Genus profits breed success

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While farmers were struggling to cope with soaring animal feed costs, many of them stopped financing artificial insemination. But now that animals sent to slaughter are fetching higher prices they are returning to the semen market.

Genus chief executive Richard Wood said: "After a tough year in our developed markets and having got rid of non-core assets we are now well set up for the next 10 years."

Pre-tax profits rose from £20 million to £28 million on revenues 6% higher at £247 million. The dividend rises 10% to 10p.

Picton Shottle, Genus's original star bull, turned 10 this year but is still producing top-price sperm.

He has now sired more than 5000 offspring, many them prizewinners. The firm now has eight of the top 20 rated bulls in the US.