UK's Genus falls to bottom of mid-cap index on FY25 forecast

Genus

17/07/2024 09:09

** Shares of animal genetics firm Genus  GNS.L  down 5.2% at
1,806 pence, top loser on the FTSE mid-cap index  .FTMC   
    ** Co sees FY24 adjusted pre-tax profit in line with market
view, between 58 mln pounds ($75.43 mln) and 61 mln pounds
    ** Expects FY25 adjusted operating profit to be lower than
previous assumptions
    ** Says volume remained lower at its genetics division ABS
in H2 due to weak demand in several countries, particularly in
China and Brazil
    ** Operational gearing and currency fluctuations mean that
co expects ABS' profits to reduce by about 4 mln pounds in FY24
to 14 mln pounds, despite about 6 mln pounds of cost reductions
- Peel Hunt
    ** Including session's move, stock down about 17% YTD

($1 = 0.7689 pounds)

 (Reporting by DhanushVignesh Babu in Bengaluru)
 ((DhanushVignesh.Babu@thomsonreuters.com;))