Genus plc Provides Update on Fiscal 2021 Financial Performance

Genus plc (LSE: GNS), a global biotechnology leader in animal genetics, today reported continued strong performance across its operations for the period from July 1, 2020 through November 24, 2020, coinciding with its Annual General Meeting today at 11:00 am GMT.

The positive financial and operational momentum we achieved last year across the Genus Group has continued into our 2021 financial year. In the first four months of fiscal 2021 through October 31, 2020, we achieved further strong growth in volumes, revenues and adjusted operating profits by both PIC and ABS, our porcine and bovine genetics businesses respectively. Encouragingly, royalty revenues in PIC continued to grow in Latin America, Europe and Asia.

In the four months to October 31, 2020, the Groupa??s financial performance was ahead of expectations, with adjusted profit before tax showing strong growth compared with the same period in the prior year. Net debt at the end of October 2020 was lower than expected and reflected the strong operational and associated cash flow generation as well as normal seasonal trends.

As anticipated, Chinaa??s porcine industry continued to recover from the impact of African Swine Fever (a??ASFa??), resulting in continued good demand for PICa??s genetics. PIC delivered strong growth in operating profits across all regions other than North America where producers are continuing to adjust their breeding programs in reaction to the short-term surplus of slaughter animals caused by reductions in US pork processing capacity during the first wave of COVID-19. However, PICa??s market leading product offering has meant it has won new business and continued to gain market share in North America on both the sire lines and dam lines.

The adoption and sales of ABSa?? sexed and beef-on-dairy products, Sexcel and NuEra, continued to grow rapidly as planned, with strong growth in volumes across multiple geographies. Sales via a digital channel introduced in Latin America during the COVID-19 lockdown period have continued to contribute well in the new financial year. In addition to growth in operating profit, ABS has achieved improvement in its operating profit margin as the mix of revenue from the more profitable Sexcel product increases and greater operational leverage is achieved.
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