April 3, 2008
Kiotech achieves first profitable year since 1997
Kiotech International announced that it has achieved its first profitable full year result since becoming a public company in 1997.
These results include a maiden twelve months contribution from Agil, which was purchased in November 2006.
Trading for the twelve months to December 2007 sales reached GBP5 million (US$9.9 million) compared with GBP421,636 (US$835,132) in the equivalent period last year.
Agil performed well improving margins in a very competitive market where the weakness of the US dollar and raw material price increases were significant burdens.
Cash generation was strong, the year ended with a positive cash balance of over GBP1.6 million (US$3 million).
Agil's technical team has developed a new acidifier product targeted at the early growth stage for pigs and poultry, which for the first time can also be incorporated into premixes. This development opens a new market segment for Agil.
Agil also has experienced an increase in demand for Mastercube its animal feed pellet binder.
Kiotech continues to make good progress with its aquaculture development programme, of which the granting by DEFRA of the Manufacture and Free Sale Certificate for Aquatice is a very important step in the commercialisation of the product.