Global animal genetics company Genus PLC has announced an operating profit of £45.8 million (US$72.9 million) for the 2012 financial year ending June 30, up from 2011's £42.2 million (US$65 million) according to the company's latest report

The company saw strong performance in Asia, North America and Latin America and announced its first porcine joint venture in China. "Once again, the group achieved record results, with operating profits up 7 percent and pre-tax profits up 19 percent," said Karim Bitar, CEO. "In addition, we have developed a new vision and strategy. With the investments we are making in R&D, the BRIC countries and core competencies, we believe this strategy will enable Genus to continue to make progress in the year ahead and will see an improving rate of growth from 2014 onwards."

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Market conditions remained generally favorable for Genus and its customers in the 2012 financial year, said the company. However, towards the end of the period, markets became more challenging due to increased feed costs in North America caused by drought conditions and by weakening global commodity dairy prices. These conditions are likely to impact a number of customers in 2013. Although this may lead to some slowing in demand, Genus said it believes the strength of its business model will enable the group to continue to make progress during the year.