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AsureQuality Announces 2007/08 Financial Results

AsureQuality Announces 2007/08 Financial Results

State Owned Enterprise, AsureQuality Limited today announced its financial results for the year ended 30 September 2008.

The results are the first full set of financial statements following the 1 October 2007 merger of ASURE New Zealand Limited and AgriQuality Limited to create AsureQuality Limited.

Total revenue stood at $138.1 million for the year, with operating profit of $7.3 million and net profit after tax of $5.0 million. A dividend of $3.0 million was paid to the Shareholder during December 2008.

AsureQuality Board Chair John Spencer said that during the year the Company's management team has driven a series of successful programmes to improve operational efficiency and position the Company for further growth in the future. Particular attention has also been given to delivering value for customers.

During the year AsureQuality sold its Melbourne Laboratory business to Melbourne based Dairy Technical Services Limited (DTS) and became a 25% shareholder in DTS, which is now the single largest independent food testing laboratory in Australia.

AsureQuality CEO Tony Egan noted that this has assisted in more rapid growth and creates a good strategic fit for AsureQuality's New Zealand based operations.

AsureQuality is New Zealand's leading provider of food quality assurance and biosecurity services.

ENDS

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