November 2022 from sanctioned banks no longer need to be
frozen and can be freely used. Also receipts from a sanctioned customer, if
made through a non-sanctioned bank, no longer need to be frozen and can be
freely used. If any customer is or becomes sanctioned and pays through a
sanctioned bank, these funds would still need to be frozen even after 4
November 2022.
Under the requirements of IAS 7, where there is cash that is not available to
be used by the rest of the Group this needs to be disclosed. As at 31 December
2025, we had a cash balance of £10.9m (30 June 2025: £12.1m) in the Russian
entities. Of this cash £0.9m (30 June 2025: £0.9m) was received from
sanctioned banks and is frozen under applicable sanctions regulations and not
available for use by the Group. As at 31 December 2025, the balance remains
classified within non‑current other receivables within note 12 as it
continues to be non‑cash in nature and therefore does not satisfy the
criteria for cash and cash equivalents in accordance with IAS 7. The Group
continues to monitor the status of these balances and the Group's ability to
repatriate them.
The remaining £10.0m (30 June 2025: £11.2m) of cash remains available for
use within Russia, however £8.1m (30 June 2025: £7.1m) is not available for
repatriation due to local dividend restrictions. As this amount is not
considered available for use elsewhere in the Group, it is therefore
considered restricted.
Management has reviewed the operations and cash flow over a period of 18
months from 31 December 2025 to 30 June 2027, based upon the 2026 and 2027
plans, to determine whether the Russian entities have sufficient
non-sanctioned cash flow to enable them to continue day-to-day operations and
to meet liabilities as they fall due. The analysis indicates they do have
sufficient non-sanctioned cash flow to enable them to meet their day-to-day
operational needs.
Critical accounting judgement - exercise of control
Management has assessed whether the actions of the UK and Russian Governments
have caused the Group to lose control of these Russian-based subsidiaries.
Genus PLC received a licence from the Department for International Trade
('DIT'), effective from 11 January 2023 for 2 years, to allow for UK-based
employees within the Genus group to provide accounting, business and
management consulting services to the Russian-based subsidiaries, for the
purpose of helping them carry out business operations in Russia, delivery of
humanitarian assistance activity and for the production or distribution of
food, provided that it is for the benefit of the civilian population. It
authorises the following services:
> The fullest possible range of accounting services, business and
management consulting services, to include advisory, guidance and operational
assistance services provided for business policy and strategy, and the overall
planning, structuring, and control of the organisation.
> The oversight that a parent company would typically provide to its
subsidiaries in the areas of accounting, financial controls, tax, treasury,
finance and human resources, along with similar oversight in the areas of
information technology, supply chain and other types of technology.
In February 2025, the DIT licence was renewed and extended for an additional
two years, now expiring on 6 February 2027.
We have concluded that we do have control over the Russian-based subsidiaries
for the half year ended 31 December 2025, as defined under IFRS 10
'Consolidated financial statements', and we are still able to consolidate them
despite short-term restrictions on extracting cash. We have also assessed each
of the asset balances for impairment. The material areas that could give rise
to impairment are:
> PIC Russia farm: £2.0m (30 June 2025: £2.6m) - the value of the farm is
predicated on the future economic benefit of the animals that are being reared
there. We would need to assess if the property's open market price (less cost
to sell) would support the carrying value.
> Trade receivables: £5.6m (30 June 2025: £3.6m) - the ongoing financial
sanctions may affect our customers' ability to pay us for their goods. If it
is determined that our customers are unlikely to repay these amounts, then
they should be provided for.
> IAS 41 valuation: £1.3m (30 June 2025: £3.7m) - the ongoing impacts of
both the local economic outlook and our customers' ability to pay us could
result in a reversal of the fair value of the Russian biological assets in the
December valuation.
Management's impairment analysis indicates that, under the current business
environment and based on the plans for the FY26 and FY27 no impairment is
required as at 31 December 2025.
Management will continue to monitor the situation closely to see if any
further changes require additional analysis that may result in a different
conclusion.
In the event of changes in legislation, such as more restrictive sanctions
imposed by the UK Government or actions taken by the Russian Government, we
may determine that we do not exercise control, as defined under IFRS 10
'Consolidated financial statements', over the assets and operations of the
Russian entities and we would not be able to consolidate these companies into
the Financial Statements. The deconsolidation would mean that we would
reclassify the Russian entities as investments and we would need to assess for
impairment. A charge of up to £20.1m (30 June 2025: £21.2m) may need to be
recognised in the Income Statement, representing the total net assets of the
two Russian entities. Dependent on the nature of the events leading to the
decision to deconsolidate the entities, there may be additional expenses
incurred which we are unable to estimate at this time. In addition, revenues
would not be consolidated into the Financial Statements from the date of any
deconsolidation. Revenues from the Russian entities were £9.9m in the half
year ended 31 December 2025 (31 December 2024: £6.9m).
Valuation of PRRS-resistant pig ('PRP')
On 29 April 2025, the Group obtained U.S. Food and Drug Administration (FDA)
approval for its gene-edited PRRS resistant pig ('PRP') in the United States,
alongside positive determinations obtained in Brazil, Colombia, Argentina and
the Dominican Republic. Approval by the FDA does not automatically lead to
commercialisation in the U.S. or elsewhere; regulatory approvals or positive
determinations are needed in the remaining key U.S. export markets, before
commercialisation commences in the U.S. due to the integrated supply chains in
the global pork market.
On 23 January 2026, Genus received approval from the Health Canada and
Canadian Food Inspection Agency (CFIA) for PIC's PRRS-resistant pigs to be
sold as food in Canada.
Until approval is obtained in all key U.S. export markets, it is management's
judgement that the PRP do not meet our definition of a pure line and are
therefore not subject to the pure line valuation. The Group would expect to
recognise the pure line animal values on the balance sheet once approvals have
been obtained in key U.S export markets, and a first commercial sale has been
agreed. The FDA approval has no impact on the current valuation of the
existing herd.
As the Group has not yet completed a commercial sale in any market, the PRP
held in inventory and retained interest have no fair value at 31 December
2025.
New standards and interpretations
In the current period, the Group has applied a number of amendments to IFRS
issued by the International Accounting Standards Board that are mandatorily
effective for an accounting period that begins after 1 January 2025 and have
been implemented with effect from 1 July 2025. These are:
> Amendments to IAS 21 - 'Lack of Exchangeability'.
Their addition has not had any material impact on the disclosures, or amounts
reported in the Group Financial Statements.
New standards and interpretations not yet adopted
At the date of the interim report, the following standards and interpretations
which have not been applied in the report were in issue but not yet effective
(and in some cases had not yet been adopted by the UK). The Group will
continue to assess the impact of these amendments prior to their adoption.
These are:
> IFRS S1 'General Requirements for Disclosure of
Sustainability-related Financial Information';
> IFRS S2 'Climate-related Disclosures';
> Amendments to IAS 12 - 'International Tax Reform Pillar Two Model
Rules - other disclosure requirements';
> IFRS 18 - 'Presentation and Disclosure in Financial Statements';
> Amendment to IFRS 9 and IFRS 7 - 'Classification and Measurement of
Financial Instruments';
> Annual Improvements to IFRS Standards 2023-2025 Cycle;
> Amendments to IFRS 9 and IFRS 7 - 'Contracts Referencing
Nature-dependent Electricity'; and
> Amendments to IFRS 10 and IAS 28 - 'Sale or Contribution of Assets
between an Investor and its Associate or Joint Venture'.
Going Concern
The Genus plc Annual Report 2025 (a copy of which is available on the Genus
plc website at www.genusplc.com) sets out on pages 52-55 several risks and
uncertainties that might impact upon the performance of the Group. There has
been no material change to the principal risks that might affect the
performance of the Group in the current fiscal year.
In assessing the appropriateness of adopting the going concern basis of
preparing the financial statements, the Board have considered: -
> Genus's Budget, Forecasts and Strategic Plan which forms
management's best estimate of the future performance and position of the
Group.
> Genus's credit facility agreement which consists of a £220m
multi-currency RCF and a 150m US dollar RCF. Additionally, there is an
uncommitted £100m accordion option which can be requested a maximum of three
occasions over the lifetime of the facility. The current facility expires in
June 2029.
> The availability of mitigating actions that could be utilised
if needed; including reduction in dividends and postponing certain capital
spend and investments.
As part of the directors' consideration of the appropriateness of adopting the
going concern basis in preparing the financial statements, the Board
considered several key factors, including our business model and our strategic
framework. In addition, all principal risks identified by the Group were
considered in a downside scenario within the viability assessment with
specific focus paid to those that could reasonably have a material impact
within our outlook period including;
> Ensuring biosecurity or continuity of supply, modelled through
one off impacts of disease outbreaks, severe weather events and international
trade sanctions and disputes;
> Managing agricultural market and commodity prices volatility,
modelled through increases in operating costs, driven by the ongoing
geopolitical instability in regions such as Russia, Ukraine and the Middle
East; and
> Succeeding in growth markets, modelled through reductions in
short term growth expectations, including the impact of US trade tariff
policies and potential challenges in further developing our business in China
and other growth markets.
The Directors have considered the position if each of the identified risks
materialised individually and where multiple risks occur in parallel. In
addition, the Directors have overlaid this downside scenario, net of
mitigations, on our facility headroom and banking covenants.
Based on this assessment our headroom under these sensitivities, including our
mitigating actions, remain adequate and the Directors have a reasonable
expectation that the Group has adequate resources to continue its operational
existence for the foreseeable future and for a period of at least 12 months
from the date of this report. Accordingly, the Directors continue to adopt and
consider appropriate the going concern basis in preparing the half-yearly
report and the Condensed Set of Financial Statements.
Alternative Performance Measures ('APMs')
In reporting financial information, the Group presents APMs, which are not
defined or specified under the requirements of IFRS and which are not
considered to be a substitute for, or superior to, IFRS measures.
The Group believes that these APMs provide stakeholders with additional
helpful information on the performance of the business. The APMs are
consistent with how we plan our business performance and report on it in our
internal management reporting to the Board and GELT. Some of these measures
are also used for the purpose of setting remuneration targets.
For a full list of all APMs please see the Alternative Performance Measures
Glossary section at the end of this release.
2. SEGMENTAL INFORMATION
IFRS 8 'Operating Segments' requires operating segments to be identified on
the basis of internal reports about components of the Group that are regularly
reviewed by the Chief Executive and the Board, to allocate resources to the
segments and to assess their performance. The Group's operating and reporting
structure comprises three operating segments: Genus PIC, Genus ABS and Genus
Research and Development. These segments are the basis on which the Group
reports its segmental information. The principal activities of each segment
are as follows:
> Genus PIC - our global porcine business;
> Genus ABS - our global bovine business; and
> Genus Research and Development - our global spend on research and
development costs.
A segmental analysis of revenue, operating profit, segment assets and
liabilities and is provided below. We do not include our adjusting items in
the income statement segments, as we believe these do not reflect the
underlying performance of the segments. The accounting policies of the
reportable segments are the same as the Group's accounting policies, as
described in the Financial Statements.
Revenue
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2025 2024 2025
£m £m £m
Genus PIC 183.6 181.3 362.9
Genus ABS 150.8 154.0 307.7
Central 1.2 1.1 2.2
335.6 336.4 672.8
Adjusted operating profit by segment is set out below and reconciled to the
Group's adjusted operating profit. A reconciliation of adjusted operating
profit to profit for the period is shown on the face of the Condensed
Consolidated Income Statement.
Adjusted operating profit
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2025 2024 2025
£m £m £m
Genus PIC 63.4 50.9 100.3
Genus ABS 10.7 8.2 19.1
Genus Research and Development (7.1) (7.9) (16.5)
Adjusted segment operating profit 67.0 51.2 102.9
Central (11.2) (10.9) (21.8)
Adjusted operating profit 55.8 40.3 81.1
Our business is not highly seasonal, and our customer base is diversified,
with no individual customer generating more than 2% of revenue.
Exceptional items of £6.7m net expense (2024: £6.0m net expense) relate to
Genus ABS (£4.6m net expense), Genus PIC (£1.9m net expense) and Central
(£0.2m net expense). Note 3 provides details of these exceptional items.
We consider share-based payment expenses on a Group-wide basis and do not
allocate them to reportable segments.
Other segment information
Segment assets Segment liabilities
(restated)(1) (restated)(1)
31 31 30 31 31 30
December December June December December June
2025 2024 2025 2025 2024 2025
£m
£m
£m
£m
£m
£m
Genus PIC 523.0 522.4 500.8 (105.9) (112.6) (113.2)
Genus ABS 326.8 351.8 334.8 (53.4) (70.2) (59.2)
Genus Research and Development 3.7 3.6 4.0 (2.2) (2.7) (2.9)
Segment total 853.5 877.8 839.6 (161.5) (185.5) (175.3)
Central 67.8 67.0 59.4 (255.9) (273.3) (247.7)
Total 921.3 944.8 899.0 (417.4) (458.8) (423.0)
1 See note 1 for details of the prior period restatement
Revenue by type
Six months Six months Year
ended ended ended
31 December 31 December 30 June
2025 2024 2025
£m
£m
£m
Genus PIC 90.8 94.0 185.3
Genus ABS 144.5 146.9 294.5
Central - - -
Sale of animals, semen, embryos and ancillary products and services 235.3 240.9 479.8
Genus PIC 92.8 87.3 177.6
Genus ABS 0.5 0.2 0.5
Central - - -
Royalties 93.3 87.5 178.1
Genus PIC - - -
Genus ABS 5.8 6.9 12.7
Central 1.2 1.1 2.2
Consulting services 7.0 8.0 14.9
Total revenue 335.6 336.4 672.8
Revenue from contracts with customers
The Group's revenue is analysed below by the timing at which it is recognised.
Six months Six months Year
ended
ended
ended
31 December 31 December
30 June
2025 2024
2025
£m £m
£m
Genus PIC 180.8 178.9 357.9
Genus ABS 135.5 135.4 269.0
Central - - -
Recognised at a point in time 316.3 314.3 626.9
Genus PIC 2.8 2.4 5.0
Genus ABS 15.3 18.6 38.7
Central 1.2 1.1 2.2
Recognised over time 19.3 22.1 45.9
Total revenue 335.6 336.4 672.8
3. EXCEPTIONAL ITEMS
Operating (expense)/credit Six months Six months Year
ended ended ended
31 31 30
December December June
2025 2024 2025
£m
£m
£m
ABS restructuring (4.6) (3.7) (8.8)
Corporate transactions (1.9) (1.5) (1.9)
Litigation (0.2) (0.8) (0.9)
Other - - 0.2
Net exceptional items (6.7) (6.0) (11.4)
ABS restructuring
As part of an ongoing strategic global Value Acceleration Programme,
significant one-off expenses in relation to £2.5m of staff redundancies,
£0.1m relating to fixed asset and inventory write-downs were incurred and
£2.0m consultancy fees to date.
Corporate Transactions
During the period, costs of £1.9m were incurred in relation to the formation
of the porcine joint venture in China. In 2024, the £1.5m incurred primarily
related to potential corporate transactions.
Litigation
Litigation includes legal fees, settlement and related costs of £0.2m (2024:
£0.8m) related to the actions between ABS Global, Inc. and certain affiliates
('ABS') and Inguran, LLC and certain affiliates (aka STgenetics ('ST')).
4. NET FINANCE COSTS
Six months Six months Year
ended ended ended
31 31 30
December December June
2025 2024 2025
£m
£m
£m
Interest payable on bank loans and overdrafts (7.1) (9.1) (17.0)
Amortisation of debt issue costs (0.4) (0.5) (0.9)
Other interest payable (0.3) (0.3) (0.7)
Unwinding of discount put options (0.1) (0.1) (0.1)
Net interest cost in respect of pension scheme liabilities (0.2) (0.1) (0.3)
Interest on lease liabilities (1.1) (1.2) (2.4)
Total interest expense (9.2) (11.3) (21.4)
Interest income on bank deposits 0.5 0.2 0.8
Net interest income on derivative financial instruments - 1.3 1.8
Total interest income 0.5 1.5 2.6
Net finance costs (8.7) (9.8) (18.8)
5. TAXATION AND DEFERRED TAXATION
Income tax expense
Six months Six months Year
ended ended ended
31 31 30
December December June
2025 2024 2025
£m
£m
£m
Current tax 13.0 6.2 13.7
Deferred tax (3.4) (4.4) (4.5)
Total income tax expense 9.6 1.8 9.2
The tax charge for the period of £9.6m (2024: £1.8m) on the statutory profit
represents an effective tax rate of 24.3% (2024: 54.1%). The decrease in the
statutory ETR of 29.8% results primarily from an increase to the profit before
tax to £39.5m (2024: £3.3m) and the £4.5m non-taxable loss on the purchase
of the De-Novo Non-Controlling interest in the prior period which does not
recur in the December 2025 results.
The tax charge on adjusted profits for the period is £15.5m (2024: £9.2m),
which represents a tax rate on adjusted profits of 27.8% (2024: 26.0%).
There is a deferred tax liability (including held for sale) at the period end
of £23.8m (2024: £26.6m) which mainly relates to the recognition at fair
value of biological assets and intangible assets arising on acquisition and a
deferred tax asset (including held for sale) of £32.5m (2024: £28.9m) which
mainly relates to future tax deductions in respect of pension scheme
liabilities, losses and share scheme awards.
6. DIVIDENDS
Amounts recognised as distributions to equity holders in the period
Six months Six months Year
ended ended ended
31 31 30
December December June
2025 2024 2025
£m
£m
£m
Final dividend
Final dividend for the year ended 30 June 2025 of 21.7 pence per share 14.3 - -
Final dividend for the year ended 30 June 2024 of 21.7 pence per share - 14.3 14.3
Interim dividend
Interim dividend for the year ended 30 June 2025 of 10.3 pence per share - - 6.8
14.3 14.3 21.1
The final dividend for the year ended 30 June 2025 was approved at the Company
Annual General Meeting on 19 November 2025 and paid on 5 December 2025.
On 25 February 2026, the Directors proposed an interim dividend of 11.2 pence
per share payable on 27 March 2026.
7. OTHER INTANGIBLE ASSETS
Porcine Brands, multiplier contracts and customer relationships Separately identified acquired intangible assets IntelliGen Patents, licences and other
and bovine genetics technology £m £m Software Assets under construction £m £m Total
£m £m £m £m
Cost
Balance at 1 July 2024 55.8 99.8 155.6 42.7 8.8 25.7 4.5 237.3
Additions - - - - 4.6 - 0.6 5.2
Transfers - - - 3.5 (9.1) 5.6 - -
Disposals - - - (0.2) - - - (0.2)
Effect of movements in exchange rates (0.4) (6.3) (6.7) (0.6) (0.1) (2.5) (0.1) (10.0)
Balance at 30 June 2025 55.4 93.5 148.9 45.4 4.2 28.8 5.0 232.3
Additions - - - - 2.4 - - 2.4
Transfers - - - 0.3 (0.3) - - -
Effect of movements in exchange rates 0.1 1.7 1.8 0.1 - 0.5 - 2.4
Balance at 31 December 2025 55.5 95.2 150.7 45.8 6.3 29.3 5.0 237.1
Amortisation and impairment losses
Balance at 1 July 2024 45.5 83.0 128.5 22.0 - 17.0 4.4 171.9
Amortisation for the year 3.2 2.4 5.6 4.5 - 2.8 - 12.9
Disposals - - - (0.1) - - - (0.1)
Effect of movements in exchange rates (0.2) (5.4) (5.6) (0.5) - (1.6) - (7.7)
Balance at 30 June 2025 48.5 80.0 128.5 25.9 - 18.2 4.4 177.0
Disposals - - - - - - - -
Amortisation for the period 1.0 1.4 2.4 2.3 - 1.5 - 6.2
Effect of movements in exchange rates 0.1 1.4 1.5 0.1 - 0.3 - 1.9
Balance at 31 December 2025 49.6 82.8 132.4 28.3 - 20.0 4.4 185.1
Carrying amounts
At 31 December 2025 5.9 12.4 18.3 17.5 6.3 9.3 0.6 52.0
At 30 June 2025 6.9 13.5 20.4 19.5 4.2 10.6 0.6 55.3
Included within brands, multiplier contracts and customer relationships are
carrying amounts for brands of £0.3m (30 June 2025: £0.3m), multiplier
contracts of £5.9m (30 June 2025: £6.4m) and customer relationships of
£6.2m (30 June 2025: £6.8m).
Included within the software class of assets is £11.2m (30 June 2025:
£12.1m) that relate to the development costs of GenusOne, our single global
enterprise system.
8. BIOLOGICAL ASSETS
Fair value of biological assets Bovine Porcine Total
£m £m £m
Balance at 1 July 2025 44.4 209.3 253.7
Increases due to purchases 7.5 48.3 55.8
Decreases attributable to sales - (123.2) (123.2)
Decrease due to harvest (2.6) (14.8) (17.4)
Changes in fair value less estimated sale costs (5.5) 82.9 77.4
Transfer to assets classified as held for sale (see note 20) - (13.2) (13.2)
Effect of movements in exchange rates 0.7 3.0 3.7
Balance at 31 December 2025 44.5 192.3 236.8
Non-current biological assets 44.5 165.5 210.0
Current biological assets - 26.8 26.8
Balance at 31 December 2025 44.5 192.3 236.8
Balance at 1 July 2024 (restated)(1) 56.1 232.5 288.6
Increases due to purchases 8.6 83.5 92.1
Decreases attributable to sales - (119.7) (119.7)
Decrease due to harvest (4.4) (12.2) (16.6)
Changes in fair value less estimated sale costs (11.3) 41.3 30.0
Disposal - (5.2) (5.2)
Effect of movements in exchange rates 0.3 (3.7) (3.4)
Balance at 31 December 2024 (restated)(1) 49.3 216.5 265.8
Non-current biological assets 49.3 186.4 235.7
Current biological assets - 30.1 30.1
Balance at 31 December 2024 (restated)(1) 49.3 216.5 265.8
Balance at 1 July 2024 (restated)(1) 56.1 232.5 288.6
Increases due to purchases 15.4 208.5 223.9
Decreases attributable to sales - (226.8) (226.8)
Decrease due to harvest (9.0) (26.2) (35.2)
Changes in fair value less estimated sale costs (14.9) 42.6 27.7
Loss of Control - (5.2) (5.2)
Effect of movements in exchange rates (3.2) (16.1) (19.3)
Balance at 30 June 2025 44.4 209.3 253.7
Non-current biological assets 44.4 174.6 219.0
Current biological assets - 34.7 34.7
Balance at 30 June 2025 44.4 209.3 253.7
1 See note 1 for details of the prior period restatement
All the biological asset's inputs fall under Level 3 of the hierarchy defined
in IFRS13. There have been no changes in the valuation techniques since
30 June 2025. The sensitivity of fair value to reasonably possible changes
in these inputs is consistent with that disclosed in the 2025 Annual Report.
Bovine
Bovine biological assets include £4.5m (2024 restated: £2.6m) representing
the fair value of bulls owned by third parties but managed by the Group, net
of expected future payments to such third parties, which are therefore treated
as assets held under finance leases.
There were no movements in the carrying value of the bovine biological assets
in respect of sales or other changes during the period.
A risk-adjusted rates of 16.4% (Beef) to 22.5% (Dairy) (June 2025: 16.0% Beef
- 22.1% Dairy) have been used to discount future net cash flows from the sale
of bull semen.
Decreases due to harvest represent the semen extracted from the biological
assets. Inventories of such semen are shown as biological asset harvest in
note 11.
Porcine
Included in increases due to purchases is the aggregate increase arising
during the period on initial recognition of biological assets in respect of
multiplier purchases, other than parent gilts, of £31.0m (2024: £36.0m).
Decreases attributable to sales during the period of £123.2m (2024: £119.7m)
include £17.9m (2024: £16.4m) in respect of the reduction in fair value of
the retained interest in the genetics of animals, other than parent gilts,
transferred under royalty contracts.
Also included is £54.2m (2024: £63.2m) relating to the fair value of the
retained interest in the genetics in respect of animals, other than parent
gilts, sold to customers under royalty contracts in the period.
Total revenue in the period, including parent gilts, includes £122.8m (2024:
£123.6m) in respect of these contracts, comprising £30.0m (2024: £36.3m) on
initial transfer of animals and semen to customers and £92.8m (2024: £87.3m)
in respect of royalties received.
A risk-adjusted rate of between 22.9 and 24.0% (June 2025: between 21.9% and
22.7%) has been used to discount future net cash flows from the expected
output of the pure line porcine herds. The number of future generations which
have been taken into account is seven (2024: seven) and their estimated useful
lifespan is 1.4 years (2024: 1.4 years).
Six months ended 31 December 2025
Bovine Porcine Total
£m £m £m
Changes in fair value of biological assets (5.5) 82.9 77.4
Inventory transferred to cost of sales at fair value 6.3 (14.8) (8.5)
Biological assets transferred to cost of sales at fair value - (76.0) (76.0)
0.8 (7.9) (7.1)
Fair value movement in related financial derivative - 0.7 0.7
Net IAS 41 valuation movement on biological assets(1) 0.8 (7.2) (6.4)
Six months ended 31 December 2024
Bovine Porcine Total
£m £m £m
Changes in fair value of biological assets (11.3) 41.3 30.0
Inventory transferred to cost of sales at fair value 2.2 (12.2) (10.0)
Biological assets transferred to cost of sales at fair value - (35.1) (35.1)
(9.1) (6.0) (15.1)
Fair value movement in related financial derivative - (0.9) (0.9)
Net IAS 41 valuation movement on biological assets(1) (9.1) (6.9) (16.0)
Year ended 30 June 2025
Bovine Porcine Total
£m £m £m
Changes in fair value of biological assets (14.9) 42.6 27.7
Inventory transferred to cost of sales at fair value 3.3 (26.2) (22.9)
Biological assets transferred to cost of sales at fair value - (16.2) (16.2)
(11.6) 0.2 (11.4)
Fair value movement in related financial derivative - (1.9) (1.9)
Net IAS 41 valuation movement on biological assets(1) (11.6) (1.7) (13.3)
1 This represents the difference between operating profit prepared
under IAS 41 and operating profit prepared under historical cost accounting,
which forms part of the reconciliation to adjusted operating profit (see
APMs).
9. PROPERTY, PLANT AND EQUIPMENT
Land and buildings Plant, motor vehicles and equipment Assets under construction Total Land and buildings Plant, motor vehicles and equipment Total Total
owned
right-of-use
£m £m £m
assets £m £m
£m
assets
£m
£m
Cost or deemed cost
Balance at 1 July 2024 122.4 124.1 10.1 256.6 61.2 38.8 100.0 356.6
Additions 1.5 1.8 11.0 14.3 2.3 12.4 14.7 29.0
Transfers 6.3 7.0 (13.3) - - - - -
Loss of control - (0.1) - (0.1) (8.3) - (8.3) (8.4)
Disposals (0.1) (8.1) - (8.2) (0.5) (3.9) (4.4) (12.6)
Effect of movements in exchange rates (9.7) (9.4) (0.5) (19.6) (3.4) (0.6) (4.0) (23.6)
Balance at 30 June 2025 120.4 115.3 7.3 243.0 51.3 46.7 98.0 341.0
Additions - 0.8 4.5 5.3 - 3.8 3.8 9.1
Transfers 4.3 4.3 (8.6) - - - - -
Disposals - (1.9) - (1.9) - (3.9) (3.9) (5.8)
Transfer to assets classified as held for sale (see note 20) (1.8) (1.6) - (3.4) (25.8) (1.8) (27.6) (31.0)
Effect of movements in exchange rates 2.0 1.5 0.1 3.6 1.5 0.4 1.9 5.5
Balance at 31 December 2025 124.9 118.4 3.3 246.6 27.0 45.2 72.2 318.8
Depreciation and impairment losses
Balance at 1 July 2024 41.0 88.3 - 129.3 21.2 24.1 45.3 174.6
Depreciation for the year 6.5 11.1 - 17.6 6.1 8.1 14.2 31.8
Loss of control - - - - (2.2) - (2.2) (2.2)
Disposals (0.1) (7.5) - (7.6) (0.2) (2.2) (2.4) (10.0)
Effect of movements in exchange rates (3.9) (7.0) - (10.9) (1.1) (1.5) (2.6) (13.5)
Balance at 30 June 2025 43.5 84.9 - 128.4 23.8 28.5 52.3 180.7
Depreciation for the period 2.9 5.6 - 8.5 2.8 4.1 6.9 15.4
Disposals - (1.4) - (1.4) - (2.8) (2.8) (4.2)
Transfer to assets classified as held for sale (see note 20) (0.7) (1.0) - (1.7) (10.2) (1.0) (11.2) (12.9)
Effect of movements in exchange rates 0.9 1.0 - 1.9 0.5 0.4 0.9 2.8
Balance at 31 December 2025 46.6 89.1 - 135.7 16.9 29.2 46.1 181.8
Carrying amounts
At 31 December 2025 78.3 29.3 3.3 110.9 10.1 16.0 26.1 137.0
At 30 June 2025 76.9 30.4 7.3 114.6 27.5 18.2 45.7 160.3
10. Interests in joint ventures and associates
The Group's share of profit after tax in its equity accounted investees for
the six months ended 31 December 2025 was £12.4m (2024: £5.1m).
The carrying value of the investment is reconciled as follows:
31
31 December
December 2024
2025 £m
£m
Balance at 1 July 62.8 60.5
Share of post-tax retained profits of joint ventures and associates 12.4 5.1
Additions - 0.9
Shareholder loan repayments - (0.1)
Retained 40% interest in PIC (Qiannan) Agriculture Science and Technology Co . - 1.5
Ltd
Dividends received from Società Agricola GENEETIC S.r.l (Italy) (0.2) -
Transfer to assets classified as held for sale (see note 20) (2.1) -
Effect of other movements including exchange rates 0.4 (4.9)
Balance at 31 December 73.3 63.0
In the prior period, on the 30 September 2024 the Group sold 60% of its
shareholding in PIC (Qiannan) Agriculture Science and Technology Co. Ltd for a
consideration of £1.3m. On the date of the sale the retained 40% had a fair
value of £1.5m. Subsequently to the loss of control, the Group made a further
£0.9m capital contribution into PIC Qiannan as part of a capital contribution
by all shareholders. A gain of £0.3m was recognised in the Income Statement.
Summary unaudited financial information for equity accounted investees,
adjusted for the Group's percentage ownership, is shown below:
Net IAS 41
valuation Profit after
movement tax
on biological £m
Revenue assets Expenses Taxation
Income Statement £m £m £m £m
Six months ended 31 December 2025 30.7 5.2 (22.0) (1.5) 12.4
Six months ended 31 December 2024 27.3 1.8 (22.5) (1.5) 5.1
Year ended 30 June 2025 53.3 (0.9) (41.3) (2.0) 9.1
11. INVENTORIES
31 December 31 December 30 June
2025 2024 2025
£m
£m
£m
Biological assets' harvest classed as inventories 15.4 17.7 14.6
Sexed Semen 14.4 14.2 12.4
Bovine Semen 29.8 31.9 27.0
Raw materials and consumables 3.8 4.2 4.0
Goods held for resale 13.8 15.7 15.2
Inventories 47.4 51.8 46.2
At 31 December 2025 £0.4m of inventories has been reclassified to 'assets
classified as held for sale' related to the PIC China disposal group (see note
20).
12. TRADE AND OTHER RECEIVABLES
31 December 31 December 30 June
2025 2024 2025
£m
£m
£m
Trade receivables 82.3 92.3 88.4
Less expected credit loss allowance (4.7) (4.8) (4.8)
Trade receivables net of impairment 77.6 87.5 83.6
Other debtors 13.9 7.7 4.8
Prepayments 7.2 9.0 6.4
Contract assets net of impairment 19.0 20.9 20.9
Other taxes and social security 4.2 3.3 3.5
Current trade and other receivables 121.9 128.4 119.2
Other debtors 1.8 4.5 4.3
Contract assets net of impairment 6.7 6.8 6.0
Non-current other receivables 8.5 11.3 10.3
130.4 139.7 129.5
At 31 December 2025 £8.3m of trade and other receivables has been
reclassified to 'assets classified as held for sale' related to the PIC China
disposal group (see note 20).
Trade receivables
The average credit period our customers take on the sales of goods is 42 days
(30 June 2025: 45 days). We do not charge interest on receivables for the
first 30 days from the date of the invoice.
The Group always measures the loss allowance for trade receivables and
contract assets at an amount equal to lifetime expected credit losses
('ECLs'). The ECLs on trade receivables and contract assets are estimated
using a provision matrix by reference to past default experience of the debtor
and an analysis of the debtor's current financial position, adjusted for
factors that are specific to the general economic conditions of the industry
and country in which the debtor operates and an assessment of both the current
and the forecast direction of conditions at the reporting date. The Group
writes off a trade receivable and a contract asset when there is information
indicating that the debtor is in severe financial difficulty and there is no
realistic prospect of recovery, such as when the debtor has been placed under
liquidation or has entered into bankruptcy proceedings.
No customer represents more than 5% of the total balance of trade receivables
(30 June 2025: no more than 5%).
Other debtors
Included in other debtors is an amount receivable of £5.6m (US$7.5m),
representing consideration due from BCA following receipt of regulatory
approval for the joint venture. Further details are provided in note 21.
13. TRADE AND OTHER PAYABLES
31 December 31 December 30 June
2025 2024 2025
£m
£m
£m
Trade payables 19.8 32.4 25.3
Other payables 2.4 11.9 7.1
Accrued Expenses 46.6 50.1 59.6
Contract liabilities 4.8 7.4 6.7
Other taxes and social security 10.9 9.2 9.0
Current trade and other payables 84.5 111.0 107.7
Other payables - - -
Contract liabilities 0.1 - 0.1
Non-current trade and other payables 0.1 - 0.1
At 31 December 2025 £6.7m of trade and other payables has been reclassified
to 'liabilities directly associated with assets classified as held for sale'
related to the PIC China disposal group (see note 20).
The average credit period taken for trade purchases is 21 days (30 June 2025:
24 days).
Other payables include an amount of £nil (30 June 2025: £3.6m) that relates
to the ST litigation settlement, the final payment was made on 1 July 2025.
14. EARNINGS PER SHARE
Weighted average number of ordinary shares (diluted)
Six months Six months Year
ended ended ended
31 31 30
December December June
2025 2024 2025
000s
000s
000s
Weighted average number of ordinary shares (basic) 66,087 65,854 65,910
Dilutive effect of share awards and options 924 605 929
Weighted average number of ordinary shares for the purpose of diluted earnings 67,011 66,459 66,839
per share
Six months Six months Year
ended ended ended
31 31 30
December December June
2025 2024 2025
(pence) (pence) (pence)
Earnings per share
Basic earnings per share 45.1 2.4 29.3
Diluted earnings per share 44.5 2.4 28.9
Adjusted earnings per share
Adjusted earnings per share 60.8 39.8 81.8
Diluted adjusted earnings per share 60.0 39.4 80.6
Earnings per share measures are calculated on the weighted average number of
ordinary shares in issue during the period. As in previous periods, adjusted
earnings per share have been shown, since the Directors consider that this
alternative measure gives a more comparable indication of the Group's trading
performance.
Basic earnings per share is based on the net profit attributable to owners of
the Company for the period of £29.8m (six months ended 31 December 2024:
£1.6m; year ended 30 June 2025: £19.3m) divided by weighted average number
of ordinary shares (basic and diluted) as calculated above.
Adjusted earnings per share is calculated on profit for the period before net
IAS 41 valuation movement on biological assets, amortisation of acquired
intangible assets, share-based payment expense and exceptional items, after
charging taxation associated with those profits, of £40.2m (six months ended
31 December 2024: £26.2m; year ended 30 June 2025: £53.9m), which is
calculated as follows:
Adjusted earnings
Year
Six months Six months ended
ended ended 30
31 31 June
December December 2025
2025 2024 £m
£m
£m
Profit before tax 39.5 3.3 28.5
Add/(deduct):
Net IAS 41 valuation movement on biological assets (note 8) 6.4 16.0 13.3
Amortisation of acquired intangible assets (note 7) 2.4 2.9 5.6
Impairment of goodwill - - 1.5
Share-based payment expense 4.5 2.9 6.9
Exceptional items (see note 3) 6.7 6.0 11.4
Other gains and losses (see note 19) - 4.5 4.2
Net IAS 41 valuation movement on biological assets in joint ventures (note 10) (5.2) (1.8) 0.9
Tax on joint ventures and associates (note 10) 1.5 1.5 2.0
Attributable to non-controlling interest (0.1) 0.1 -
Adjusted profit before tax 55.7 35.4 74.3
Adjusted tax charge (15.5) (9.2) (20.4)
Adjusted profit after tax 40.2 26.2 53.9
Effective tax rate on adjusted profit 27.8% 26.0% 27.5%
Six months Year
Six months ended ended
ended 31 30
31 December June
December 2024 2025
£m
£m
2025
£m
Profit for the period 29.9 1.5 19.3
Adjustment for:
Net IAS 41 valuation movement on biological assets 6.4 16.0 13.3
Amortisation of acquired intangible assets 2.4 2.9 5.6
Impairment of goodwill - - 1.5
Share-based payment expense 4.5 2.9 6.9
Share of profit of joint ventures and associates (12.4) (5.1) (9.1)
Other gains and losses - 4.5 4.2
Finance costs (net) 8.7 9.8 18.8
Income tax expense 9.6 1.8 9.2
Exceptional items 6.7 6.0 11.4
Adjusted operating profit from continuing operations 55.8 40.3 81.1
Depreciation of property, plant and equipment 15.4 15.6 31.8
Loss/(profit) on disposal of plant and equipment 0.3 (1.3) (0.5)
Loss on disposal of intangible asset - - 0.1
Amortisation and impairment of intangible assets 3.8 3.6 7.3
Adjusted earnings before interest, tax, depreciation and amortisation 75.3 58.2 119.8
Cash impact of exceptional items (10.5) (15.2) (24.2)
Other movements in biological assets and harvested produce 0.4 - 1.3
Decrease in provisions and release in deferred consideration 0.1 (0.4) (0.7)
Additional pension contributions in excess of pension charge (0.2) (0.3) (0.4)
Other (0.6) (0.7) (0.4)
Operating cash flows before movement in working capital 64.5 41.6 95.4
(Increase)/decrease in inventories (0.3) 2.6 2.0
(Increase)/decrease in receivables (7.0) 4.1 11.4
Decrease in payables (15.4) (3.7) (2.1)
Cash generated by operations 41.8 44.6 106.7
Interest received 1.0 0.2 0.6
Interest and other finance costs paid (7.3) (8.1) (15.7)
Interest on leased assets (1.1) (1.2) (2.4)
Cash flow from derivative financial instruments (0.8) (0.5) (1.3)
Income taxes paid (10.9) (9.5) (20.7)
Net cash from operating activities 22.7 25.5 67.2
16. RETIREMENT BENEFIT OBLIGATIONS
The Group has a number of defined contribution and defined benefit pension
schemes covering many of its employees, further details can be found in the
Genus plc Annual Report 2025. The aggregated position of defined benefit
schemes are provided below:
31 December 31 December 30 June
2025 2024 2025
£m
£m
£m
Present value of funded obligations 251.6 680.8 266.7
Present value of unfunded obligations 7.3 7.3 6.9
Total present value of obligations 258.9 688.1 273.6
Fair value of plan assets (273.6) (718.7) (286.7)
Restricted recognition of asset (MPF and DPF) 21.8 37.1 20.0
Recognised liability for defined benefit obligations 7.1 6.5 6.9
The principal actuarial assumptions (expressed as weighted averages) are:
31 31 30
December December June
2025 2024 2025
Discount rate 5.45% 5.50% 5.50%
Consumer Price Index 2.45% 2.45% 2.55%
Retail Price Index 2.80% 2.80% 2.90%
The Milk Pension Fund
We have accounted for our section of the scheme and our share of any orphan
assets and liabilities, which together represent approximately 86% of the MPF.
Although the MPF is managed on a sectionalised basis, it is a "last man
standing scheme", which means that all participating employers are joint and
severally liable for all of the fund's liabilities.
Further details of the Milk Pension Fund can be found in the Genus plc Annual
Report 2025.
17. Financial instruments fair value disclosures
The table below sets out the categorisation of the financial instruments held
by the Group at 31 December 2025.
We have categorised financial instruments held at valuation into a three-level
fair value hierarchy, based on the priority of the inputs to the valuation
technique in accordance with IFRS 13. The hierarchy gives the highest priority
to quoted prices in active markets for identical assets or liabilities (Level
1) and the lowest priority to unobservable inputs (Level 3). Valuations
categorised as Level 2 are obtained from third parties. If the inputs used to
measure fair value fall within different levels of the hierarchy, we base the
category level on the lowest priority level input that is significant to the
fair value measurement of the instrument in its entirety.
31 December 2025 31 December 2024 30 June 2025
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
£m £m £m £m £m £m £m £m £m £m £m £m
Financial assets
Other investments 0.1 - 3.1 3.2 0.2 - 3.4 3.6 0.1 - 3.1 3.2
Trade and other receivables, excluding prepayments (see note 12) - 123.2 - 123.2 - 130.7 - 130.7 - 123.1 - 123.1
Cash and cash equivalents - 43.4 - 43.4 - 47.4 - 47.4 - 48.0 - 48.0
Derivative instruments in non-designated hedge accounting relationships - - - - - 0.1 - 0.1 - 0.1 - 0.1
Derivate instruments in designated hedge accounting relationships - - - - - 1.6 - 1.6 - - - -
0.1 166.6 3.1 169.8 0.2 179.8 3.4 183.4 0.1 171.2 3.1 174.4
Financial liabilities
Trade and other payables, excluding other taxes and social security (see note - (73.7) - (73.7) - (101.8) - (101.8) - (98.8) - (98.8)
13)
Loans and overdrafts - (233.6) - (233.6) - (259.8) - (259.8) - (218.8) - (218.8)
Leasing obligations - (27.1) - (27.1) - (49.0) - (49.0) - (47.1) - (47.1)
Derivative instruments in non-designated hedge accounting relationships - (0.1) - (0.1) - (0.8) - (0.8) - (1.7) - (1.7)
Derivative instruments in designated hedge accounting relationships - (1.2) - (1.2) - (0.3) - (0.3) - (0.6) - (0.6)
Put option over non-controlling interest - (0.9) - (0.9) - (0.8) - (0.8) - (0.9) - (0.9)
Deferred consideration - - (8.1) (8.1) - - (0.2) (0.2) - - (10.5) (10.5)
- (336.6) (8.1) (344.7) - (412.5) (0.2) (412.7) - (367.9) (10.5) (378.4)
The Directors consider that the carrying value amounts of financial assets and
financial liabilities recorded at amortised cost in the financial statements
are approximately equal to their fair values.
There have been no changes in the valuation techniques or key unobservable
inputs for Level‑3 instruments since 30 June 2025. The sensitivity of
fair value to reasonably possible changes in these inputs is consistent with
that disclosed in the 2025 Annual Report
Included within other gains and losses is a £nil gain (2024: £0.3m loss) on
the mark to market valuation (MTM) in relation to £60m of SONIA interest rate
swaps executed in April 2023. Whilst the interest rate swaps are a perfect
commercial hedge of a similar amount of our GBP borrowings for at least a
three-year period, as the executing banks have a written option at the
three-year point to unilaterally terminate the swaps at no cost, the
transaction does not qualify for hedge accounting treatment. Accordingly, the
MTM gain on the valuation of these swaps is recognised in the Group Income
Statement.
18. RELATED PARTY TRANSACTIONS
Transactions between the Company and its subsidiaries, which are related
parties, have been eliminated on consolidation and are not disclosed in this
note.
Other related party transactions
Transactions between the Group and its joint ventures and associates are
described below:
Transaction value Balance outstanding
Six months Six months Year Six months Six months Year
ended ended ended ended ended ended
31 31 30 31 31 30
December December June December December June
2025 2024 2025 2025 2024 2025
£m
£m
£m
£m
£m
£m
Purchase of goods and services from joint ventures and associates 7.2 4.3 9.1 (1.1) (1.6) (0.5)
All outstanding balances with joint ventures and associates are priced on an
arm's length basis and are to be settled in cash within six months of the
reporting date. None of the balances are secured.
19. OTHER GAINS AND LOSSES
Note 31 December 31 December 30 June
2025 2024 2025
£m
£m
£m
Loss on purchase of Non-Controlling Interest in De-Novo Genetics LLC - (4.5) (3.6)
Gain on loss of control of subsidiary 10 - 0.3 0.3
Loss on derivative 17 - (0.3) (0.9)
Other gains and losses - (4.5) (4.2)
20. Assets and liabilities of disposal group classified as held for sale
On 4 September 2025, the Group announced the accelerated formation of its
porcine joint venture in China, which received State-Owned Assets Supervision
and Administration Commission of the State Council (SASAC) regulatory approval
in December 2025. Refer to note 21 for more details on the completion of the
sale.
The disposal group has been measured at the lower of its carrying amount and
fair value less costs to sell and does not constitute a discontinued operation
in accordance with IFRS 5.
Accordingly, the following assets and liabilities have been presented
separately in the Group Balance Sheet as held for sale as at 31 December 2025.
31 December
2025
Assets classified as held for sale £m
Goodwill 2.7
Biological assets 13.2
Property, plant and equipment 18.1
Interests in joint ventures and associates 2.1
Deferred tax assets 1.0
Inventories 0.4
Trade and other receivables 8.3
Cash and cash equivalents 8.8
Total assets of disposal group held for sale 54.6
Liabilities directly associated with assets classified as held for sale
Trade and other payables (6.7)
Provisions (0.5)
Obligations under leases (16.5)
Tax liabilities (0.2)
Deferred tax liabilities (2.1)
Total liabilities of disposal group held for sale (26.0)
21. Post Balance sheet event
On 31 January 2026, the Group entered into an agreement with Beijing Capital
Agribusiness ('BCA') to form a Chinese porcine joint venture. The Group
believes its joint venture partnership with BCA provides the best platform to
accelerate the growth of PIC China.
Following successful formation of the joint venture, Genus will receive a
gross cash payment of US$160m (estimated US$140m, net of withholding tax and
transaction costs, and subject to any further working capital and net debt
adjustments). This gross cash payment is in addition to a gross milestone
payment to Genus of US$7.5m which was recognised in the Group's fiscal first
half. As a result of Genus's joint venture ownership of 49%, PIC China will be
deconsolidated from the Group's financial statements.
The assets and liabilities of PIC China have been classified as 'Held for
Sale' at 31 December 2025 and are detailed in note 20.
GENUS PLC
RESPONSIBILITY STATEMENT
For the six months ended 31 December 2025
We confirm that to the best of our knowledge;
a) the Condensed Set of Financial Statements has been
prepared in accordance with IAS 34;
b) the interim management report includes a fair review of the
information required by DTR 4.2.7R (indication of important events during the
first six months and description of the principal risks and uncertainties for
the remaining six months of the year); and
c) the interim management report includes a fair review of
the information required by DTR 4.2.8R (disclosure of related party
transactions and charges therein).
Neither the Company nor the Directors accept any liability to any person in
relation to the half-yearly financial report except to the extent that such
liability could arise under English Law. Accordingly, any liability to a
person who has demonstrated reliance on any untrue or misleading statement or
omission shall be determined in accordance with section 90A of the Financial
Services and Markets Act 2000.
By order of the Board
Chief Executive Chief Financial Officer
Jorgen Kokke Andrew Russell
25 February 2026
Alternative Performance Measures Calculation methodology and closest equivalent IFRS measure (where applicable) Reasons why we believe the
APMs are useful
Income statement measures
Adjusted operating profit exc JVs Adjusted operating profit is operating profit with the net IAS 41 valuation Allows the comparison of underlying financial performance by excluding the
movement on biological assets, amortisation of acquired intangible assets, impacts of exceptional items and is a performance indicator against which
share-based payment expense and exceptional items added back and excludes JV short-term and long-term incentive outcomes for our senior executives are
and associate results. measured:
> net IAS 41 valuation movements on biological assets - these movements can
be materially volatile and do not directly correlate to the underlying trading
Closest equivalent IFRS measure: Operating profit(1) performance in the period. Furthermore, the movement is non-cash related and
many assumptions used in the valuation model are based on projections rather
than current trading;
See reconciliation below. > amortisation of acquired intangible assets - excluding this improves the
comparability between acquired and organically grown operations, as the latter
cannot recognise internally generated intangible assets. Adjusting for
amortisation provides a more consistent basis for comparison between the two
but it is also a measure excluded from our management's remuneration
assessment, as well as our debt agreements and banking covenants. It is also
one requested and used by our investor group to evaluate our performance;
Including adjusted operating profit from JV and associate results. > impairment of goodwill - this represents a non-cash accounting adjustment
recognised when the carrying value of goodwill exceeds its recoverable amount.
See reconciliation below. Excluding this item improves comparability across periods, as impairment
Adjusted operating profit inc JVs
charges can be significant and are often driven by long-term assumptions;
> share-based payments - this expense is considered to be relatively
volatile and not fully reflective of the current period trading, as the
performance criteria are based on EPS performance over a three-year period and
include estimates of future performance; and
Adjusted operating profit including JV less adjusted effective tax. > exceptional items - these are items which due to either their size or
Adjusted operating profit inc JVs after tax
their nature are excluded, to improve the understanding of the Group's
For interim periods a 12‑month rolling total is calculated to reflect a full underlying performance.
year's trading and to aid comparability with the 30 June results
See reconciliation below.
Adjusted profit before tax
Adjusted operating profit including JVs less net finance costs.
See reconciliation below.
Adjusted profit including JVs before tax less adjusted effective tax.
Adjusted profit after tax
See reconciliation below.
1 Operating profit is not defined per IFRS. It is presented in the
Group Income Statement and is shown as profit before tax, finance income/costs
and share of post-tax profit of joint ventures and associates retained.
31 December 31 December 30 June
2024
2025 2025
£m £m £m £m £m £m Reference
Operating profit 35.8 12.5 42.4 Group Income Statement
Add back:
Net IAS 41 valuation movement on biological assets 6.4 16.0 13.3 Group Income Statement
Amortisation of acquired intangible assets 2.4 2.9 5.6 Group Income Statement
Impairment of goodwill - - 1.5 Group Income Statement
Share-based payment expense 4.5 2.9 6.9 Group Income Statement
Exceptional items 6.7 6.0 11.4 Group Income Statement
Adjusted operating profit exc JVs 55.8 40.3 81.1 Group Income Statement
Amounts attributable to non-controlling interest (0.1) 0.1 - Group Income Statement
Operating profit from joint ventures and associates 12.4 5.1 9.1 Group Income Statement
Tax on joint ventures and associates 1.5 1.5 2.0 Note 10 - Interests in joint ventures and associates
Net IAS 41 valuation movement inc JVs (5.2) (1.8) 0.9 Note 10 - Interests in joint ventures and associates
Adjusted operating profit from JVs 8.7 4.8 12.0
Adjusted operating profit inc JVs 64.4 45.2 93.1
Adjusted operating profit inc JVs after tax
31 December 31 December 30 June
2024
2025 2025
£m £m £m Reference
Adjusted operating profit inc JVs 64.4 45.2 93.1 See APM
Effective tax rate 27.8% 26.0% 27.5% Note 14 - Earnings per share
Adjusted tax (17.9) (11.8) (25.6) No direct reference
Adjusted operating profit inc JVs after tax 46.5 33.4 67.5
Rolling 12 month Adjusted operating profit inc JVs after tax
31 December 31 December 30 June
2024
2025 2025
£m £m £m Reference
Adjusted operating profit inc JVs after tax 46.5 33.4 67.5 See APM
Add: Prior June Adjusted operating profit inc JVs after tax 67.5 56.2 N/a See APM
Less: prior interim Adjusted operating profit inc JVs after tax (33.4) (28.6) N/a See APM
Rolling 12 month Adjusted operating profit inc JVs after tax 80.5 61.0 67.5
Adjusted profit before tax
Adjusted profit after tax
31 December 31 December 30 June
2024
2025 2025
£m £m £m Reference
Adjusted operating profit inc JVs 64.4 45.2 93.1 See APM
Less net finance costs (8.7) (9.8) (18.8) Note 4 - Net finance costs
Adjusted profit before tax 55.7 35.4 74.3
Adjusted tax (15.5) (9.2) (20.4) Note 14 - Earnings per share
Adjusted profit after tax 40.2 26.2 53.9
31 December 31 December 30 June
2024
2025 2025
£m % £m % £m % Reference
Adjusted effective tax £m/rate 15.5 27.8 9.2 26.0 20.4 27.5 Note 14 - Earnings per share
Exceptional items (1.2) (17.8) (1.5) (24.9) (2.7) (23.7) No direct reference
Share-based payment expense (0.9) (20.9) (0.4) (14.0) (1.5) (21.7) No direct reference
Other gains and losses - - - (0.3) (0.2) (4.8) No direct reference
Amortisation of acquired intangible assets (0.7) (27.9) (0.8) (27.4) 0.3 5.4 No direct reference
Net IAS 41 valuation movement on biological assets (2.1) (32.8) (3.6) (22.7) (4.2) (31.6) No direct reference
Net IAS 41 valuation movement on biological assets in joint ventures 0.5 (9.6) 0.4 24.0 (0.9) (100.0) No direct reference
Effective tax £m/rate 11.1 27.1 3.3 68.8 11.2 36.7 No direct reference
Adjusted basic earnings per share
30 June Reference
31 December 31 December 2025
2025 2024
Adjusted profit after tax (£m) 40.2 26.2 53.9 See APM
Weighted average number of ordinary shares ('000) 66.087 65.854 65.910 Note 14 - Earnings per share
Adjusted basic earnings per share (pence) 60.8 39.8 81.8
Adjusted diluted earnings per share
30 June Reference
31 December 31 December 2025
2025 2024
Adjusted profit after tax (£m) 40.2 26.2 53.9 See APM
Weighted average number of diluted ordinary shares ('000) 67.011 66.459 66.839 Note 14 - Earnings per share
Adjusted diluted earnings per share (pence) 60.0 39.4 80.6
Rolling 12 month Adjusted Earnings cover
31 December 31 December 30 June
2024
2025 2025
Pence Times Pence Times Pence Times Reference
Adjusted Earnings per share 60.8 39.8 81.8 See APM
Add: Prior June Adjusted Earnings per share 81.8 65.5 N/a See APM
Deduct: Prior Interim Adjusted Earnings per share (39.8) (33.3) N/a See APM
Rolling 12 month adjusted Earnings per share 102.8 72.0 81.8
Dividend for the period 11.2 10.3 32.0 Note 6 - Dividends
Add: Dividend for prior June 32.0 32.0 N/a Note 6 - Dividends
Less: prior interim dividend (10.3) (10.3) N/a Note 6 - Dividends
Rolling 12 month dividend 32.9 32.0 32.0
Rolling 12 month Adjusted Earnings cover 3.1 2.2 2.6 No direct reference
Adjusted EBITDA - as calculated under our financing facilities
31 December 31 December 30 June
2024
2025 2025
£m £m £m £m £m £m Reference
Operating profit 35.8 12.5 42.4 Group Income Statement
Add back:
Net IAS 41 valuation movement on biological assets 6.4 16.0 13.3 Group Income Statement
Amortisation of acquired intangible assets 2.4 2.9 5.6 Group Income Statement
Impairment of goodwill - - 1.5 Group Income Statement
Share-based payment expense 4.5 2.9 6.9 Group Income Statement
Exceptional items 6.7 6.0 11.4 Group Income Statement
Adjusted operating profit exc JVs 55.8 40.3 81.1 Group Income Statement
Adjust for:
Cash received from JVs 0.2 0.1 6.1 No direct reference
Less share of JVs losses (0.6) (0.3) (0.7)
Depreciation: property, plant and equipment 15.4 15.6 31.8 Note 9 - Property, plant and equipment
Operational lease payments (8.3) (9.1) (16.5) No direct reference
Depreciation: historical cost of biological assets 9.9 8.4 16.4 No direct reference
Amortisation and impairment (excluding separately identifiable acquired 3.8 3.6 7.3 Note 7 - Intangible assets
intangible assets)
Amounts attributable to non-controlling interest (0.1) 0.1 - Group Income Statement
Adjusted EBITDA - as calculated under our financing facilities 76.1 58.7 125.5
Rolling 12 month Adjusted EBITDA - as calculated under our financing
facilities
31 December 31 December 30 June
2024
2025 2025
£m £m £m £m £m £m Reference
Operating profit
Adjusted EBITDA - as calculated under our financing facilities 76.1 58.7 125.5 See APM
Add: Prior June Adjusted EBITDA 125.5 110.9 N/a See APM
Deduct: Prior Interim Adjusted EBITDA (58.7) (55.4) N/a See APM
Rolling 12 month Adjusted EBITDA 142.9 114.2 125.5
Rolling 12 month Profit after tax
31 December 31 December 30 June
2024
2025 2025
£m £m £m £m £m £m Reference
Profit after tax 29.9 1.5 19.3 Group Income Statement
Add: Prior June Profit after tax 19.3 2.4 N/a Group Income Statement
Deduct: Prior Interim Profit after tax (1.5) (10.3) N/a Group Income Statement
Rolling 12 month Profit/(loss) after tax 47.7 (6.4) 19.3
Balance sheet measures
Net Debt
Net debt as calculated under our financing facilities
31 December 31 December 30 June
2024
2025 2025
£m £m £m £m £m £m Reference
Current unsecured bank loans and overdrafts 4.5 4.0 2.9
Non-current unsecured bank loans and overdrafts 229.1 244.6 215.9
Unsecured bank loans and overdrafts 233.6 248.6 218.8 Group Balance Sheet
Current interest-bearing deferred consideration 2.7 2.8 2.6
Non-current interest-bearing deferred consideration 5.2 8.4 7.7
Total interest-bearing deferred consideration 7.9 11.2 10.3 No direct reference
Current obligations under finance leases 12.8 12.9 13.3
Non-current obligations under finance leases 30.8 36.1 33.8
Obligations under finance leases 43.6 49.0 47.1 Analysis of net debt
Total debt financing 285.1 308.8 276.2
Deduct:
Cash and cash equivalents (52.2) (47.4) (48.0) Analysis of net debt
Net debt 232.9 261.4 228.2
Deduct:
Lower of obligations under finance leases or £60m (43.6) (30.0) (47.1)
Add back:
Guarantees 0.5 1.0 0.8 No direct reference
Cash not available 8.1 0.3 7.1 No direct reference
Cash subject to exchange controls - 0.2 - No direct reference
Deferred purchase arrangements - 1.2 - No direct reference
Net debt - as calculated under our financing facilities 197.9 234.1 189.0
Cash flow measures
Free cash flow & Adjusted cash from operating activities
31 December 31 December 30 June
2024
2025 2025
£m £m £m £m £m £m Reference
Net cash from operating activities 22.7 25.5 67.2 Group Statement of Cash Flows
Purchase of property, plant and equipment (5.3) (5.2) (13.4) Group Statement of Cash Flows
Purchase of intangible assets (2.4) (2.5) (5.2) Group Statement of Cash Flows
Proceeds from sale of property, plant and equipment 0.2 0.4 0.4 Group Statement of Cash Flows
Dividend received from joint ventures and associates 0.2 - 6.1 Group Statement of Cash Flows
Dividend to non-controlling interest - - (0.1) Group Statement of Cash Flows
Payment of lease liabilities (7.2) (7.9) (14.1) Group Statement of Cash Flows
Free cash flow 8.2 10.3 40.9
Add back:
Interest received (1.0) (0.2) (0.6) Note 15 - Notes to the cash flow statement
Interest and other finance costs paid 7.3 8.1 15.7 Note 15 - Notes to the cash flow statement
Interest on leased assets 1.1 1.2 2.4 Note 15 - Notes to the cash flow statement
Cash flow from derivative financial instruments 0.8 0.5 1.3 Note 15 - Notes to the cash flow statement
Income taxes paid 10.9 9.5 20.7 Note 15 - Notes to the cash flow statement
Cash impact of exceptional items relating to operating activities 10.5 15.2 24.2 Note 15 - Notes to the cash flow statement
Additional pension contributions in excess of pension charge 0.2 0.3 0.4 Note 15 - Notes to the cash flow statement
(Increase)/decrease in provisions (0.1) 0.4 0.7 Note 15 - Notes to the cash flow statement
Dividend to non-controlling interest - 0.1 - Group Statement of Cash Flows
Other 0.6 0.7 0.5 Note 15 - Notes to the cash flow statement
Adjusted cash from operating activities 38.5 46.1 106.2
Cash conversion
31 December 31 December 30 June
2024
2025 2025
£m Times £m Times £m Times Reference
Adjusted operating profit inc JVs 64.4 45.2 93.1 Group Income Statement
Adjusted cash from operating activities 38.5 46.1 106.2 See APM
Cash conversion 60% 102% 114%
Other measures
Ratio of net debt to adjusted EBITDA
31 December 31 December 30 June
2024
2025 2025
£m Times £m Times £m Times Reference
Net debt - as calculated under our financing facilities 197.9 234.1 189.0 See APM
Rolling 12 month Adjusted EBITDA - 142.9 114.2 125.5 See APM
as calculated under our financing facilities
Ratio of net debt to Adjusted EBITDA 1.4 2.0 1.5
Return on adjusted invested capital (restated)(1)
31 December 31 December 30 June
2024
2025 2025
£m % £m % £m % Reference
Rolling 12 month Adjusted operating profit inc JVs after tax 80.5 61.0 67.5 See APM
Equity attributable to owners of the Company 504.0 486.2 476.1 Group Balance Sheet
Add back:
Net debt 232.9 261.4 228.2 Note 15 - Notes to the cash flow statement
Pension liability 7.1 6.5 6.9 Group Balance Sheet
Related deferred tax (1.2) (1.2) (1.2) No direct reference
Adjust for:
Biological assets - carrying value (236.8) (265.8) (253.7) Note 8 - Biological assets
Biological assets - held for sale (13.2) - - Note 20 - Assets and liabilities classified as held for sale
Biological assets' harvest classed as inventories (15.4) (17.7) (14.6) Note 11 - Inventories
Biological assets - historic cost 87.7 78.4 72.0 No direct reference
Goodwill - carrying value (101.9) (109.4) (102.8) No direct reference
Goodwill - held for sale (2.7) - - Note 20 - Assets and liabilities classified as held for sale
Related deferred tax 48.1 51.0 49.2 No direct reference
Adjusted invested capital 508.6 489.4 460.1
Return on adjusted invested capital 15.8% 12.5% 14.7%
Return on invested capital (restated)(1)
31 December 31 December 30 June
2024
2025 2025
£m % £m % £m % Reference
Return on adjusted invested capital 15.8% 12.5% 14.7% See APM
Rolling 12-month Profit/(loss) after tax 47.7 (6.4) 19.3 See APM
Equity attributable to owners of the Company 504.0 486.2 476.1 Group Balance Sheet
Return on invested capital 9.5% (1.3%) 4.1%
1 See note 1 for details of the prior period restatement
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