Genus sees H1 profit falling due to U.S. market
British cattle genetics company Genus warned on Thursday that first half profit would be below last year, sending shares to a two-month low.
The company, which sells semen from high yield strains of cows and pigs to farmers, said the U.S. market has continued to deteriorate as dairy farmers trade down, and pig farmers put off investing in new animals.
As a result it expects first half profit at constant currency to be lower than last year.
The company said adjusted operating profit for the four months to Oct. 31 was broadly in line with last year.
In September Genus saw shares rise almost 7 percent after it predicted a strong recovery in its key U.S. cow business due to pent up demand and hopes for a rise in dairy prices. [ID:nLA593992]
By 1515 GMT shares in the company had fallen by 9 percent to about 580 pence per share, its lowest point for two months, losing all of the gains it had made since the September forecast.
(Reporting by Ben Deighton; Editing by Kate kelland)
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