Genus CEO Wilson to retire, annual profits rise

Animal genetics company Genus said chief executive Stephen Wilson has decided to retire as the company also posted a 14% rise in annual profits as it hoped for a price rebound this summer.

Pharmaceuticals & Biotechnology

19,761.12

17:14 20/12/24

0.06%

12.71

The company on Thursday said pre-tax profits rose £42.2m. Sales were up by a quarter to £350m.

"The group achieved a good performance during the first half of the year, despite challenging market conditions for producers in several markets," Wilson said

"The China porcine market has been on a path to recovery since June 2022, but continues to be volatile. Since December the changes in China's Covid-19 polices and outbreaks of ASF have caused imbalances in supply and demand."

"Industry projections suggest prices will recover in Spring/Summer of 2023, with consumer demand expected to improve following the reduction of Covid-19 restrictions and supply expected to reduce. However, there is still uncertainty as to the shape and strength of this recovery."

Wilson has been with Genus for 10 years, the last four as CEO and has committed to remain until the end of September in order to achieve a smooth transition to a successor, it added.

A formal search for his successor has been started with an executive search agency.

Reporting by Frank Prenesti for Sharecast.com