Suppliers' News

Syaqua on track - results in line with expectations

Monday, February 14, 2005

Animal genetics and biotech company Sygen International plc announced group profit before tax, amortisation and exceptional items for the first half of the financial year ending 30th June 2005 was up 23% to £4.8 million at constant exchange rates. Profit before tax and exceptional items was £3.7 million, reflecting growth in the core PIC business and continued investment in Sygen's aquaculture division, SyAqua.

 

SyAqua had an operating loss of £0.9 million up from £0.5 million in the same period in 2004. The company says the increase in the operating loss in the first half of the year was in line with overall expectations. Planned expansion and investment in Thailand, the world's largest shrimp producing market, remained on track during the first half of the year. The construction of the first company-owned hatchery was completed, as was the successful importation from Hawaii of 10,000 pure line shrimp for breeding stock needed to commence Thailand's genetic improvement program.

 

SyAqua now has functional genetic improvement programs in all three SyAqua businesses. The business in Mexico performed on plan whilst the business in Brazil had a challenging first half due to a disease outbreak across the country that impacted some customers' farms.

 

As was the case last year, the majority of sales in the shrimp businesses are expected to occur during the second half of Sygen's financial year. This is due to the seasonal nature of shrimp production and the lag inherent in any start-up business, like Thailand.

  

SyAqua, a division of Sygen was established in 2002 as Sygen's aquaculture division and has its lead research laboratory in Kentucky, USA. It also operates businesses in

Mexico, Brazil and Thailand.

 

Related articles:

 

Sygen, Center for Technology Enterprise Sign Deal to Target Increased Biotechnology Funding in Kentucky

 

Research Attains New Heights in Shrimp Production

 

SyAqua to buy Brazil's leading shrimp breeder

 

SyAqua Expands into World's Largest Shrimp Producing Market - Thailand

 

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