Kiotech performs in line with market expectations
Kiotech International chairman Richard Rose told the firm's AGM that the firm's solid start to the year has been maintained and it is performing in line with market expectations.
Kiotech manufactures and markets natural animal feed additives for agricultural markets. In April this year, the company reported its preliminary results, which showed a 146% increase in underlying profit before tax and exceptional items of £1.9mln compared to £0.8mln in 2009.
Sales increased to £21.6mln over the period compared to £11.0mln in 2009.
Optivite now included
Those results included those of the animal feed additive business - the Optivite Group, which had been largely integrated into the company and the benefits of the acquisition in September 2009 were being felt earlier than expected.
“At the time of the preliminary announcement in April, I commented that we had made a solid start to the year,” Rose said.
Rose also revealed that its Chinese subsidiary (Kiotechagil (Shanghai) Agriculture Tech) has had success with sales of Genex - a performing enhancing acid and oil - to a number of leading feed mills.
"New products have been launched across both trading brands and we are encouraged by the progress being made in Brazil following a visit to the Manton Wood plant by our distributor," he added.
"Our territory expansion initiatives will concentrate on China and Brazil which between them account for over 40 per cent of world pig and poultry meat production."
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