Action on rising raw material prices boosts profits at Kiotech
21 April 2009
Feed additives business Kiotech International is set to pay a maiden dividend after maintaining profitability last year despite what it called challenging and volatile conditions.
Kiotech supplies high-performance natural feed additives to enhance health, growth and sustainability in aquaculture and agriculture.
Its sales in the year to December 31, 2008, edged slightly higher at £5.4 million, with pre-tax profits up 12% to £0.6 million. As a result the company declared a maiden dividend of 0.04 pence per share.
Improved profits were attributed to action on raw material price increases in the agricultural division. Elsewhere, the company said sales of a new gut acidifier product for pigs and poultry was showing strong growth.
Kiotech’s chief executive, Richard Edwards, said he was “greatly encouraged” by the company’s progress. “The commencement of dividend payments is a measure of our confidence in the future prospects for the group,” he said.
“This performance reflects rapid and decisive management action to preserve margins in the face of turbulence in currency markets and rising raw material and commodity prices, particularly in the first half of the year.”
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