|
Genus PLC on Tuesday said it expects annual profit ahead of expectations, after a better than expected second half. Genus shares were up 3.2% at 2,100.00 pence each in London on Tuesday morning, among the best FTSE 250 performers. The Basingstoke, England-based animal biotechnology and genetics company now expects adjusted pretax profit of £98 million for the year to June 30, rising 32% from £74.3 million the year prior. This would be ahead of market consensus of £95.5 million, Genus said. The profit sum includes a final £5.6 million milestone payment received earlier in the year from partner Beijing Capital Agribusiness. ‘Cash conversion in the second half was very strong, resulting in significant growth in FY26 free cash flow generation. In fiscal Q4, the group also received approximately £111 million of net cash consideration from BCA following successful formation of the Chinese porcine joint venture earlier in the year,’ Genus said. Genus has an ABS arm, focused on bovine genetics, and PIC, its porcine genetics offering. ABS sells beef bull semen and embryos to farmers to breed their cows. PIC sells breeding pigs and semen to farmers to aid pork production. ‘Trading in the second half was better than anticipated, with PIC delivering a strong performance as growth in Asia (including China) and Latin America more than offset weaker performance in North America due to customer disease challenges. ABS also achieved double-digit profit growth with continued benefits from the value acceleration programme offsetting softer customer demand and adverse product mix driven by lower global dairy prices,’ Genus said. ‘Genus is well placed as it enters FY27 with a substantially strengthened balance sheet and continued focus on delivering its strategic priorities.’ Genus releases annual results on September 10. Copyright 2026 Alliance News Ltd. All Rights Reserved.
|
