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ABS, its cattle breeding business, is also doing well in Brazil, Russia, India and again in China.
However, the firm warned that growth in the second half was likely to slow because of the growing prevalence of Covid-19 across the globe, which is causing ‘challenges for our customers and employees’.
Following the update, its shares at one stage hit an all-time high of 4560p. They closed up 4.2 per cent, or 180p, at 4492p, valuing the company at £2.9billion.
Stock Watch - James Cropper
Shares rose in James Cropper after the paper, luxury packaging and advanced materials maker revealed an acquisition.