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Annual report details strengthened financials
Media Release
08 October 2009
Industrial Research Ltd (IRL) has consolidated its financial position with growth in revenue and profit recorded in its 2009 Annual Report.
Tabled in parliament today, the Annual
Report details a robust financial performance for the Crown
Research Institute despite challenging market conditions,
says Chief Executive Shaun Coffey.
“For a third
year in a row, IRL has recorded a real growth in revenue of
$60.3m compared with revenue of $54m in 2007 and we are in
profit for a second year running,” he says.
Shaun Coffey says the year was one of “consolidation
and achievement for IRL.”
“Importantly, our
future prospects for revenue growth are also very positive.
During the 2009 financial year we signed commercial
contracts to the value of $20m that can be expected to bring
in revenue over the next five years.”
This is well
up on the $8m in commercial contracts negotiated during the
previous year and provides IRL with a significant degree of
certainty in the medium term.
“One of our greatest
achievements has been in debt reduction. In 2005, our
gearing ratio – the percentage of our capital expenditure
financed by debt or long term finance – stood at 46%.
Now, three years later, it is at 0%.
“This means that, for the first time in 10 years, IRL has working capital it can use to judiciously improve its operations and performance as the research partner for New Zealand industry.”
Shaun Coffey says IRL’s achievements
in the financial arena have been underpinned by a clear
statement and understanding of IRL’s mission and purpose.
“Everyone in the company is dedicated to using
IRL’s world-class scientific and engineering expertise to
work with industry and government to deliver significant
results for New Zealand by boosting economic growth and
productivity; developing new industries and diversifying the
economy; and providing research solutions that enable
industry to implement change, be it incremental or
radical.”
The Annual Report also illustrates how
IRL research for industry has been meeting these goals and
outlines some of the exciting developments in IRL’s
science that have the potential to benefit New Zealand
industry and the economy in future.
To view the 2009
IRL Annual Report visit http://www.irl.cri.nz/aboutus/finances.aspx
ENDS
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