- Genus has traded in line with forecasts since the beginning of July and continued to make good progress towards its strategic objectives for the year, according to an update issued ahead of today's annual general meeting.

The update said that market conditions for the group's customers were generally favourable.

It said: 'Pig producers were profitable across most major markets, although pig prices in China reduced.

'Dairy prices globally were higher than the same period in the prior year which enabled more farmers to be profitable. Beef prices stabilised in the US following their fall in the earlier part of the year, but conditions for Brazilian producers remained challenging.

'Volumes, revenues and adjusted operating profits for the four months to 31 Oct 2017 all increased compared with the prior year in both Genus PIC and Genus ABS.

'Adjusted profit before tax for the Group was also higher, despite planned strategic investments in research and development. Exchange rates were largely neutral during the period.'

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