Sygen International Announces Preliminary Results for 2002-3
Sygen International Announces Preliminary Results for 2002-3 Sygen International plc (LSE: SNI.L), a world leader in applying quantitative genetics and biotechnology to animal breeding, today announces its preliminary results for the year ended 30th June 2003. Profit before amortisation, tax and exceptional items was £5.7 million despite the severe downturn in the pig cycle. During the last similar downturn experienced in 1999 financial year, the Group reported a loss before tax and exceptional items of £1.5 million. Highlights during the year: * Profit after tax and exceptional items was £11.3 million or 3.9 pence per share, compared with £10.8 million or 3.7 pence per share last year. * Profit before amortisation of £0.3 million, tax, exceptional items at constant exchange rates of £0.3 million and including £0.5 million of insurance proceeds from livestock lost during second half of year, was £6.5 million. * Net exceptional gains were £3.8 million. * SyAqua, our first move in implementing the multi-species strategy, was profitable in first year of operations. * Strong balance sheet - net cash at 30 June 2003 was £23.6 million; all outstanding loans repaid. * Investment in Research & Development paying off: - gross profits from biotechnology increased by 24%; - seven patents granted during the year; - genetic marker pipeline increased by 2.5 times. * A final dividend of 0.55 pence per share, up 10% over prior year, is recommended. Chairman, Brian Baldock, commented: Sygen's financial performance for the year ended 30 June 2003 demonstrated the benefits of its evolving business model and emphasis on increasing profits from biotechnology. A gradual recovery in pig prices is underway in North America. We expect demand for our products to increase as the year progresses and market conditions improve. We also expect to make further progress in implementing our multi-species strategy by seeking to establish new businesses in the genetic improvement of food animals. Sygen has built solid positions in two species and has both the skills and strength of balance sheet to give us the potential for significant, and increasingly more stable, growth in the future through expansion into new markets." Enquiries: WMC Communications Jo Livingston; Scott Learmouth UK : 44 (0) 20 7591 3999 Jo.Livingston@wmccommunications.com ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/09/10/20030910BIT00840/wkr0001.doc http://www.waymaker.net/bitonline/2003/09/10/20030910BIT00840/wkr0002.pdf