Genesis announces $6m profit

Genesis Research & Development has posted a net profit of $6.1 million for the six months to June 30, compared with a loss of $4.1 million for the same period last year.

Revenue was $9.9 million, up from $1.3 million, including a one-off settlement of $8.7 million for relinquishing its stake in ArborGen (the GM pine tree project part-owned by Rubicon).

Chief executive Stephen Hall said the net recurring cash burn of $2.2 million, excluding one-off costs, was below budget, reflecting the company's focus on fewer projects.