Kiotech Int releases preliminary results 2008

The company increased its sales and profits over the previous year and also further strengthened its balance sheet and cash balances. 

Key points: Financial

• Declaration of maiden dividend of 0.04 pence per share
• Profit before tax and share-based payments rose 12% to £553,836 (2007: £494,191).
• Sales improved to £5,428,169 (2007: £5,352,224)
• Cash balance increased by over 12% to £1,867,592 at 31 December 2008. (2007: £1,665,709)

Key points: Operations

• Profit improvement achieved through action on raw material price increases in the agricultural division.
• Sales of new gut acidifier product for pigs and poultry showing strong growth.
• Aquatice® received Defra risk assessment endorsement and Certificate of Manufacture and Free Sale granted by DTI as a water additive.
• Sales and margin improvement of Ultrabite preceding US launch of Rapala’s Trigger-X range of lures.

Richard Edwards, chief executive, commented: “We have made a strong start to the current year with sales well ahead of the same period last year.  Our key priority remains the local registration and launch of Aquatice® and management is working with our partners to bring this product to market as soon as possible.  The registration timetable and customer adoption will govern the performance of our aquaculture division.  The Company has a strong balance sheet and significant cash resources with which to develop both the product and market opportunities. We continue to seek to acquire businesses, which fit strategically and will deliver value to shareholders.”