8 October 2009

Scion today announced a positive financial result for the company of $2.3 million net profit in line with the shareholding Minister’s expectations.

Scion Chairman Dr Russ Ballard says the year has seen improved results for Scion, in terms of scientific achievements, financial performance, and reinforcement of the company’s strategic direction.

“This result is particularly gratifying when viewed against the background of uncertainty and change that has dominated the global and national economy.

“Throughout this challenging period, the drivers for Scion’s strategy have held firm, enabling us to perform well and deliver positive outcomes for the benefit of New Zealand.”

Dr Ballard says it is pleasing to see Government initiatives being put in place over the past year to streamline funding processes and elevate the role of science in policy decision-making.

Scion Chief Executive Dr Tom Richardson says the company has focused this year on building scientific capability, sector and science partnerships, and strong links with policy agencies in support of their strategic goals.

These goals are specifically aimed at improving the profitability of the New Zealand forest industry, optimising use of marginal land, and accelerating the growth of the bioeconomy.

“Our performance this year largely reflects our growing contributions and leadership in these areas to support national policy development and implementation, and commercial opportunities.

“At the same time, we have continued to work closely with the private sector to develop technologies and tools that improve short-term performance and underpin longer-term growth.”

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