BASINGSTOKE, England & MADISON, Wis.--(BUSINESS WIRE)--
(LSE: GNS), a global biotechnology leader in animal genetics, today reported continued strong performance across its operations for the six-months period ending December 31, 2020.
The strong trading performance reported by the Company at its recent Annual General Meeting (AGM) on November 25, 2020 has continued through the first half of Genus’s financial year, and the adjusted profit before tax of the Group in actual currency is now expected to be within a range of £47.0m and £49.0m for the first half (six months to December 31, 2019: £36.6m). Revenue for the period is now expected to be within a range of £285.0m to £287.0m (six months to December 31, 2019: £270.7m). High growth in volumes, revenue and adjusted operating profit were achieved across the Groups’ operations by both PIC and ABS, our porcine and bovine genetics businesses respectively. Business trends are consistent with those previously announced at the time of the AGM, including further strong growth achieved, in particular, by PIC in China and by ABS in Brazil, Russia, India and China.
Outlook
The prevalence of COVID-19 across the globe has increased substantially since the trading update provided in November and Genus expects there will continue to be some challenges for our customers and employees for the remainder of our financial year, despite the prospect of better conditions as vaccines are being made available. However, based on the strong first half trading performance and the current momentum of PIC and ABS, the Board currently anticipates that although growth in the second half is likely to be lower than experienced in the first half, Genus will perform ahead of its previous profit growth expectations for the financial year ending 30 June 2021.
The Interim results are due to be announced 25 February 2021.
About Genus
Genus advances 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 80 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 our customers use them to supply the global dairy and meat supply chains.
Genus’s competitive edge comes 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.
Headquartered in Basingstoke, United Kingdom, Genus companies operate in over 25 countries on six continents, with research laboratories located in Madison, Wisconsin, USA.
Forward-looking Statements
This Announcement may contain, and the Company may make verbal statements containing “forward-looking statements” with respect to certain of the Company’s plans and its current goals and expectations relating to its future financial condition, performance, strategic initiatives, objectives and results. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this Announcement. Forward-looking statements sometimes use words such as “aim”, “anticipate”, “target”, “expect”, “estimate”, “intend”, “plan”, “goal”, “believe”, “seek”, “may”, “could”, “outlook”, “will” or other words of similar meaning. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond the control of the Company, including amongst other things, diverse factors such as domestic and global economic business conditions, market-related risks such as fluctuations in commodity prices, interest rates and exchange rates, the policies and actions of governmental and regulatory authorities, the effect of competition, inflation, deflation, the timing effect and other uncertainties of future acquisitions or combinations within relevant industries, the rate of on-going porcine re-stocking in China after African Swine Fever, the continued development and improvement of our IntelliGen® technology, the development and registration of our innovative new products, such as our gene edited porcine reproductive and respiratory syndrome virus resistant pigs, the continued growth in emerging markets, the effect of tax and other legislation and other regulations in the jurisdictions in which the Company and its respective affiliates operate, the effect of volatility in the equity, capital and credit markets on the Company’s profitability and ability to access capital and credit, a decline in the Company’s credit ratings; the effect of operational risks; and the loss of key personnel. As a result, the actual future financial condition, performance and results of the Company may differ materially from the plans, goals and expectations set forth in any forward-looking statements. Except as required by applicable law or regulation, the Company expressly disclaims any obligation or undertaking to publish any updates or revisions to any forward-looking statements contained in this Announcement to reflect any changes in the Company’s expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.
No statement in this Announcement is intended to be a profit forecast, and no statement in this Announcement should be interpreted to mean that earnings per share of the Company for the current or future financial years would necessarily match or exceed the historical published earnings per share of the Company. Information contained in this Announcement should not be relied upon as a guide to the Company’s future performance.
This announcement is available on the Genus website
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