Genus hit by bills and weather

Animal genetics group Genus was off slightly on Thursday after it said higher feed costs and the impact of bad weather had dented profits.

Animal genetics group Genus was off slightly on Thursday after it said higher feed costs and the impact of bad weather had dented profits.

Shares dropped 2% as the firm said it believed Genus was on course to achieve another year of growth.

The company said revenues for the four months to the end of October were slightly ahead of the previous year.

But operating profits were down due to increased feed costs at the company's genetic nucleus farms and by delayed sales in Genus ABS caused by adverse weather conditions in Latin America.

Genus PIC, which includes porcine operations in North America, Latin America and Europe, recorded continued growth across all three regions.

However, Genus ABS, which covers dairy and beef businesses in North America, Latin America and Europe, had a slow start to the year, the company said.

Volumes were lower in Latin America where adverse weather conditions in Argentina and Brazil caused a delay in semen sales.

Shares in the firm were down 2% at 9.30am on Thursday following the announcement.

Recommended

The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
6 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
2 Feb 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023

Most Popular

Share tips of the week – 3 February 2023
Investments

Share tips of the week – 3 February 2023

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages
3 Feb 2023
The best one-year fixed savings accounts - February 2023
Savings

The best one-year fixed savings accounts - February 2023

Earn almost 5% on one-year fixed savings accounts.
6 Feb 2023
Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Wholesale gas prices are on a downward trajectory, but does this mean lower energy bills later this year?
6 Feb 2023