PROGRESSIVE Genetics, the farmer owned cattle breeding coop, has cut its debt substantially in its first year's trading from £3.7 million at start up in April 1995 to £1.5 million at the end of December.

The chief executive, Mr Denis Guilfoyle, says the aim is to have Progressive Genetics debt free and that bank borrowings are expected to fall from £1.5 million to around £500,000 at the end of this year.

The results for the first eight months trading to December last year show the group had operating profits of £163,000 on sales of £3.1 million.