Genus boosts guidance on strong trading
Animal genetics specialist Genus Plc upped guidance on Friday, on the back of robust trading.
The London-listed business said it had performed "strongly" in the six months to 31 December, and now expects adjusted pre-tax profits to come in around £50m in actual currency, ahead of internal forecasts.
Including a milestone payment from its Chinese partner Beijing Capital Agribusiness (BCA), interim profits are expected to be £55.6m.
Last September, Basingstoke-based Genus struck a deal to accelerate its 49%-owned porcine joint venture with BCA in China.
Genus confirmed that it had now received approval from the relevant authorities in China, trigging the $7.5m milestone payment.
Looking further ahead, the firm said the performance in its global porcine genetics (PIC) division continued to be "strong", while diary and cattle (ABS) was trading "as expected".
As a result, full-year profits were now tracking "moderately" above the top end of current market expectations.
Genus currently operates in more than 25 countries, with research laboratories in Wisconsin. It specialises in using biotechnology to improve animal breeding and genetics for livestock farming and food producers.
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.
