Genus PLC AGM Trading Update (6351W)
16 November 2017 - 6:00PM
UK Regulatory
TIDMGNS
RNS Number : 6351W
Genus PLC
16 November 2017
For immediate release 16 November 2017
Genus plc
('Genus' or the 'Group')
AGM TRADING UPDATE
Genus (LSE: GNS), a leading global animal genetics company,
publishes a trading update for the period from 1 July 2017 to 15
November 2017, to coincide with its AGM at 11:00am this morning.
Trading was in line with expectations in the period under review
and Genus continued to make good progress towards its strategic
objectives for the year.
Market conditions for Genus's customers were generally
favourable. Pig producers were profitable across most major
markets, although pig prices in China reduced. Dairy prices
globally were higher than the same period in the prior year which
enabled more farmers to be profitable. Beef prices stabilised in
the US following their fall in the earlier part of the year, but
conditions for Brazilian producers remained challenging.
Volumes, revenues and adjusted operating profits for the four
months to 31 October 2017 all increased compared with the prior
year in both Genus PIC and Genus ABS. Adjusted profit before tax
for the Group was also higher, despite planned strategic
investments in research and development. Exchange rates were
largely neutral during the period.
Early customer reaction to Sexcel(TM) , Genus's proprietary
sexed semen offering, since its global launch on 1 September 2017,
has been encouraging. Additionally, Intelligen(TM) sexed semen
technology has been licensed to Geno SA, the leading Norwegian bull
stud, to enable it to produce sexed genetics for its dairy
customers. Commissioning of the technology at Geno is proceeding to
plan.
On 14 November 2017, Genus PIC announced that commencing 1 July
2018, it had entered a strategic relationship with Møllevang
Genetics, an independent Danish porcine genetics company. Until
then the parties will continue to act independently. Møllevang
Genetics had, until recently, been part of the DanAvl system. Once
the relationship commences, Møllevang Genetics will become an elite
porcine genetics production partner for PIC in Denmark and will
continue to distribute elite genetics to the Danish market and
certain other countries.
Outlook
Genus has traded positively in both PIC and ABS and made good
progress towards its strategic objectives during the period under
review. The Board anticipates that Genus will perform in line with
its growth expectations for the financial year 2018.
For further information please contact:
Genus Tel: +44(0)1256 345970
Karim Bitar, Chief Executive
Stephen Wilson, Group Finance Director
Buchanan Tel: +44(0)207 466 5000
Charles Ryland /Vicky Hayns
This announcement is available on the Genus website
www.genusplc.com
About Genus
Genus is a world-leading animal genetics company. We
continuously produce better breeding livestock with desirable
characteristics, which helps farmers to produce better quality meat
and milk more efficiently and sustainably. We do this by analysing
animals' DNA to select those with desirable characteristics, and
then breed successive generations from those animals. We also own
technology to screen and process semen for desirable traits, such
as gender, and license technology to make precise, desirable gene
edits to animals' DNA.
Genus's worldwide sales are made in over seventy 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 production.
The Group's competitive edge has been created from the ownership
and control of proprietary lines of breeding animals, proprietary
technology and knowhow used to improve them, relationships with
leading meat and milk producers, and its global supply chain and
distribution networks.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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