20 November
2024
Genus plc
AGM Trading Update - Encouraging start
to the year
("Genus" or the
"Group")
Genus (LSE: GNS), a leading global animal
genetics company, publishes the following trading update, for the
four months ending 31 October 2024, to coincide with its AGM at
11:00am GMT this morning.
Group trading has been encouraging
and the Board expects Group adjusted profit before tax to be
in-line with market expectations1 for the 2025 financial
year. This includes an expected currency headwind of £8m to £9m in
the 2025 financial year2, as previously
indicated.
PIC trading has been strong with
North America, Latin America and Asia achieving year on year growth
in volumes, royalty revenue and constant currency adjusted
operating profit. Europe also performed well, with royalty revenue
and constant currency adjusted operating profit unchanged on a
strong comparative period in the prior year. PIC China continued to
win new royalty customers in the period with pork prices remaining
at levels that support industry profitability, albeit producers
remain cautious.
ABS trading improved in the period,
as expected, with good growth in sexed volumes and overall genetic
volumes up on the prior year. Constant currency adjusted operating
profit grew year on year driven in particular by the Value
Acceleration Programme ("VAP") Phase 1 initiatives implemented in
the 2024 financial year. The execution of VAP Phase 2 is on track
and ABS remains focused on delivering significant profit growth for
the full year.
Genus has made further regulatory
submissions in relation to the Group's novel PRRS3
Resistant Pig programme, which is progressing as planned. In
November, a key milestone was achieved with the submission of the
Validation Report & Durability Plan to the U.S. Food and
Drug Administration. Alongside this, the Group has made a number of
submissions to other international regulators.
Genus will announce its interim
results for the six month period from 1 July 2024 to 31 December
2024 on 27 February 2025.
For further information please
contact:
Genus
plc
Tel: +44 (0)1256 345 970
Jorgen Kokke, Chief Executive Officer
Alison Henriksen, Chief Financial
Officer
Anand Date, Investor Relations
Director
Burson
Buchanan
Tel: +44 (0)207 466 5000
Charles Ryland; Toto Berger; Sophie Wills;
Verity Parker
About
Genus
Genus is a world-leading animal genetics
company. Genus creates advances to animal breeding and genetic
improvement by applying biotechnology and sells added value
products for livestock farming and food producers. Its technology
is applicable across livestock species and is currently
commercialised by Genus in the dairy, beef and pork food production
sectors.
Genus's worldwide sales are made in over
seventy-five countries under the trademarks 'ABS' (dairy and beef
cattle) and 'PIC' (pigs) and comprise semen, embryos and breeding
animals with superior genetics to those animals currently in farms.
Genus's customers' animals produce offspring with greater
production efficiency, and quality, and use these to supply the
global dairy and meat supply chains.
The Group's competitive edge has been created
from the ownership and control of proprietary lines of breeding
animals, the biotechnology used to improve them and its global
supply chain, technical service and sales and distribution
network.
With headquarters in Basingstoke, United
Kingdom, Genus companies operate in over twenty-five countries on
six continents, with research laboratories located in Madison,
Wisconsin, USA.
1 The company compiled
consensus estimate range for FY25 actual currency adjusted profit
before tax is £63.0m to £64.4m and is based upon the average of 5
analyst estimates
2 The expected currency
headwind of £8m to £9m for fiscal year 2025 assumes that foreign
exchange rates at 12 November 2024 continue for the remainder of
the fiscal year
3 Porcine Reproductive
and Respiratory Syndrome virus
