BIOTECHNOLOGY firm Tepnel Life Sciences' shares raced to their highest level for almost a year after the Manchester-based company's half-year profits more than doubled.

Tepnel, which was spun out of UMIST, produces testing kits for genetic conditions such as cystic fibrosis as well as for food safety researchers seeking to identify traces of ingredients which can cause allergic reactions.

The AIM-listed firm, led by chief executive Ben Matzilevich, unveiled pre-tax profits of £1.38m for the six months to June 30, up from £600,000 in the same period last year.

Group revenues surged 34 per cent, from £8.76m to £11.77m. The shares gained 0.75p, or 8.1 per cent, to 10p, valuing Tepnel at £23m.