Science & Innovation Sector

 

Industrial Research Ltd (IRL)

IRL is an innovative business with an emphasis on commercialising its technology to support the New Zealand industrial and manufacturing sectors.  New science and business ideas are taken through a structured selection and development process, from commitment of early-stage funding to the eventual creation of new technologies.

Website: www.irl.cri.nz (opens in new window)

2008/11 Statement of Corporate Intent (.pdf, 177kB)

Key Company Data

Company Form	Crown research institute
Year of Establishment	1992
Head Office	Lower Hutt
Major Campuses	Auckland, Lower Hutt, Christchurch
Chair (term expiry)	Dr Brian Rhoades (June 2009)
Deputy Chair	Craig Stobo (June 2009)
Board Membership	Michael Ahie (June 2010)
	Catherine Drayton (June 2011)
	David Henry (June 2010)
	Dr Ian Parton (June 2011)
	Maxine Simmons (June 2010)
CEO	Shaun Coffey
Balance Date	30 June
Number of FTE Staff	305

 

 

Key Financial Data ($ million)	2002/03	2003/04	2004/05	2005/06	2006/07
Financial Performance
Total Revenue	62.4	57.4	60.2	73.9	55.0
FRST + NSOF / Capability Fund	29.1	35.2	36.6	37.1	38.6
EBIT	(0.1)	(3.9)	(6.1)	0.5	(2.0)
Net Profit After Tax	(0.5)	(4.0)	(5.4)	(1.6)	(5.7)
EBIT Margin	(0.1%)	(6.8%)	(10.1%)	0.7%	(3.7%)
Return on Assets	(0.1%)	(6.4%)	(10.0%)	0.9%	(4.5%)
Return on Equity	(2.1%)	(14.8%)	(20.2%)	(6.4%)	(25.8%)
Financial Position
Total Assets	62.6	59.4	62.0	50.4	40.1
Equity	27.7	26.8	26.5	24.6	19.3
Equity Ratio	44.3%	45.1%	43.9%	45.4%	48.5%
Current Ratio	0.9	1.4	0.9	0.9	0.6

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

IRL’s financial performance for 2006/07 was below expectation, with a full-year loss of $5.7 million.  Included in the loss, however, was a $2.7 million write-off of a tax asset that IRL no longer believes will eventuate, and a $2.1 million loss from IRL’s Biopharm facility.  IRL closed Biopharm in November 2006 to mitigate further losses.  This facility, earmarked for sale in 2005/06, lost customers for market-related reasons and was unable to replace these lost customers. 

During 2006/07 the company has engaged more widely with industry to ensure effective application of the knowledge and technology that IRL generates.  In recognition that successful engagement is the key to IRL’s success, business development and stakeholder engagement has formed the backbone of IRL’s future strategy.