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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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