IRL annual report shows organisation transforming industry

IRL annual report shows profitable organisation transforming industry

Industrial Research Limited’s annual report reveals a highly networked, business-friendly research and development organisation that has achieved solid growth in commercial revenue despite a sluggish economy and which is having an increasing impact on a wide range of innovative businesses.

Tabled in parliament on Friday, IRL’s 2012 annual report records a net profit after tax of $1.2m - the Crown Research Institute’s fourth consecutive year with a positive financial outcome.

"The past 12 months has been an exciting period in our journey to contribute to a prosperous New Zealand,” says Chief Executive Shaun Coffey. "To have maintained growth in commercial revenue in this environment for four years in a row represents a level of success that can only be described as outstanding."

The report also records a marked increase in the number and effectiveness of efforts aimed at engaging with industry, resulting in 76 new customers over the year. Major measures in this area include the establishment in Christchurch of a new industry-focussed protein science team as well as the Manufacturing Innovation Group, designed to support redevelopment of the Canterbury technology sector and provide a single point of entry for engineering innovation nationwide.

Of the raft of collaborative activities IRL undertook during the year, highlights include a new industry partner programme, with a focus on regional engagement; a joint graduate school in innovative materials and manufacturing with Auckland University; and a partnership with the Federation of Maori Authorities, aimed at helping Maori businesses innovate to increase their export potential.

“However, by far the most compelling proof of IRL’s increased effectiveness in its role as the research arm of industry are the partner companies and clients detailed in this report, ranging from start-ups to industry stalwarts, whose global success serves to underscore the reality of the business benefits associated with greater investment in R&D,” Shaun Coffey says.

You can read IRL’s annual report online at www.irl.cri.nz/annual-reports
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