Genus FY24 Profit Down

(RTTNews) - Genus (GNS.L) Thursday reported results for the full year 2024, with profit decreasing from a year ago as revenues dropped 3 percent

Profit for the year 2.4 million pounds or 11.9 pence per share compared to 31.8 million pounds or 50.5 pence per share last year.

Adjusted profit before tax was 59.8 million pounds or 65.0 pence per share compared to 71.5 million or 84.2 pence per share.

Profit before tax slipped 16 percent to 59.8 million pounds from 71.5 million pounds.

Revenues for the quarter dropped 3 percent to 668.8 milion pounds from 689.7 million pounds last year.

CEO Jorgen Kokke, said: "Genus made significant progress against its strategic priorities during FY24. I am confident that our decisive actions to structurally strengthen the Group will yield significant benefits in the years to come."

"In FY25, we will continue to execute against our strategic priorities and we expect to achieve significant growth in Group adjusted profit before tax in constant currency, in-line with market expectations. However, Sterling has continued to appreciate against key foreign currencies since our trading update on 17 July 2024, and we now expect a currency headwind of approximately £8-9m in FY25, if current exchange rates continue throughout the fiscal year."