New Zealand-based science company HortResearch has posted record revenue levels.

The company’s 2006 annual report shows the company’s scientific work in horticulture, food and health attracted public and private investment of over $62 million during the year to June.

The company’s 2006 Annual Report shows the company’s scientific work in horticulture, food and health attracted public and private investment of over $62 million during the year to June.

Chairman Anthony Briscoe said the continued growth was a satisfying reward for continued efforts within the company to generate innovation and knowledge of relevance to industry. “HortResearch has recognised that it must grow its ability to offer new directions to existing clients and harness its capability for new ventures and fresh relationships,” he said. “It’s pleasing to see the company responding to these imperatives with targeted science programmes, coupled with business strategies based on real-world market needs.”

He added that there appeared to be “a refreshed perspective” from government and industry on the role of science in New Zealand’s economic development, and that science was now viewed as crucial to driving prosperity and transforming the lives of New Zealanders.

“It is an exciting time to be part of New Zealand science,” he said.

“Increased public and private investment, combined with renewed vigour from our research community is raising the profile of research, science and technology and opening new opportunities for science enterprises to interact with business to create wealth.”

HortResearch chief executive Paul McGilvary said that commercial revenue was steadily beginning to overtake Crown investment, with HortResearch’s commercial revenues of over $33 million representing over 54 per cent of its total income.

“Just as importantly, profitability has been re-established. This is critical because it enables us to pay our way and meet our shareholder’s performance requirements,” he said.

Briscoe said HortResearch sees new technologies, especially biotechnology, as key components in that capability offering.

“Original, high-quality biotech research will underpin the future of HortResearch’s human health, wellness and performance research and will ensure the nation’s continued ability to extract sustainable value from its established primary production base.

“Already HortResearch’s pioneering investment in fruit genomics has established New Zealand as a global leader in this field. The Board believes similar investments in new areas of biotechnology will ensure a bright future for the company and New Zealand.”