Genus delivers in line performance, conditions improving

However, growth at the animal genetics company in actual currency terms came in at a lower rate than in constant currency.

The group said market conditions for its bovine and porcine customers had generally been favourable, with very good harvests in the Northern Hemisphere leading to falling input costs.

Pork prices have been recovering in China, but the exceptionally high prices in North America over the summer have now reduced.

Dairy prices globally generally declined since the start of the financial year, while beef prices remained elevated.

"Genus is trading in line with our expectations for the full year. The headwinds experienced last year are abating as expected," the group said.

"As we continue to execute our strategy, we anticipate achieving growth expectations for the financial year 2015."

The group's profits from its PIC business improved thanks to a continued strong performance in the Americas, which benefited from improving market conditions and from Génétiporc, which was not acquired until the end of the prior year period. Results in Europe were similar to the prior year.

Dairy and beef volumes in Genus ABS grew in Europe and Latin America, while North America's overall volumes were stable.

In Genus Asia, bovine volumes grew, driven by China and India, while porcine volumes reduced due to lower shipments in Russia which has closed its border to imports from the EU and North America.

Research and development spending was higher for the first four months on core research projects.

October-end cash levels declined against a year ago, reflecting the acquisition of Birchwood, exchange rate movements and expected seasonal cash flow patterns.