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GNS · Main Market · Health Care · mcap £1,518m · 2294.0p 3 open situations →
Open · 3
ABS second-half recovery
ABS recovery was tied to VAP savings against softer dairy demand. FY26 adjusted operating profit including JVs reached £22.9m (7.6% margin) with £9.0m of VAP benefit, offset by lower global dairy prices. FY27 guided to moderate profit growth; the medium-term target is a double-digit margin.
- FY26 profit
- £22.9m adjusted operating profit incl. JVs, 7.6% margin
- VAP benefit
- £9.0m in FY26; Phase 3 £9m annualised
- FY27 guide
- Moderate adjusted operating profit growth
- Target
- Double-digit operating margin in the medium term
Next: Moderate ABS profit growth in FY27; VAP workstreams complete in H1
- 10 Sep 2026 FY26 delivered; FY27 moderate growth guided
- 14 Jul 2026 Double-digit H2 profit growth; demand softer
- 26 Feb 2026 VAP ahead of plan; H1 ABS profit up
- 16 Jan 2026 ABS trading as expected; phasing concern eased
PRP gene edit commercialisation
PRP approvals now cover Argentina, Canada, Uruguay and Peru, up from Canada alone in February. Commercialisation is beginning in selected Latin American countries, while Mexico, Japan and China remain outstanding.
- Approved
- Argentina, Canada, Uruguay, Peru
- Pending
- Mexico, Japan, China
- Consumer research
- 94% open to buying pork from gene-edited pigs
Next: Approvals in Mexico, Japan and China
- 10 Sep 2026 Four approvals; Latin America launch beginning
- 26 Feb 2026 Canada approved; Mexico, Japan pending
PIC North America disease
Customer disease challenges in North America reduced PIC volumes in H2 FY26, flagged in July. The results confirm the effect and extend it into H1 FY27, so FY27 profit is guided to be second-half weighted.
- FY26 effect
- North America volumes affected by customer health challenges in H2
- FY27 phasing
- Group adjusted PBT second half weighted
Next: First-half FY27 disease challenges; recovery in second half
- 10 Sep 2026 Hitting volumes; FY27 H1 headwind
- 14 Jul 2026 Weaker H2 performance from customer disease
Closed · 4
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