Genus buys Aussie rival for £3.7m

AGRICULTURAL and technology specialist Genus is to increase its focus on its highly-profitable cattle breeding division by buying Australia's second-biggest breeding company RAB for A$10m (£3.7m).

Genus is also selling part of its loss-making consulting division to a management buyout team while negotiations are underway for the remainder.

AIM-listed Genus said current trading is in line with the market expectations that were adjusted upwards following the interim results, and it has decided to increase its focus on its breeding division, which accounted for 44% of turnover and nearly 90% of divisional profits at the interim stage.

The company announced several board changes. Finance director Philip Acton moves into a broader management role as chief operating officer of Genus Distribution.

Michael Roller will become group finance director, with effect from March 17. He joins from IDS Group, where he was group finance director.