Kiotech on-track following Agil takeover

The Fish Site
by The Fish Site
30 April 2007, at 1:00am

UK - Kiotech, the AIM listed company which supplies high-performance natural feed additives to enhance health, growth and sustainability in aquaculture and agriculture has announced its preliminary results for the year ended 31 December 2006.

Key points: Financial

  • Pre tax loss cut to 287,000 (2005: 697,000, restated as 602,000)
  • Cash balance of 1.3 million at year end
  • Acquired Agil for total consideration of 5.5 million in November 2006
  • Raised 5.295 million, before expenses, to fund acquisition
  • Central costs reduced through outsourcing services

Key points: Operations

  • Trials of Kiotechs Aquatice fish attractant in China and Thailand produce very encouraging results for Tilapia and White Shrimp
  • Results demonstrate that Aquatice can significantly increase fish production under commercial conditions and benefit both the fish farmer and the environment
  • Aquatice registration underway in China and EU
  • Agil is ideal partner for Kiotech, bringing international marketing and product development skills
  • Plans already underway to increase investment in Agil through expanding the product development programme, promoting the brand and broadening further its international network of distributors and agents
  • Agils technical expertise in chemical blending coupled with its record of cash generation will form a central part of Kiotechs development strategy
Commenting on the results, Richard Rose, Chairman of Kiotech, said:

The company is trading profitably and the current year has started satisfactorily with a significantly strengthened balance sheet.

The exciting potential of Kiotechs fish attractant technology has been borne out in our successful trials in China and Thailand. The results have generated significant interest from Agils network of distributors and from fish farmers and the aquaculture industry.

We expect to make solid progress with Agil, by introducing new ideas and products and establishing new territories. Agil is a sound, well-established business and will play a key role in driving Kiotechs development and marketing strategy