Genus' porcine unit boosted by outbreak of African swine fever

Animal genetics firm Genus said its porcine and dairy and beef businesses grew during the four months ended 31 October on Thursday, with revenues and adjusted operating profits coming in higher year-on-year.

Genus said pork prices in China had continued to increase as a result of the impact of African swine fever throughout the nation, raising demand for its genetics.

The FTSE 250-listed firm also said royalty revenues in PIC, its porcine unit, continued to grow across all regions during the period.

"While we continue to closely monitor its spread to the Philippines and other parts of Southeast Asia, we expect PIC Asia to increase profits in FY20 compared with the prior year," said Genus.

Adjusted profit before tax showed "good growth" from the prior year, while net debt at the end of October was in line with expectations and reflected normal seasonal trends.

Research and development investment increased, primarily from investment in elite genetic production sites and populations.

Looking forward, Genus said it anticipates continued strategic and financial progress, with the group anticipating that it will perform in line with growth expectations in 2020.

As of 0925 BST, Genus shares had inched ahead 0.37% to 3,157.58p.