20th Nov 2024 11:52
(Alliance News) - Genus PLC reported "encouraging" trading levels on Wednesday ahead of its annual general meeting, though growth has not been consistent across all markets.
The Basingstoke, England-based animal genetics company did not provide specific figures in its fourth-quarter results for the financial year 2025.
In Asia, North America and Latin America, Genus reported higher trading volumes, royalty revenue and constant currency adjusted operating profit. European trading was described as unchanged from "a strong comparative period in the prior year".
PIC, Genus's pig genetics arm, is still struggling to attract "cautious" producers in China, though it reported winning new royalty customers in the four-month period ending October 31.
Following a profit slump in July, Genus described the Chinese porcine market as "challenging" but has said that pork prices still "support industry profitability".
The company reported higher trading volumes than the year prior for ABS, its bovine genetics branch, adding that the first phase of its Value Acceleration Programme had raised profit levels, with phase two "on track" to sustain the momentum.
Genus also reported a "milestone submission" to the US Food & Drug Administration and submissions to international regulators for a new "resistant pig" programme.
The firm's annual general meeting takes place on Wednesday and it will announce its interim results on February 27, 2025.
Genus shares were up 1.7% at 1,722.00 pence each on Wednesday morning in London.
By Holly Munks, Alliance News reporter
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