StockMarketWire.com - Animal genetics company Genus reported Thursday lower profits after its porcine business continued to face challenging conditions following the African Swine Fever breakout across China. But the company reassured investors that full-year performance would meet expectations.

'The board currently anticipates that Genus will make further strategic and financial progress and perform in line with its growth expectations for the financial year 2019,' Genus said.

For the four months to 31 October 2018, adjusted profit before tax was lower than the very strong start to the prior year, the company said.

The company's porcine business, PIC, was unable to fulfil some customer orders in China following widespread restrictions on the movement of pigs in the country after African Swine Fever continued to spread across the region with over 50 outbreaks in 14 provinces officially reported.

In ABS, the company's beef and dairy business, increased dairy prices supported profits in Europe, while in the US beef prices stabilised following their fall in the earlier part of the calendar year. Prices and market conditions also improved for Brazilian producers, the company said.


At 9:12am: [LON:GNS] Genus PLC share price was -26p at 2126p



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