15 July 2025
Genus plc ("Genus" or the "Group")
FY25 Trading Update
Genus (LSE: GNS), a leading global animal genetics company, publishes the following unaudited trading update for its fiscal year ended 30 June 2025. Highlights include:
· Strong underlying Group trading in-line with expectations
· Double digit underlying growth in PIC adjusted operating profit, as expected; additional net £3.7m milestone receipt following FDA approval of PRP gene edit
· ABS ahead of expectations in H2, VAP Phase 2 achieved £8.5m of in-year benefit
· Excluding the PRP milestone receipt, FY25 adjusted PBT to be at least £68m in actual currency, in-line with expectations1
· Including the PRP milestone receipt, FY25 adjusted PBT to be at least £72m in actual currency
PIC's underlying trading was in-line with expectations in the second half with the Americas and Asia regions continuing to perform well. As announced on 30 April 2025, the U.S. Food and Drug Administration ("FDA") issued its landmark approval for the Group's PRRS2 Resistant Pig ("PRP") gene edit to be used in the U.S. food supply chain. This approval triggered a net £3.7m receipt to Genus, comprising a $5.5m (£4.1m) milestone receipt from the Group's Chinese partner, Beijing Capital Agribusiness, as per the terms of the strategic porcine collaboration agreement signed in May 2019, as well as Genus making milestone payments of £0.4m to our research collaborators.
ABS performed ahead of expectations in the second half, with Value Acceleration Programme ("VAP") initiatives continuing to be the primary driver of adjusted operating profit growth. VAP Phase 2 achieved £8.5m of in-year benefit and in total the annualised benefit of VAP Phase 1 and Phase 2 is projected to be over £21m, as expected. ABS has commenced Phase 3 initiatives to reshape its go-to-market channels and enhance commercial excellence to accelerate growth.
As a result of good trading and the PRP milestone receipt, the Board now expects Group FY25 adjusted profit before tax to be at least £72m in actual currency1,3. Excluding the net £3.7m PRP milestone receipt, FY25 adjusted PBT is expected to be at least £68m in actual currency, in-line with expectations1,3.
Group cash conversion in the second half continued to be very strong resulting in strong growth in free cash flow and a reduction in leverage to less than 1.6x at year-end.
Genus will announce its FY25 preliminary results on 4 September 2025.
For further information please contact:
Genus plc Tel: +44 (0)1256 345 970
Jorgen Kokke, Chief Executive Officer
Alison Henriksen, Chief Financial Officer
Anand Date, Investor Relations Director
Burson Buchanan Tel: +44 (0)207 466 5000
Charles Ryland; Toto Berger; Sophie Wills
About Genus
Genus is a world-leading animal genetics company. Genus creates advances to animal breeding and genetic improvement by applying biotechnology and sells added value products for livestock farming and food producers. Its technology is applicable across livestock species and is currently commercialised by Genus in the dairy, beef and pork food production sectors.
Genus's worldwide sales are made in over seventy-five countries under the trademarks 'ABS' (dairy and beef cattle) and 'PIC' (pigs) and comprise semen, embryos and breeding animals with superior genetics to those animals currently in farms. Genus's customers' animals produce offspring with greater production efficiency, and quality, and use these to supply the global dairy and meat supply chains.
The Group's competitive edge has been created from the ownership and control of proprietary lines of breeding animals, the biotechnology used to improve them and its global supply chain, technical service and sales and distribution network. The PRRS1 Resistant Pig is a market leading innovation in gene editing, which Genus is looking to commercialise in the porcine industry once regulatory approval is gained.
With headquarters in Basingstoke, United Kingdom, Genus companies operate in over twenty-five countries on six continents, with research laboratories located in Madison, Wisconsin, USA.
1 The company compiled consensus range for FY25 adjusted profit before tax in actual currency is £66.8m to £70.2m with an average of £67.9m. This is based upon 10 analyst estimates
2 Porcine Reproductive and Respiratory Syndrome
3 This includes a currency headwind of £8.4m for FY25, in-line with previous guidance
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