Scion Posts Solid Year-End Profit

1 October 2008

Crown Research Institute Scion today announced a significant positive turnaround in financial position for the company, posting a solid year-end net profit of $1.113 million, the highest it has been in a number of years and a $1.563 million improvement on the previous year’s result.

Scion’s total revenue was $41.7 million. Increased activity and output contributed to this, along with the reintegration of Scion’s unincorporated joint venture with Australia’s CSIRO, Ensis, and the resulting changes to the company’s financial reporting.

Scion Chairman Dr Russ Ballard says the year has seen excellent results for Scion, both financially and in terms of the company’s ability to make a significant impact for the New Zealand community, through the delivery of its science.

“Over the past year we exceeded budget expectations and are proud to be posting a net profit for the first time in a number of years,” he says.

“We have achieved this success through the hard work and dedication of our people, and through the implementation of a business strategy that targets challenges and opportunities of national and global importance.

“Our improving financial position now means we can look forward to implementing a business plan for the next three years that includes significant reinvestment into areas of science that will continue to yield benefits for New Zealand,” Dr Ballard concludes.

Scion Chief Executive Dr Tom Richardson says the company has been investing in developing frameworks, internal capability and external partnerships for sustainable land use, renewable energy and climate change response.

“Our strong financial performance this year largely reflects our growing contributions and leadership in these areas to support national policy development and implementation, and commercial opportunities.

“At the same time, we have continued to work closely with the private sector to develop technologies and tools that improve short-term performance and underpin longer-term growth.”

Scion’s complete Annual Report can be downloaded from the company’s website here.