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Interim Results

Genus on track after solid H1

23 February 2016 07:46

Genus, a leading animal genetics company, reports solid first half results and says its full year is on track.

Adjusted operating profits of GBP23.9m were 3% up at constant currencies but 2% at actual exchange rates. Adjusted operating profit, including joint ventures, totalled GBP26.3m - up 4% in constant currency but 3% lower in actual currency.

Revenues totalled GBP188.3m compared with GBP198.5m last time.

Chief executive Karim Bitar said: "Genus achieved a great deal during the first half of the year. Our performance was in line with our expectations and demonstrated the success of our strategy and strength of our diverse species and geographic presence. Performance was particularly strong in Asia, led by China, whilst ABS was impacted by challenging trading conditions, particularly in Europe. "The announcement of the first pigs resistant to the devastating PRRS virus, developed through gene editing with the University of Missouri, was a very significant milestone in the history of our industry. We are seeing the early fruits of our strong commitment to lead in innovation through R&D. We are excited by the prospects this has for animals, our customers and our business and will continue to commit increasing resources to our R&D programmes. "Our confidence in the strategy for the business and in the future prospects for the Company is reflected in the 10% increase in our interim dividend. We expect to make further good progress during the second half of the year and we anticipate that our full year performance will be in line with our objectives."

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