Good financial performance by feed firm – Fishupdate.com

Good financial performance by feed firm Published:  22 April, 2009

AIM-listed Kiotech International plc, which supplies high-performance natural feed additives to enhance health, growth and sustainability in aquaculture and agriculture, is has announced its preliminary results for the 12 months to December 31, 2008.

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

Profit before tax and share-based payments rose 12 per cent to £553,836 (2007: £494,191) and declared a maiden dividend of 0.04 pence per share

Sales improved to £5,428,169 (2007: £5,352,224) and cash balance increased by more than 12 per cent to £1,867,592.

Richard Edwards, chief executive, said: ‘I am greatly encouraged by the progress made during the year under review. The current year has started very well and I am excited by the potential of our recent product and market developments in both the agriculture and aquaculture markets. The commencement of dividend payments is a measure of our confidence in the future prospects for the group.

‘I am delighted to report that the company has delivered a strong performance in the period under review with good results from our agriculture and aquaculture operations. Kiotech’s pre tax profit, before share based payments, sales and cash balances all increased in what has been a challenging and volatile year. This performance reflects rapid and decisive management action to preserve margins in the face of turbulence in currency markets and rising raw material and commodity prices, particularly in the first half of the year.

‘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.’