Business
AGM and Interim Management St
AGM and Interim Management St.
About this update from Genus Plc
[{"type":"text","content":"\n RNS Number : 4228C Genus PLC 12 November 2009 \n \n \n\n\n\nFor Immediate Release 12 November 2009 \n\n\nGENUS plc\n(\"Genus\" or \"the Company\")\n\nAGM and Interim Management Statement\n\nAt the Annual General Meeting of Genus plc ('Genus') to be held today at 2.30pm, the following interim management statement will be made:\n\nTrading performance\n\nIn the face of continuing difficult agricultural markets, Genus' performance in the financial year up to the date of this announcement has been solid at the trading level.\n\nAdjusted operating profit for the four months to 31 October 2009 was broadly in line with last year, a period before the agricultural recession began. Trading conditions remained difficult in North America, articularly in dairy where customers are continuing to trade down. In the North American porcine business, revenue was lower than last year, as customers have sought to defer updating the genetics in their herds. However, the resilience of the royalty model and tight control of costs have protected profits. In Latin America, the bovine business has performed well, whilst the porcine business has been temporarily held back by phasing of shipments. Europe reported positive results with improved sales and the benefits of cost reductions on profitability. Increasing semen sales in China for Mengnui contract farmers benefited the Far East region and helped offset difficult porcine trading due to poor markets conditions.\n\nAs expected, research and product development costs have been higher than last y...