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Genus boosts guidance on strong trading
(Sharecast News) - Animal genetics specialist Genus upped guidance on Friday, on the back of robust trading.
The London-listed business said it had performed "strongly" in the six months to 31 December, and now expects adjusted pre-tax profits to come in around £50m in actual currency, ahead of internal forecasts.
Including a milestone payment from its Chinese partner Beijing Capital Agribusiness (BCA), interim profits are expected to be £55.6m.
Last September, Basingstoke-based Genus struck a deal to accelerate its 49%-owned porcine joint venture with BCA in China.
Genus confirmed that it had now received approval from the relevant authorities in China, trigging the $7.5m milestone payment.
Looking further ahead, the firm said the performance in its global porcine genetics (PIC) division continued to be "strong", while diary and cattle (ABS) was trading "as expected".
As a result, full-year profits were now tracking "moderately" above the top end of current market expectations.
Genus currently operates in more than 25 countries, with research laboratories in Wisconsin. It specialises in using biotechnology to improve animal breeding and genetics for livestock farming and food producers.
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