REG - Genus - AGM Trading Update

GenusAnnouncement

20/11/2024 07:00

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RNS Number : 8515M  Genus PLC  20 November 2024

20 November 2024

Genus plc

AGM Trading Update - Encouraging start to the year

("Genus" or the "Group")

Genus (LSE: GNS), a leading global animal genetics company, publishes the
following trading update, for the four months ending 31 October 2024, to
coincide with its AGM at 11:00am GMT this morning.

Group trading has been encouraging and the Board expects Group adjusted profit
before tax to be in-line with market expectations(1) for the 2025 financial
year. This includes an expected currency headwind of £8m to £9m in the 2025
financial year(2), as previously indicated.

PIC trading has been strong with North America, Latin America and Asia
achieving year on year growth in volumes, royalty revenue and constant
currency adjusted operating profit. Europe also performed well, with royalty
revenue and constant currency adjusted operating profit unchanged on a strong
comparative period in the prior year. PIC China continued to win new royalty
customers in the period with pork prices remaining at levels that support
industry profitability, albeit producers remain cautious.

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 grew year on year driven in particular by the Value
Acceleration Programme ("VAP") Phase 1 initiatives implemented in the 2024
financial year. 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 further regulatory submissions in relation to the Group's novel
PRRS(3) Resistant Pig programme, which is progressing as planned. In November,
a key milestone was achieved with the submission of the  Validation Report
& Durability Plan to the U.S. Food and Drug Administration. Alongside
this, the Group has made a number of submissions to other international
regulators.

Genus will announce its interim results for the six month period from 1 July
2024 to 31 December 2024 on 27 February 2025.

For further information please contact:

Genus plc            Tel: +44 (0)1256 345 970

Jorgen Kokke, Chief Executive Officer

Alison Henriksen, Chief Financial Officer

Anand Date, Investor Relations Director

Burson Buchanan             Tel: +44 (0)207 466 5000

Charles Ryland; Toto Berger; Sophie Wills; Verity Parker

About Genus

Genus is a world-leading animal genetics company. Genus creates advances to
animal breeding and genetic improvement by applying biotechnology and sells
added value products for livestock farming and food producers. Its technology
is applicable across livestock species and is currently commercialised by
Genus in the dairy, beef and pork food production sectors.

Genus's worldwide sales are made in over seventy-five countries under the
trademarks 'ABS' (dairy and beef cattle) and 'PIC' (pigs) and comprise semen,
embryos and breeding animals with superior genetics to those animals currently
in farms. Genus's customers' animals produce offspring with greater production
efficiency, and quality, and use these to supply the global dairy and meat
supply chains.

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 its global supply chain, technical service and sales and distribution
network.

With headquarters in Basingstoke, United Kingdom, Genus companies operate in
over twenty-five countries on six continents, with research laboratories
located in Madison, Wisconsin, USA.

(1) The company compiled consensus estimate range for FY25 actual currency
adjusted profit before tax is £63.0m to £64.4m and is based upon the average
of 5 analyst estimates

(2) The expected currency headwind of £8m to £9m for fiscal year 2025
assumes that foreign exchange rates at 12 November 2024 continue for the
remainder of the fiscal year

(3) Porcine Reproductive and Respiratory Syndrome virus

 

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