LONDON (dpa-AFX) - Animal genetics company Genus Plc (GNS.L), on Thursday, issued a trading update for the fiscal 2024 first half period of 1 July 2023 to 31 December 2023 and reported its resilient performance amidst challenging market conditions.
PIC ex-China performed robustly with North America, Latin America, and Europe delivering growth in adjusted operating profit in constant currency. Despite the challenging porcine market in China, the company's enhanced commercial focus in the period has led to winning new royalty customers. This achievement is expected to have a positive impact on fiscal year 2025 and beyond.
In challenging markets, ABS saw volumes decrease 6%. Demand for dairy genetics in China was particularly impacted due to a double-digit decline in the dairy herd.
Given the current market condition, the company expects fiscal year 2024 adjusted profit before tax to be not less than £58 million in actual currency. For the 2024 fiscal first half period, Genus projects revenue to be £334 million and adjusted profit before tax of £29 million, in-line with expectations.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
