AGM Trading Update

Genus (LSE: GNS), a leading global animal genetics company, publishes the following trading update, for the four months ending 31 October 2024, to coincide with its AGM at 11:00am GMT this morning.

Group trading has been encouraging and the Board expects Group adjusted profit before tax to be in-line with market expectations1 for the 2025 financial year. This includes an expected currency headwind of £8m to £9m in the 2025 financial year2, as previously indicated.

PIC trading has been strong with North America, Latin America and Asia achieving year on year growth in volumes, royalty revenue and constant currency adjusted operating profit. Europe also performed well, with royalty revenue and constant currency adjusted operating profit unchanged on a strong comparative period in the prior year. PIC China continued to win new royalty customers in the period with pork prices remaining at levels that support industry profitability, albeit producers remain cautious.

ABS trading improved in the period, as expected, with good growth in sexed volumes and overall genetic volumes up on the prior year. Constant currency adjusted operating profit grew year on year driven in particular by the Value Acceleration Programme ("VAP") Phase 1 initiatives implemented in the 2024 financial year. The execution of VAP Phase 2 is on track and ABS remains focused on delivering significant profit growth for the full year.

Genus has made further regulatory submissions in relation to the Group's novel PRRS3 Resistant Pig programme, which is progressing as planned. In November, a key milestone was achieved with the submission of the Validation Report & Durability Plan to the U.S. Food and Drug Administration. Alongside this, the Group has made a number of submissions to other international regulators.

3 Porcine Reproductive and Respiratory Syndrome virus