Genus (GNS) Trading Update summary

Trading performance

• Group trading was encouraging, with adjusted profit before tax expected to align with market expectations for FY25, despite a projected currency headwind of £8m to £9m.

• PIC segment saw strong growth in North America, Latin America, and Asia, with increased volumes, royalty revenue, and constant currency adjusted operating profit.

• Europe maintained stable royalty revenue and operating profit compared to a strong prior year, while PIC China gained new royalty customers amid supportive pork prices.

• ABS segment improved, with growth in sexed and overall genetic volumes, and operating profit up year-on-year, driven by Value Acceleration Programme initiatives.

Strategic initiatives and regulatory progress

• Value Acceleration Programme Phase 2 is progressing on schedule, aiming for significant profit growth in ABS for the full year.

• Regulatory submissions for the PRRS Resistant Pig programme are advancing, including a key milestone with the FDA and submissions to other international regulators.

Outlook and upcoming events

• Interim results for the six months ending 31 December 2024 will be announced on 27 February 2025.

• FY25 adjusted profit before tax consensus is £63.0m to £64.4m, based on analyst estimates.