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.

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.

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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.