Genus says adjusted pretax profit to beat market expectations

(Alliance News) - Genus PLC on Friday lifted full-year expectations after a stronger-than-expected first half and confirmation that its Chinese porcine joint venture remains on track.

Genus shares jumped 10% in response to 2,892.06 pence each on Friday morning in London.

The Basingstoke, England-based animal biotechnology and genetics company said adjusted pretax profit for the six months to December 31 will be about GBP50 million, ahead of expectations. It will be GBP55.6 million including a USD7.5 million, around GBP5.6 million, milestone payment linked to its porcine JV in China.

A year ago, Genus reported interim adjusted pretax profit of GBP35.4 million.

Genus said trading in its PIC division remained strong through the half. PIC sells breeding pigs and semen to farmers so they can breed commercial pigs for pork production.

ABS performed in line with expectations, the company said. ABS is Genus's bovine genetics business that sells dairy and beef bull semen and embryos from cattle, so farmers can breed cows via artificial insemination.

As a result, full-year adjusted pretax profit excluding the milestone payment is now expected to come in "moderately above" the top of the current GBP82.7 million to GBP85.0 million guidance range.

For the financial year that ended June 30 last year, Genus had reported an adjusted pretax profit of GBP74.3 million.

Genus will publish its full interim results on February 26.

By Tom Budszus, Alliance News slot editor

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