15 January 2025
Genus plc ("Genus" or the "Group")
Half Year Trading Update - Ahead of expectations
Genus (LSE: GNS), a leading global animal genetics company, publishes the following unaudited trading update for the six months ended 31 December 2024.
Genus performed strongly in the first half of FY25 and the Board expects to report Group adjusted profit before tax of at least £35m in actual currency, which is ahead of expectations. Since the Group's AGM trading update in November, ABS has continued to deliver in line with expectations, with adjusted operating profit growth driven primarily by Value Acceleration Programme initiatives. PIC has traded ahead of expectations as a result of greater volume and adjusted operating profit growth in both the Americas and Asia.
The regulatory process in relation to the Group's innovative PRRS1 Resistant Pig programme continues to progress with both the U.S. Food and Drug Administration and other international regulators.
The Board now expects Group FY25 adjusted profit before tax to be at the top-end of the range of market expectations2 in actual currency. This includes an expected currency headwind of £8m to £9m in the 2025 financial year3, as previously indicated.
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: +44 125 634 5970
Jorgen Kokke, Chief Executive Officer
Alison Henriksen, Chief Financial Officer
Anand Date, Investor Relations & Sustainability Director
Burson Buchanan Tel: +44 207 466 5000
Charles Ryland; Toto Berger; Sophie Wills; Verity Parker
This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. The person responsible for making this announcement on behalf of the Group is Vaughn Walton (Company Secretary).
About Genus
Genus is a world-leading animal genetics company. Genus creates advances in 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 Porcine Reproductive and Respiratory Syndrome
2 The company compiled consensus range for FY25 adjusted profit before tax in actual currency is £63.0m to £67.4m with an average of £64.1m. This is based upon 8 analyst estimates
3 The expected currency headwind of £8m to £9m for FY25 assumes that foreign exchange rates at 9 January 2025 continue for the remainder of the fiscal year
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