Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Syft Technologies announces Annual Result


Syft Technologies announces Annual Result for 2008-2009 Financial Year

News release, 6 August 2009 Syft Technologies Limited, Christchurch , New Zealand

Christchurch-based Syft Technologies Limited (Syft) today announced its annual result for the twelve months to 31 March 2009 .

The Group produced an audited net deficit after taxation of $4.9 million, compared with a net deficit after taxation of $3.6 million for the previous year.

Total Revenue generated was $3.7 million, up from $2.6 million in the year to 31 March 2008 , and Operating Revenue increased to $2.6 million (2008: $1.2 million); the balance comprising Grant Revenue of $1.1 million (2008: $1.4 million).

This year’s deficit includes one off adjustments totalling $0.6 million relating to the Voice100™ instrument, now superseded by the Voice 200®. Instrument.

Chairman of the Board, the Hon Ruth Richardson said, “The result is well short of forecast and expectations. In the wake of the unacceptable result disclosed in this announcement, the Board determined that Syft needed to make a strategic shift into becoming a market-facing company After a six year gestation period the Board concluded that it is now not so much about the science as the sales. Making sales is what matters and to do that the Directors concluded that we needed to transform the company and its culture. The spur for change has been driven by a belief that we can and will do better.”

In particular, Ruth Richardson noted that two lines of business offer immediate prospects for sales.

“The technology’s reputation for smart and effective detection of toxic fumigants at the border is growing. More and more customs authorities are sufficiently impressed by our reference sites in Canadaand Australiato engage in pre-order trials. Second, the demonstrated ability of our technology to detect the presence of hydrocarbons in the oil and gas exploration sector pave the way for multiple sales.

“Having proven the technology, the challenge is to now move the company onto a profitable footing and not just restore, but also create, value for shareholders,” Ruth Richardson said.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Federated Farmers: NAIT Levy Increases Must Achieve Accurate, User-friendly System
Nobody welcomes extra costs but if OSPRI is to catch-up on under investment in the NAIT platform and deliver on its workability and farmer support, levy increases are probably necessary, Federated Farmers says... More>>



Westpac: More Job Opportunities, But Growth In Workers’ Earnings Remains Subdued

The Westpac McDermott Miller Employment Confidence Index rose 1.2 points in the December quarter, to a level of 106.9. This was the sixth straight rise in the index since the Covid-19 lockdown in 2020. Michael Gordon, Acting Chief Economist for Westpac, noted that the rise in the index has largely been driven by perceptions... More>>




Statistics: Card Spending Continues To Increase As COVID-19 Restrictions Ease

The busy Christmas period combined with easing COVID-19 restrictions helped to increase card spending in December 2021, Stats NZ said today... More>>

TradeMe: Job Market Ends 2021 On A High With Record Number Of Vacancies
The New Zealand job market finished 2021 on a high note, with the ball still firmly in the job hunters’ court, according to the analysis of 69,600 vacancies listed on Trade Me Jobs for the quarter ending 31 December (Q4)... More>>


Insurance Council of New Zealand: September South Island Windstorm Cost $36.5 M Raises 2021 Extreme Weather Claims Total To $321.6 M

Gale force winds and storms between 9 and 13 September 2021 resulted in insurers supporting communities to the tune of $36.5 m. This is a significant rise, of $16.7 m, on preliminary figures for the event and lifts the end of year total for all extreme weather events in 2021 to $321.6 m... More>>


Statistics: Building Consents Hit New Highs In November
There were a record 48,522 new homes consented in the year ended November 2021, Stats NZ said today. This was up 26 percent compared with the year ended November 2020... More>>