Shares in animal breeding firm Genus jumped yesterday (12 May) after the company said it had traded “in line with expectations” in the first four months of the year and predicted positive long-term growth prospects.
Shares rose to 724p, after hovering just below 700p for much of 2010. They dropped back slightly to 723p today (13 May).
An interim management statement said world agricultural markets had begun to recover from the deep recession of 2009, with particular growth in the US hog market. The US dairy market was also improving, although poor milk prices continued to hold back dairy semen sales.
In Latin America, Genus said it was benefiting from increased demand, and Chinese dairy semen sales had “improved strongly”, although porcine performance was reduced by low pig prices. Trading in Europe was in line with expectations.
Genus plans to announce its preliminary results for the year ending 30 June 2010 on 7 September 2010.