A good start to the day for the animal genetics company Genus which is seeing the benefits of strategic shifts translating into shareholder returns. Full year results out this morning noted revenues up 5% on a constant currency basis, but operating profits added 30% and free cashflow is also strong. Separately the company also updated on progress of its Chinese porcine JV, which is set to yield $160m with a single milestone payment of $7.5m expected when regulatory approval is granted. The Genus share price spiked as much as 25% higher in early trade although that proved short lived with gains standing around 8% 30 minutes into the day.
The electronics and electrical retailer Currys issued an update covering the first 17 weeks of the year, noting a strong start and adding that a £50m share buyback had been launched in line with the company’s capital allocation policy. Recurring revenue growth is evidenced and management add that they are comfortably within market consensus when it comes to the full year performance. The Currys share price was 20% higher shortly after the open.
Software developer for the asset finance industry, Alfa, presented a half year report this morning which saw revenues up 20% with a strong contribution coming from software engineering, the balance sheet has improved and a special dividend of 5p per share has also been declared. Whilst management acknowledge the pace of growth in H1 will likely slow, a strong pipeline remains in place and full year expectations remain on track. The Alfa share price was as much as 6% higher in early trade although this was looking difficult to sustain.
Most read news on Investegate this morning
Preliminary results - - Genus (GNS)
New Subscription Agreement Signed - - The Smarter Web Company Plc (SWC)
