Genus sees better H2

25th Feb 2010 09:16

Animal breeding firm Genus revealed an 8% drop in half year profit after a lower contribution from its 49% owned Brazilian joint venture and difficult agricultural markets.Profit before tax fell to £15.5m for the six months ended 31 December from £16.9m the year before. Revenue fell 4% to £134.9m.On an upbeat note, the group said it was on track to deliver an improved performance in the second half and early market indicators started to turn positive in the USA.Richard Wood, Chief Executive said, "The early signs of market recovery are now becoming more evident and we remain on course to deliver an improved performance in the second half.""Genus is well placed to benefit from the recovery in agricultural markets and the return to long term growth expected in the markets in which it operates."