FY2015 results are slightly ahead of forecasts, with adj PBT £46.6m vs. our expected £45.1m. On a divisional basis, Genus PIC performed slightly ahead of expectations (adj op profit £61.9m vs. our £59.0m), Genus Asia below (adj op profit £5.5m vs. our £7.1m), and Genus ABS in line with our estimates (adj op profit £24.0m vs. our £24.3m). Adj operating profit incl. JVs was up 14% during the period (+18% in constant currency). The outlook strikes a cautious note, highlighting lower YoY Porcine prices, overall challenging market conditions for Genus’ Dairy customers and a continuing currency headwind. However, these developments are already factored into our forecasts, which currently include a 2014-19 CAGR in adj operating profit (incl. JVs) of 10.5%.
