Genus on track for full-year

10th Nov 2011 13:39

Animal genetics group Genus has continued to trade in line with expectations during the four months to 31 October. The firm believes world agricultural markets have generally remained favourable for its customers and remains confident that its expectations for the full year will be met. Adjusted operating profit continued to grow as expected, although this was partly offset by higher research and development (R&D) costs. The R&D costs were higher in part due to increased investment and slightly higher feed costs, while finance costs were lower. The firm was keen to emphasise the overall adjusted profit before tax for the period was well ahead of last year.Net debt at the end of October 2011 was £69.3m, slightly higher than at 30 June and significantly lower than at the same time last year (£79.7m). The share price was down 0.89% to 1,000p at 14:12.NR