Shares in Genus were up on the FTSE 250 in afternoon trading after the animal breeding technology company reported a rise in pre-tax profit in the full year ended 30 June.

Revenue was reported as rising by two per cent to £285.3 million while pre-tax profit increased by three per cent to £32.9 million.

The group said that profit from developing markets rose by 28-30 per cent, thanks mainly to strong growth in Latin America and Eastern Europe.

Net debt at Genus was also reported as falling to £80 million. The group said that it would be raising its dividend by 10 per cent to 12.1 pence per share.

Richard Wood, Chief Executive, said, "I am pleased to report Genus has once again achieved profit growth despite the agricultural recession and the higher costs associated with the investment to expand our research and development facilities. As market recovery evolved during the second half of the financial year, Genus' performance improved to achieve year on year double digit profit growth. This trend has continued into the new financial year.

"Having held firm on our decision to invest through the recession, Genus is now exceptionally well placed to benefit as global markets recover. We are recommending a 10% increase in the dividend to reflect our continuing confidence in the prospects of the business."

By 14:05 shares in Genus were up 2.46 per cent on the FTSE 250 to 728.50 pence per share.