RSS
Twitter
Linked In
News In
News
Linked In
RSS
https://twitter.com/Agrimoney
http://www.newsnow.co.uk/h/Industry+Sectors/Agriculture

You are viewing your 1 complimentary article.

Register now to receive full access.

Already registered?

Login | Join us now

Farming fortunes good for decade, Genus says

Twitter Linkedin eCard

The rebound in agricultural fortunes could have another decade to run, Genus, the livestock genetics company has said, announcing a 40% rise in full-year pre-tax profits.

Livestock farmers were on course for higher profits next year as slaughter prices reflected the rocketing costs of animal feeds. "It is expected that farmers will be returning to profitability in 2009," Genus said.

Many Western European farms, whose small size made them particularly vulnerable to higher costs, have been losing E20 per pig sold.

World food shortages, and emerging market growth, "should create a much more vibrant business environment over the next decade," the company, based in the UK, said.

With farmers seeking productivity increases which can be accelerated by genetic improvement, Genus said it viewed the market prognosis as "being increasing favourable in both the short and medium term".

The group's revenues rose by 3% to £247.1m, adjusted for currency movements and one-off effects. Sales were particularly strong in the dairy market, as farmers increased herd sizes to cash in on raised milk prices. North America remained the group's largest market, despite sales flat at £111m, with Genus's UK sales growing more than 20% to £53.4m to overtake Continental Europe.

Operating profits rose 10% to £32.4m at constant currency, excluding exceptional costs including £1.6m for the switch in its listing to London's main stock market from the Aim junior market.

Genus shares closed up 6.5p at 768.5p.

By Mike Verdin

Twitter Linkedin eCard
Related Stories

Evening markets: Soybean futures gain, cotton prices jump on US data

Initial USDA forecasts for crop supply and demand for 2018-19 lift soy and cotton prices, but are not so well received in the cotton market

Will protein prices fight back against fat in dairy markets?

Prices of fats remain elevated against protein values in dairy - at a time when the opposite is true in markets for oilseed products

Weekly grain market view from Europe, February 23

EU cold snap could damage crops... UK market prices in closure of Vivergo ethanol plant... Rising Russian wheat prices...

Evening markets: Argentine moisture slips up soymeal rally. But weather revives wheat

Meal futures dip, a little, for the first time in 12 sessions. But wheat futures gain, as drought spreads in Kansas, and cold reaches Europe
Home | About | RSS | Commodities | Companies | Markets | Legal disclaimer | Privacy policy | Contact

Our Brands: Comtell | Feedinfo | FGInsight

© Agrimoney.com 2017

Agrimoney.com and Agrimoney are trademarks of Agrimoney Ltd
Agrimoney is part of AgriBriefing Ltd
Agrimoney Ltd is registered in England & Wales. Registered number: 09239069