23 November 2001

Genus profits leap

GENUS, the worlds leading semen company, returned better-than-expected profits for the six months to Sept 30, given that foot-and-mouth limited operations.

This was largely due to improving profits in the groups animal breeding division. Other sectors performed less well. Its consultancy arm – Promar International – made a loss and its animal health distribution business also showed some downside.

Despite F&M having an initial and dramatic impact, Genus chief executive Richard Wood said "mitigating actions" almost eliminated the effect of the disease during the trading period.

Genus continued to offer insemination services and semen supplies, while some of its competitors ceased operating.

F&M cost the company more than £0.5m, far below the initial estimate of £3m. The groups underlying pre-tax profits, excluding exceptionals, for continuing operations were up 6% to £3.5m, well ahead of expectations.

The AIM-traded companys shares jumped 10p, closing at 90p on Wednesday. Genus will not pay an interim dividend. &#42