Livestock Improvement Corporation has reported an 11 per cent increase in its full year net profit to $5.21 million.

The increase was achieved on record total operating revenue of $104.04 million, up from $98.32 million last year.

The farmer-owned co-operative declared a final unimputed dividend of 11.6c per share, with a record and payment date of July 29. That takes its total dividend payout for the year to 19.8c per share.

Originally a spinoff from the New Zealand Dairy Board, the company provides artificial dairy breeding programmes to farmers, along with herd testing, herd recording and information services.

Livestock Improvement listed on the stock exchange's alternative market, the NZAX, in April last year.

Today, chairman Stuart Bay said: "We are delivering unheralded value to our shareholders on-farm, and on their shares -- delivering on the promises made when Livestock Improvement became a user owned cooperative just three years ago".

Livestock Improvement shares last traded at $1.56.

- NZPA