21 November 2001
Genus rides foot-and-mouth storm
By FWi staff
CONSULTANCY and technology group Genus has strengthened the position of its breeding division despite the foot-and-mouth crisis, reports the Financial Times.
The newspaper says Genus managed to achieve this by continuing to operate while competitors left the market.
Chief executive Richard Wood said the virus cost Genus 1m, considerably less than the 3m originally expected.
Sales and operating profits in the breeding division were up, but offset by 2.9m write-offs in a Canadian venture and the disposal of a software business.
Genus recorded a 78,000 pre-tax loss in the six months to September 30, against 2.05m profits last time.
However, its performance was above market expectations, and underlying profits, excluding exceptionals, rose from 3.35m to 3.52m.
While sales dropped from 81.3m to 78.3m, the breeding division produced underlying profits of 5m.