Last checked at 9 Jul 2009 07:00
For immediate release 9 July 2009
GENUS plc
("Genus" or "the Company")
Pre-Close Trading Update
Genus, a world leading animal genetics company, today provides the following update on trading for the six months to 30th June 2009.
Despite tough short-term market conditions driven by the general economic slowdown, Genus continues to expect to report a strong increase in profits for the year to 30 June 2009, with the results benefiting from the international diversity of the Group's operations and the weakness of sterling.
Whilst market conditions for Genus' customers have remained challenging, trading for Genus has been broadly in-line with the Board's expectations during the final quarter. The one exception was a further weakness in the North American dairy market caused by exceptionally low milk prices. Nevertheless, Genus continues to expect that adjusted profit before tax* for the full year will be in line with market expectations.
For further information contact:-
Genus plc Tel: 01256 345970
Richard Wood, Chief Executive
John Worby, Finance Director
Buchanan Communications Tel: 0207 466 5000
Charles Ryland/Isabel Podda/Jennie Spivey
This announcement is available on the Genus website, www.genusplc.com
*Adjusted Profit Before Tax represents profits before tax excluding non cash items relating to the fair value movement on biological assets, amortisation of acquired intangibles, share based payments and exceptional items. This measure is used to demonstrate underlying performance and in the current year is being amended to exclude only that part of amortisation relating to acquired intangibles. This amendment in accounting treatment amounts to a net reduction in adjusted profit before tax of £0.6m (2008:£0.1m).
About Genus
Genus creates advances to animal breeding through biotechnology and sells added value products for livestock farming and food producers. Its non-Genetically Modified Organism (GMO) technology is applicable across all livestock species but is only commercialised by Genus in the bovine and porcine farming sectors.
Genus' worldwide sales are made in seventy countries under the trademarks "ABS" (dairy and beef cattle) and "PIC" (pigs) and comprise semen and breeding animals with superior genetics to those animals currently in production. Customers' animals produce offspring with greater production efficiency, milk and meat output and quality and use these to supply the global dairy and meat supply chain.
The Group's competitive edge has been created from the ownership and control of proprietary lines of breeding animals, the biotechnology used to improve them and the Group's global production and distribution network.
Headquartered in Basingstoke, England, Genus companies operate in 30 countries on six continents, with research laboratories located in Madison, USA.