Accelerating growth

During our last financial year, progress against our strategic objectives included:

• Continued to drive genetic gain in target traits across our product lines
• Established digital phenotyping at our Apex nucleus facility in South Dakota, delivering continuous and consistent data on leg structure to help improve robustness
• Completed our new nucleus farm in Canada and a new joint venture facility in the US to expand our elite farm network

• Grew adjusted operating profit in every region of the world, excluding China
• Improved adjusted operating profit in North America by 7%, helped by sales of our PIC800 boar to new accounts and expansion of our footprint in Canada through the acquisition of Olymel
• Increased adjusted operating profit in Asia (excluding China) by 25%, including growth of 67% in the Philippines as it continues to recover from ASF
• Delivered adjusted operating profit of 1% in Europe, despite the situation in Russia, aided by a rise of 40% in Spain following our acquisition of Sergal and expansion of our distribution network
• Increased adjusted operating profit in Latin America by 5%, maintaining our industry leadership on both the male and female sides of our business

• Increased the proportion of our business using royalty contracts by 3% to 88% (excluding China)
• Conducted a further 25 product validation trials, involving 106,130 pigs, to demonstrate the benefits customers gain from using PIC genetics