LIC chairman, Murray King says the volatility of the dairy industry saw an increasing number of farmers invest in innovations that make it easier and more efficient to farm.
"LIC's Protrack farm automation range and GeneMark DNA parentage verification products, for example, enjoyed record sales," he says.
"Our web based software products, MINDA Milk, MINDA Weights and MINDA Land & Feed, also gained significant customer uptake reflecting the value that farmers place on dairy cow performance and being able to make better, more informed decisions on farm."
King says the price freeze which LIC applied to all products in the 2009-10 season, in recognition of the tough financial conditions being experienced on farm, remained in place for Premier Sires in 2010/2011 and 2011/2012 with only a slight increase in the price of MINDA and herd testing.
"These increases were, however, offset by the launch of innovative free products like MINDA Milk, MINDA Weights and Land & Feed."
LIC revenue for 2011-12 was $177 million 7% ahead of the $166 million achieved during 2010-11.
All profit is returned to LIC's 10,500 New Zealand dairy farmer owners/shareholders in products, research and development or dividends.