(Correcting to clarify that profit warning relates to agricultural business only)
Thomson Financial) - Animalcare Group Plc, the company formed from the divested veterinary pharmaceuticals subsidiary of Genus Plc and agricultural supplier Ritchey Plc, has issued a full-year profit warning for its agricultural business in its pre-close trading statement, but said its veterinary supplies business is achieving its performance targets.
It added that overall full-year earnings are in line with market expectations, and said that the integration of the Genus unit into Ritchey was progressing well.
The company said that higher selling prices and better cost control substantially offset lower-than-expected second half sales in its agricultural business, leading to slightly lower than expected profitability for the full year.
The unit reported a particularly challenging first half, which suffered from outbreaks of Bluetongue and Foot & Mouth disease.
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