Genus PLC
29 April 2008
For Immediate Release 29 April 2008
GENUS plc
('Genus' or 'the Company')
Interim Management Statement
Genus, a leading global animal genetics company, today publishes its interim
management statement for the period 1 January 2008 to 28 April 2008.
Trading Performance
Genus continues to trade in line with the Board's expectations.
The dairy semen business has remained strong and Genus has experienced a growing
demand for sexed semen as farmers increasingly seek to improve output from their
dairy herds.
Market conditions for the Genus' non-dairy customers remain challenging with pig
and beef slaughter prices still not reflecting the substantial increases in feed
prices that are being experienced. However, the demand for meat remains strong,
particularly for pork in high growth regions, and we therefore expect global
slaughter prices to rise in due course. In the meantime, the Company's royalty
model within its porcine business continues to protect profitability, especially
in North America, limiting Genus' exposure to the hog cycle.
Material Events
On 15 January 2008 the Company completed the disposal of its non-core veterinary
pharmaceutical business, Animalcare Limited, for a total cash consideration of
£13.4m.
Financial Position
The net debt position of the Company as at 31 March 2008 was reduced to £82m (31
December 2007: £93m) with the Company switching £30m of this debt into US$ as
part of its hedging policy during the period under review.
There have been no other significant changes in the financial position of the
Company since the publication of the Interim Financial Report for the six month
period ended 31 December 2007.
Outlook
The trading outlook of the Company for the remainder of the financial year
continues to be in line with the Board's expectations. Genus expects to announce
its preliminary results for the year ending 30 June 2008 on 16 September 2008.
For further information please contact:
Genus plc Tel: 01256 345970
Richard Wood, Chief Executive
Martin Boden, Finance Director
Buchanan Communications Tel: 020 7466 5000
Charles Ryland/Suzanne Brocks
About Genus
Genus sells added value products for livestock farming and food producers by
creating advances to animal breeding through biotechnology. Its non genetically
modified organism technology is applicable across all livestock species but is
only commercialised by Genus in the bovine and porcine farming sectors.
Genus' worldwide sales are made in seventy countries under the trade marks 'ABS'
(dairy and beef cattle) and 'PIC' (pigs) and comprise semen and breeding animals
with superior genetics to those animals currently in production. Customers use
Genus genetics in their herds to produce offspring with greater production
efficiency, milk and meat output and quality. These offspring are used to supply
the global dairy and meat supply chain.
Genus' competitive edge has been created from the ownership and control of
proprietary lines of breeding animals, the biotechnology used to improve them
and the Group's global production and distribution network.
Headquartered in Basingstoke, England, Genus companies operate in 30 countries
on six continents, with research laboratories located in Madison, USA.
This information is provided by RNS
The company news service from the London Stock Exchange
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