LONDON (dpa-AFX) - Genus plc (GNS.L), on Tuesday, issued trading update for the period from 1 January 2023 to 30 April 2023, and revised outlook for the 2023 fiscal year.
The company noted that it witnessed good trading in its porcine business during the period under review, with the exception of China, where the market conditions have been very challenging. North America, Latin America and Europe all delivered strong growth in operating profit, whilst Asia experienced a decline in operating profit due to the performance in China.
Due to the challenging porcine market conditions in China, the company now expects PIC China to be modestly loss making in the second half of the year, which compares with a profit of £8.8 million delivered in the first half of the year. Consequently, the Board anticipates that the Group's profit before tax will now be lower than its previous expectations for the full year.
'Despite this the Board remains confident that due to the investments made PIC China remains well positioned to take advantage of the recovery and capture the growth opportunity as it develops, and that the Group's strategy to commercialise the PRRSv-resistant pig is one of many opportunities ahead for Genus,' the company said.
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