Genus PLC
24 March 2004
24 March 2004
Genus PLC
Acquisition in Chile and
'Pre-Close' Trading Update
Strategic Acquisition of Chilean Agent
Genus plc, the World leading Bovine Genetics Company, announces that it has
completed the acquisition of Agrotec ABS Limitada, its long-standing exclusive
agent and distributor in Chile, for US$1.2m, including local debt of $0.2m. The
cash consideration will be satisfied from existing banking facilities.
Richard Wood, Chief Executive, commenting on the acquisition said:-
'The acquisition is part of our continuing strategy of developing further our
presence in growing markets. The Chilean market is set to grow strongly in the
next few years because of the recent Free Trade Agreement with the USA. The
acquisition will enable Genus to manage product strategy directly and to sell in
the local market; previously we could only export to Chile.'
Trading Update
Group Pre-Tax Profit during the year ending 31 March 2004 will be strongly ahead
of last year. However, Group underlying operating profit will be below market
expectations, but not significantly.
Animal Health and Development Consulting have continued to improve as
anticipated. The recovery in Bovine Genetics expected following a slow start to
the year was unfortunately temporarily delayed. This was because of market
uncertainty associated with the single case of BSE reported in the USA.
No further cases of BSE have been reported in the USA and the market is now
recovering with prices already firming.
Contact:
Richard Wood, Chief Executive, Genus plc 01256 347101
Philip Acton, Acting Finance Director 01256 347102
Charles Ryland/Catherine Miles, Buchanan Communications 020 7466 5000
This information is provided by RNS
The company news service from the London Stock Exchange
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