FTSE 250-listed genetics company Genus PLC (LSE:GNS) tanked by a fifth on Wednesday morning in response to a profit warning.
In a trading update, Genus said it had “performed resiliently amidst challenging market conditions”, but ABS volumes fell and demand for dairy genetics in China was impacted due to a double-digit decline in the dairy herd.
Genus expects fiscal year 2024 adjusted profit before tax to be not less than £58 million in actual currency, compared top £71.5 million in 2023.
“Genus called out that trading conditions at ABS were tough in November’s AGM statement but, judging by today’s unscheduled trading update, things have got worse over the last few months,” said analysts at Liberum.
Shares were swapping for 1,662p with a market capitalisation of £1.1 billion, at the time of writing.
Liberum lowered its price target from 3,675p to a flat 3,000p.