A high level of dairy farmer confidence before the drop in milk payouts has paid off for the livestock breeding and genetics company, LIC.
It's announced a record profit of almost $25 million for the past year.
Half of that amount will be distributed to shareholders next month. It will be the largest dividend payment the company has made.
LIC says the bulk of its income was derived during the peak of the dairy season - spring 2008 - which was a boom time for the industry with prospects for payout approaching $7 per kg of milkfat.
It says the resulting buoyancy and farmer confidence was reflected in record sales and revenue of about $150 million - an increase of more than 13% over the previous year.