The annual year saw Kiotech declare a maiden dividend of 0.04 pence per share. Profit before tax and share-based payments rose 12 per cent to £553,836 and sales reached a total of £5,428,169.
Kiotech noted key operations that helped it achieve this success. These included: profit improvement achieved through action on raw material price increases in the agricultural division; sales of new gut acidifier product for pigs and poultry showing strong growths; aquatice® received Defra risk assessment endorsement and Certificate of Manufacture; and Free Sale granted by DTI as a water additive and sales and margin improvement of Ultrabite preceding US launch of Rapala’s Trigger-X range of lures.
Richard Edwards, chief executive, said that he was greatly encouraged by the progress made during the year under review. "The current year has started very well and I am excited by the potential of our recent product and market developments in both the agriculture and aquaculture markets. The commencement of dividend payments is a measure of our confidence in the future prospects for the group”
"Our key priority remains the local registration and launch of Aquatice® and management is working with our partners to bring this product to market as soon as possible.
Aquaculture Operations
At the interim results in September 2008, Kiotech advised that additional environmental risk endorsements would be required for their patented Aquatice® fish feeding attractant. These environmental considerations are particularly relevant because, unlike feed additives, Aquatice® is simply sprayed on the water.
Following the year-end, Defra (Department for Environment Food and Rural Affairs) reviewed and approved a full environmental risk assessment of the Aquatice® range. This risk assessment followed the UK Government’s and European Commission’s Directives relating to the aquatic environment and confirms that Aquatice® products pose no unacceptable risk to the aquatic environment when used within the limits identified and diluted as the manufacturer instructs.
Now that these important endorsements have been received, Kitoech say that management can focus on obtaining local country registrations and the first commercial sales with our partner distributors. These endorsements, along with the Certificate of Manufacture and Free Sale, form the basis of our submission for international registration of Aquatice® as a water additive.
