Genus PLC
28 October 2005
For Immediate Release 28 October 2005
Genus plc
Disposal of non core business
Genus plc ('Genus') the world leading bovine genetics company is pleased to
announce that it has completed the disposal of its non core veterinary
wholesaling business, Genusxpress Limited, for a total of £8.2m.
The completed sale of the business itself realised £7.2m in cash. Following this
transaction Genus will realise a further £1m, approximately, from the sale of
net assets not included in the sale of Genusxpress.
For the year ended 31st March 2005 Genusxpress generated turnover of
approximately £66m, and an operating profit of £0.4m. The business utilised net
assets of £6.0m.
Richard Wood, Chief Executive of Genus, commented:
'We have moved quickly to divest this non-core asset to release cash for the
expansion of the bovine genetics business. This disposal will be earnings
enhancing.'
Contact:
Genus plc
Richard Wood, Chief Executive Tel: 01256 347101
David Timmins, Finance Director Tel: 01256 347102
Buchanan Communications
Suzanne Brocks Tel: 020 7466 5000
This information is provided by RNS
The company news service from the London Stock Exchange
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