Animal genetics company Genus has announced a 28% increase in pre-tax profits.

The hike was in line with the firm’s expectations, jumping to £13.9m in the six months to 31 December, up from £10.9m in the same period the previous year.

Rising feed costs had encouraged farmers to invest in genetics to improve feed conversion, while better milk prices saw US farmers buy more sexed to increase output.

Chief executive Richard Wood said bovine markets across the world were strong, while the growth of pork consumption in the Far East meant its porcine markets were “buoyant”.

“I’m pleased to report that as a result of our strong progress, we were included in the FTSE 250 index on 6 February,” he added.