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(Alliance News) - Animal genetics firm Genus PLC on Thursday said the African swine fever crisis in China has led to increased demand.
China, and some neighbouring countries, have been grappling with an outbreak of the disease since August 2018, which has led to large number of pigs, at least over one million, being culled.
Last weekend, data from China showed the price of pork in October, the staple meat in the country, more than doubled over the past year.
"Pork prices in China have continued to increase due to the impact of African swine fever, which is now resulting in increased demand for Genus's genetics," said the company.
"The threat of ASF still remains for producers in the region. While we continue to closely monitor its spread to the Philippines and other parts of south-east Asia, we expect PIC Asia to increase profits in financial 2020 compared with the prior year," said Basingstoke, Hampshire-based Genus.
Overall trading in the four months to October 31 continued to be solid, Genus said, with volume, revenue, and adjusted operating profit rising in both pork business PIC and beef unit ABS. Adjusted pretax profit for the group showed "good growth" year-on-year.
Genus said the adoption and sale of Sexcel, a product designed to improve animal breeding, continues to rapidly expand.
"The board currently anticipates that Genus will continue to make strategic and financial progress and perform in line with its growth expectations for the financial year 2020," Genus added.
Genus's current financial year ends June 2020. Shares were 0.2% higher on Thursday morning in London at 3,151.00 pence each.
By George Collard; georgecollard@alliancenews.com
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