Strong Result for Plant & Food Research

8 October 2010

Plant & Food Research has recorded a strong operating result in its first full financial year of since the Institute was formed through the merger of HortResearch and Crop & Food Research in December 2008.

The Institute’s 2010 Annual report, published today, shows an Operating Profit before one-off items of $3.3m. Total Operating Revenue was $117m.

Plant & Food Research Chief Executive Peter Landon-Lane said he was pleased with the overall result, which had been achieved in a year when the effects of the financial crisis were being felt worldwide.

“This was a year of belt-tightening for many organisations and Plant & Food Research was no exception. Careful attention to operating costs has meant that we’ve been able to absorb a dip in revenue and some significant one-off costs including changes to the tax treatment of depreciation while recording a satisfactory overall result and keeping up the delivery of high quality science to the horticulture, food and seafood sectors.”

Mr Landon-Lane said Plant & Food Research had achieved a great deal during the year, both in terms of science delivery and the deepening of its relationships with key industries such as kiwifruit and apples, seafood and vegetables.

“We’ve joined a new $35m consortium in kiwifruit breeding, seen industry and government invest a further $11.5 million in pipfruit breeding through PREVAR™ and our scientists have continued to publish significant new findings internationally while also delivering important science and products directly to industry in support of industry goals to improve sustainability, profitability and market access.”

To view a PDF of Plant & Food Research’s Annual Report click here.

Contact:
Emma Timewell
Communications Manager, Corporate Communications,
Plant & Food Research Mt Albert,
120 Mt Albert Road, Sandringham
Auckland, 1025, New Zealand
EMail: media@plantandfood.co.nz
Telephone: +64-9-925 8692
Mobile: +64-21-2429 365

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