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Kiotech International plc, Interim Results for 6 months to 30 June 2007

Thursday, September 27, 2007

Kiotech International plc, Interim Results for 6 months to 30 June 2007

Kiotech International plc, the company behind Aquatice the chemosensory stimulant for fish feeding has moved into profit for the first time, since becoming a public company. The results include a full six months contribution from Agil, which was purchased in November 2006.
Key points: Financial
Maiden profit before tax of £251,602 (2006: loss £111,367).
Sales of £2,806,470  (2006: £33,447)
Cash balance of £934,919 at 30 June 2007.
Key points: Operations
Aquatice registration being pursued in China and Thailand following successful trials
Undertaking trials in new species in the Far East. Exploratory discussions underway with major shrimp producers in Central and South America.

Kiotech International Chairman Richard Rose said in his statement: "I am delighted to report on the first profitable period for Kiotech since becoming a public company 10 years ago.  Kiotech has made good progress with its aquaculture development programme and bedding in the Agil acquisition.  We are now taking the steps needed for commercialisation of Aquatice, our fish feeding stimulant and have started the registration process in China and Thailand. We have also set up further commercial pond trials in those countries to support this process and prove the efficacy of the product with other species". 

"We are encouraged by the worldwide interest in Aquatice and are optimistic that good progress will be made in gaining registrations and setting up commercial ventures, although the timing of such approvals is out of our hands.  We have introduced a step change in management’s attitude towards commercialisation of our unique technology which bodes well for the future", he said.

"Trading for the six months to 30 June 2007 saw sales of £2,806,470, compared with £33,447 in the equivalent period last year.  The pre-tax profit was £251,602 compared to last year’s loss of £111,367.  The increase in sales and profitability was driven by the Agil acquisition.  Agil has performed satisfactorily and has been able to improve margins in what is a competitive market given the weakness of the US dollar and the unprecedented grain price increases which have placed pig and poultry producers under significant cost pressures around the world.  Our balance sheet is strong and we are well placed to finance the major product and market development programmes of our Agil and Kiotech businesses."

"Kiotech has commenced the registration of its Aquatice product in both China and Thailand.  In China, we are close to incorporating a joint venture, with Kiotech being the majority shareholder.  This joint venture will submit the application for and also hold the registration of our Aquatice product, as well as supporting further trial work within China.  In May, we commenced trials necessary for compiling the farm trial report, which will be endorsed by a regional government institute in collaboration with CEFAS, before being submitted to the Chinese Department of Agriculture".

In Thailand, Kiotech is setting up a wholly owned subsidiary through which our application for registration is being made to the authorities.  We have had significant interest in our developments from around the world following a public relations campaign earlier this year. As a result, we have developed a number of new relationships with commercial companies interested in undertaking local trial work and submitting the product for registration in their respective countries.

"In addition to the trials in China and Thailand, we have also agreed to undertake commercial trials in other species including catfish, eel, sea bass and sea bream.  These trials will be conducted in the Far East and the trial protocols will be designed and supervised by CEFAS.  We are currently engaged in exploratory discussions with major shrimp producers in Central and South America regarding product testing, registration and distribution, with a view to replicating our Asian product development strategies in these territories".

"We are now confident that there is a significant commercial global opportunity for Aquatice and are looking forward to commencing manufacture and sales once regulatory approvals have been given".

In June Kiotech relocated its outsourced blending and warehousing operations into Agil’s production facility. This move will lower overheads, enhance production efficiency and control and brings all our operations under one roof.


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