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Animal genetics company Genus warned that profit would be 'moderately lower' than expected for 2022 following a lower volumes in China.
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.
Based on the first four month's trading trends in PIC China and its latest interactions with its customers, the company warned it currently anticipates that the pre-tax profit was 'likely to be moderately lower than its previous expectation for the financial year 2022.'