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FTSE 250 animal genetics company Genus posted an increase in pre-tax profit for the year to the end of June despite a small drop in revenue.

Adjusted pre-tax profit was up 7% to £49.7m, driven by strong performances in Genus PIC and Genus Asia, particularly China.

Statutory pre-tax profit was 5% higher at £60.9m, which included a pension-related exceptional credit of £44.2m and a reduction in the value of biological assets.

However, revenue at the group was down 3% to £388.3m on the back of lower bovine volumes in tough dairy markets and lower porcine by-product and up-front sales.

Chief executive Karim Bitar said: “Genus performed well overall in 2016 with another year of double digit constant currency profit growth and substantial strategic progress in our R&D endeavours in addition to growth in key markets such as China."