LONDON (dpa-AFX) - Global animal genetics company Genus (GNS.L), on Tuesday, issued a trading update for the four months ending 31 October 2024 and said the Board expects Group adjusted profit before tax to be in line with market expectations for the 2025 financial year.
The outlook includes an expected currency headwind of £8 million - £9 million in the 2025 financial year, as previously indicated.
PIC trading has demonstrated robust performance, with North America, Latin America, and Asia achieving year-on-year growth in volumes, royalty revenue, and constant currency adjusted operating profit. Europe also exhibited solid results, with royalty revenue and constant currency adjusted operating profit remaining stable, reflecting a strong comparative performance in the previous year. PIC China continued to gain new royalty customers during this period, supported by pork prices that sustain industry profitability; however, producers remain cautious in their outlook.
Further, the company stated that ABS trading improved in the period, as expected, with good growth in sexed volumes and overall genetic volumes up on the prior year. Constant currency adjusted operating profit increased year on year largely reflecting the Value Acceleration Programme or VAP Phase 1 initiatives implemented in 2024. The execution of VAP Phase 2 is on track and ABS remains focused on delivering significant profit growth for the full year.
Genus has made additional regulatory submissions pertaining to the Group's novel PRRS3 Resistant Pig programme, which continues to progress according to plan. In November, a significant milestone was achieved with the submission of the Validation Report and Durability Plan to the U.S. Food and Drug Administration. Concurrently, the Group has submitted several documents to various international regulatory authorities.
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