(Alliance News) - Animal biotechnology company Genus PLC on Wednesday reported good trading momentum across the company in the four months to the end of October.
Genus sells products made using biotechnology to cattle and pig farmers. It said trading was ahead of its expectations in the four-month period, with adjusted pretax profit showing strong growth compared to the same period in 2019.
The Basingstoke, Hampshire-based company said revenue, volumes and adjusted operating profit for its porcine and bovine businesses all grew during the recent four months, while porcine royalty revenue increased in Latin America, Europe and Asia.
Genus's research and development investment for the period was lower than the previous year due to collaboration activity with external research institutions being delayed due to the Covid-19 lockdowns, it said. The company expects the timing of these activities to remain within the financial year 2021, which ends in June next year.
Looking ahead, Genus said that it expects the continued prevalence of Covid-19 to impact the business, its customers and employees. Genus said that based on the first four months' trading momentum, the company currently anticipates that it "will continue to make strategic and financial progress and is likely to perform ahead of its previous profit growth expectations for the financial year 2021".
Shares in Genus were up 6.1% at 4,158.00 pence in London on Wednesday.
By Zoe Wickens; zoewickens@alliancenews.com
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Genus (GNS)