HortResearch reports loss for year

Published: Tue 15 Oct 2002 03:45 PM
HortResearch reports loss for year
HortResearch's annual report, released today, reveals a $738,000 loss, mainly due to restructuring costs of just over $900,000. Restructuring followed the announcement of a $5.5m reduction in Foundation for Research, Science and Technology funding for the coming year.
While revenue for the year was below target, strong growth was recorded in commercial contracts and there were increases in income from royalties and licence fees. Total expenditure was kept below budget and borrowings were lower than planned.
Mr McGilvary said, "We have growth strategies in place that we will not be realised until the next financial year. In the year to June 2002, we established several joint ventures to commercialise products and discoveries. These will provide a clearer path to market and are critical for commercial revenue growth.
"HortResearch has made significant capital investment in its facilities and with our world-class scientists we have the ability to compete successfully in the future in the global market for science services."

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