Science & Innovation Sector

AgResearch Ltd (AgResearch)

AgResearch is the largest CRI with almost 1,000 staff members. AgResearch seeks to engage actively with New Zealand’s pastoral sector to facilitate transformation from reliance on commodities to value-added products and services. AgResearch focuses on three science and technology groups: applied biotechnologies, agriculture and environment, and food and textiles.

Website: www.agresearch.co.nz (opens in new window)

2007/08 Statement of Corporate Intent (.pdf, 120kB)

Key Company Data

Company Form	Crown research institute
Year of Establishment	1992
Head Office	Hamilton
Major Campuses	Ruakura (Hamilton), Palmerston North, Wallaceville (Upper Hutt), Lincoln, Invermay (Dunedin)
Chair (term expiry)	Sam Robinson (June 2011)
Deputy Chair	Graham Fraser (June 2009)
Board Membership	Dr Jane Adams (June 2010)
	Danny Chan (June 2011)
	Dick Davison (June 2009)
	Susan Huria (June 2011)
	Andrew MacPherson (June 2011)
	Dr Robert Welch (June 2009)
CEO	Dr Andrew West
Balance Date	30 June
Number of FTE Staff	990

 

 

Key Financial Data ($ million)	2002/03	2003/04	2004/05	2005/06	2006/07
Financial Performance
Total Revenue	128.3	133.7	129.6	120.7	135.7
FRST +NSOF / Capability Fund	54.4	46.7	49.0	50.9	57.2
EBIT	(0.9)	5.8	3.7	10.9	6.3
Net Profit After Tax	(1.4)	4.9	4.1	13.5	5.1
EBIT Margin	(0.7%)	4.4%	2.9%	9.0%	4.6%
Return on Assets	(0.8%)	5.5%	3.4%	9.6%	4.7%
Return on Equity	(1.7%)	6.0%	4.8%	14.7%	5.2%
Financial Position
Total Assets	103.3	107.6	108.9	118.6	150.7
Equity	78.1	84.2	87.5	95.9	100.7
Equity Ratio	75.6%	78.3%	79.3%	80.6%	73.0%
Current Ratio	1.6	2.3	2.2	2.2	1.6

Financial data and staff member information correct as at 30 June 2007. All other information correct as at 1 July 2008.

CCMAU commentary on 2006/07 performance

AgResearch’s financial performance for the year was generally in line with expectations, with two exceptions.  During the year, AgResearch acquired Canesis Network Ltd, a specialty R&D company focussed on wool and innovative textiles (formerly the Wool Research Organisation of New Zealand).  This acquisition was not budgeted.  Secondly, the planned sale of the Flock House sheep and beef farm did not proceed in 2006/07. 

AgResearch continued the consolidation of its accommodation during the year.  With Massey University, it opened the Hopkirk Research Institute at Massey’s Tiritea campus at Palmerston North.  At the same time, AgResearch opened the associated Ulyatt Reid Facility across the road at its Grasslands campus.  Staff previously located at AgResearch’s Wallaceville campus began their relocation to new facilities in Palmerston North and to AgResearch’s Invermay campus.

AgResearch continued to build on its relationships with the pastoral sector and developed a new strategy on corporate social responsibility.  Central to this was the creation of a new education centre that gives school children the opportunity to learn about biological sciences.