Interim Management Statement

29 Apr 2008 07:00

Genus PLC29 April 2008 For Immediate Release 29 April 2008 GENUS plc ('Genus' or 'the Company') Interim Management Statement Genus, a leading global animal genetics company, today publishes its interimmanagement statement for the period 1 January 2008 to 28 April 2008. Trading Performance Genus continues to trade in line with the Board's expectations. The dairy semen business has remained strong and Genus has experienced a growingdemand for sexed semen as farmers increasingly seek to improve output from theirdairy herds. Market conditions for the Genus' non-dairy customers remain challenging with pigand beef slaughter prices still not reflecting the substantial increases in feedprices that are being experienced. However, the demand for meat remains strong,particularly for pork in high growth regions, and we therefore expect globalslaughter prices to rise in due course. In the meantime, the Company's royaltymodel within its porcine business continues to protect profitability, especiallyin North America, limiting Genus' exposure to the hog cycle. Material Events On 15 January 2008 the Company completed the disposal of its non-core veterinarypharmaceutical business, Animalcare Limited, for a total cash consideration of£13.4m. Financial Position The net debt position of the Company as at 31 March 2008 was reduced to £82m (31December 2007: £93m) with the Company switching £30m of this debt into US$ aspart of its hedging policy during the period under review. There have been no other significant changes in the financial position of theCompany since the publication of the Interim Financial Report for the six monthperiod ended 31 December 2007. Outlook The trading outlook of the Company for the remainder of the financial yearcontinues to be in line with the Board's expectations. Genus expects to announceits preliminary results for the year ending 30 June 2008 on 16 September 2008. For further information please contact: Genus plc Tel: 01256 345970Richard Wood, Chief ExecutiveMartin Boden, Finance Director Buchanan Communications Tel: 020 7466 5000Charles Ryland/Suzanne Brocks About Genus Genus sells added value products for livestock farming and food producers bycreating advances to animal breeding through biotechnology. Its non geneticallymodified organism technology is applicable across all livestock species but isonly commercialised by Genus in the bovine and porcine farming sectors. Genus' worldwide sales are made in seventy countries under the trade marks "ABS"(dairy and beef cattle) and "PIC" (pigs) and comprise semen and breeding animalswith superior genetics to those animals currently in production. Customers useGenus genetics in their herds to produce offspring with greater productionefficiency, milk and meat output and quality. These offspring are used to supplythe global dairy and meat supply chain. Genus' competitive edge has been created from the ownership and control ofproprietary lines of breeding animals, the biotechnology used to improve themand the Group's global production and distribution network. Headquartered in Basingstoke, England, Genus companies operate in 30 countrieson six continents, with research laboratories located in Madison, USA. This information is provided by RNS The company news service from the London Stock Exchange