Sales for the period advanced 29 per cent to £3,467,706 (2008: £2,688,387). Profit before interest and tax increased to £277,725 (2008: £174,139) and the balance sheet remains healthy with a cash balance of £1.78 million (2008: £1.39 million).
“We have made a strong start to the second half of the year continuing the sales growth of the first half,” said Kiotech chief executive Richard Edwards. “In agriculture, we remain focused on generating sales from new territories particularly Brazil and China, which are key agricultural markets and where we currently have no presence. In aquaculture, the appointment of a head of aquaculture will add momentum to the commercialisation of Aquatice®.”
“We are also continuing our search for suitable acquisitions, at the right price, which offer strategic and commercial benefits.”
A head of aquaculture has been appointed and with responsibility to drive sales and marketing efforts including the appointment of distributors and then working with them to achieve the first commercial sales.
Discussions have taken place with feed mills and farmers in China and customer trials have started at the Pingsha Tilapia farming base in Zhuhai. A similar approach will be taken in other countries in the region including Indonesia, Thailand and Vietnam.
A recent trial with a long line fishing vessel in Japan reported increased catch rates, when applying Aquatice to the conventional baits, compared with the catch rates of the other fleet members.
In sports fishing, operations were encouraged by the news that Rapala VMC Corporation has launched its biodegradable lure range in the USA, the worlds largest market. The new products, selling under the Trigger XTM brand, incorporate Kiotechs Ultrabite pheromones.