Genus sees shares fall despite profit rise

Animal genetics business Genus posted a strong set of half-yearly results yesterday.

But a global stock market slump following weak US economic data slightly took the shine off the figures.

Shares in the animal genetics business fell despite pre-tax profits for the six months ended 31 December 2006 rising 22% to £6.1m.

However, farmers and other investors will not be too glum. Since the business was listed in 1997 after the demise of the Milk Marketing Board its shares have risen from 120p to over 600p.

Turnover almost doubled to £116.3m and adjusted operating profit grew from £6.8m to £15.9m.

Chief executive Richard Wood said: “The second half of the year has started strongly. We expect market conditions to remain unchanged and for the business to continue strong underlying sales.”

It was also announced that finance director David Timmins is being replaced by Martin Boden.

Mr Wood said he would remain until March 2009 to steer the company through its move from the Alternative Investment Market to the main London exchange.