Business
Pre Close Trading Update
Pre Close Trading Update.
About this update from Genus Plc
[{"type":"text","content":"\n Genus PLC\n09 January 2007\n\n\nFor Immediate Release 9 January 2007\n\n\n\n GENUS plc\n \n ('Genus' or 'the Company')\n \n Pre-Close Trading Update\n\n\n \nGenus plc, the world's leading animal genetics company, is pleased to announce \nthat trading in the six month period ended 31 December 2006 has been in line \nwith the Board's expectations and, as already reported, the synergies and cost \nsavings achieved through the acquisition of Sygen International plc continue in \nline with our enhanced targets of both quantum and timing.\n\nThe Board currently anticipates that market conditions will be broadly unchanged \nfor the second half of the financial year.\n\nIn progressing towards the announced move from AIM to the Official List, the \nCompany is preparing its historical accounts for the fifteen months to 30 June \n2006 under International Financial Reporting Standards ('IFRS'). This work \nis substantially complete and is in the process of being audited. The impact of \nadopting IFRS on these accounts compared with the current accounting practice \n('UK GAAP') is expected to be material in relation to the Agricultural Assets \nStandard, IAS 41. As anticipated, the impact of this Standard will be to \nincrease the Company's net assets significantly as at 30 June 2006 by fair \nvaluing the Company's biological assets principally associated with the \nCompany's studs and nucleus herds. The impact of other differences is expected \nto be immaterial. A transition document which will illustrate the reconciling \ndifferences between UK GAAP and IFRS will be available on the Company's website \nprior to the intended announcement on 13 March 2007 of the Interim Results for \nthe six months ended 31 December 2006.\n\nAfter considering the complexity and additional cost of auditing the interim \nresults, required only for listing purposes, the Board has decided to conduct \nthe move to the Official List after the audited results for the year ending 30 \nJune 2007 have been published.\n\nIn pursuit of the Board's strategy to improve liquidity in Genus shares and to \nreduce the administration costs of servicing small shareholders, the Company \ncarried out a further voluntary share buyback programme in December 2006. As \na result, we are pleased to announce that a total of 836,469 shares (1.5% of \nissued share capital) were placed...