Genus Share Price (GNS)

N+1 Singer stuck with its "buy" recommendation on pig semen company Genus (GNS) with a target price of 1,678p. The broker believes that the company is in a good position to benefit from the long-term steady increase in demand for animal protein, which has already driven a "remarkably consistent" financial performance. The broker also notes the appointment of Stephen Wilson, currently CFO at Misys, as FD who will take up the post in March next year and believes he has the experience to drive growth in the long-term. The shares lost 11p to 1,399p.

Chief Executive of Genus, Karim Bitar, has welcomed Wilson to the board. "We are delighted that Stephen will be joining Genus," Bitar said. "He brings strong financial and business development skills, and will be a valuable business partner, with his experience of working in large global enterprises and his record of building strong finance teams. I am looking forward to working closely with Stephen in continuing to execute our exciting and ambitious growth strategy."

Genus announced Thursday that Group Finance Director John Worby will be stepping down after eight years at the leading global animal genetics firm. Worby - who joined the board in 2004 as non-executive director before being appointed the group finance director - is set to retire from the board of the FSTE 250 company next March as he focuses on his non-executive portfolio. "During his time at Genus, John has been an invaluable member of the Board in both his Non-Executive and Group Finance Director capacities," Chairman Bob Lawson said in a statement. "His vast knowledge and experience supporting quoted companies has helped Genus to develop strong relationships with its shareholders and has been a huge source of strength for the CEOs with whom he has worked. We are very grateful to John for all his contributions over the years and on behalf of the board, we wish him well in his retirement. " Stephen Wilson, who is currently Executive Vice President and Chief Financial Officer of financial software provider Misys, will step into Worby's shoes. Wilson was Vice President and CFO of IBM UK prior to joining Misys. He is also a fellow of the Chartered Institute of Management Accountants and is a non-executive director of Xchanging.

In The Times, the Tempus column kicks off with animal semen producer Genus, which dropped yesterday as investors worried about the price of feedstocks like corn in the agricultural sector. But Genus has been a major success story, providing the gene pool to increase yields for pig and cow farmers across the globe. Its recent moves into China also bodes well. Tempus believes, at 24 times earnings, there is a case to take profits on the stock and sell.

Headline profit before tax rose 19% (22% in CC terms) to £46.5m from £39.0m the previous year, while statutory profit before tax rose 33% to £54.4m from £40.8m a year earlier. Investment analysts following the stock had pencilled in a figure of £44.6m for adjusted profit before tax. Growth in volumes was the primary driver for the bull and pig semen provider. Porcine volumes were up 7% and bovine volumes up 8%. Growth was particularly strong in Asia, Latin America and the porcine business in North America, the company said. The full-year dividend has been increased by 10% to 14.6p from 13.3p the previous year, in line with market expectations. The group conceded that market conditions remained generally favourable for Genus and its customers in the year just ended, but noted they became more challenging towards the end of the reporting period, largely because of increased feed costs in North America caused by drought conditions and by weakening global commodity dairy prices. These conditions are likely to have an impact on a number of Genus's customers in the year ahead, which may lead to some slowing in demand.

Record results from Genus, the animal genetics company, topped full-year sales and profits expectations on the back of strong performances in Asia, North America and Latin America. Revenue in the year to June 30th rose 10%, or 12% in constant currency (CC) terms, to £341.8m from £309.9m the year before. The market had been expecting revenue of around £333.2m.