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Commercial revenue on the rise
Growth in commercial revenue has put IRL in a positive position and given it a solid platform from which to serve the future needs of industry.
For the financial year ending 30 June 2011 total revenue was $63 million, with operating profit at $143,000, while net profit before tax (NPBT) was $773,000.
Chief Executive Shaun Coffey says the financial result augurs well for IRL and the advanced manufacturing and associated sectors it serves.
"In the past year, IRL’s Industry Engagement team, in association with various science teams, has made a concerted effort to demonstrate the benefits of investing in R&D to firms across the country.
"This growth in commercial revenue shows that industry has confidence in IRL to deliver R&D solutions that will enable improved productivity and profitability," he says.
GlycoSyn, IRL’s active pharmaceutical ingredient manufacturing business unit, was a particularly good performer, achieving strong sales growth.
IRL management has set increased commercial revenue targets for the current financial year.
"I am confident that, given our performance in the past few years and growing recognition of the role IRL can play in assisting the advanced manufacturing sector to realise its potential, these targets will be met," Coffey says.
Release Date:
18 October, 2011