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Genus Says Meets Profit Expectations Except In PIC China

Genus (GNS.L), in its trading update for the period from 1 July 2021 to 23 November 2021, said that trading for the period under review in both Genus's bovine and porcine businesses made continued progress and the Group met profit expectations except in PIC China, which continues to face challenging market conditions.

In the four months to 31 October 2021, PIC's volumes were lower than the prior year due to the downturn in China, while royalty revenues showed continued growth, and PIC achieved revenue growth overall.

Looking to fiscal year 2023, the Group remains positive as to the medium-term growth prospects of PIC China and is continuing to invest in the local supply chain to be well positioned to capture this growth opportunity.

The company currently anticipates that the Group's profit before tax is likely to be moderately lower than its previous expectation for the financial year 2022. However, it remains confident in the Group's strategy and the many opportunities for the company.

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