Investors reading the statutory numbers from animal genetics specialist Genus (GNS) have every right to be worried – slowing revenue growth and a sharp decline in pre-tax profits hardly sounds like good news. But ignore negative currency movements and one-off charges associated with the revaluation of Genus’s bovine assets, and the 6 per cent share price fall on results day seems unjustified. On an underlying basis, revenue and pre-tax profits actually rose 6 per cent and 9 per cent, respectively.
IC TIP:
Hold
at
2590p