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	307

 

 

Key Financial Data ($ million)	2003/04	2004/05	2005/06	2006/07	2007/08
Financial Performance
Total Revenue	57.4	60.2	73.9	55.0	57.1
FRST + NSOF / Capability Fund	35.2	36.6	37.1	38.6	40.2
EBIT	(3.9)	(6.1)	0.5	(2.0)	1.3
Net Profit After Tax	(4.0)	(5.4)	(1.6)	(5.7)	0.5
EBIT Margin	(6.8%)	(10.1%)	0.7%	(3.7%)	2.3%
Return on Assets	(6.4%)	(10.0%)	0.9%	(4.5%)	3.3%
Return on Equity	(14.8%)	(20.2%)	(6.4%)	(25.8%)	2.3%
Financial Position
Total Assets	59.4	62.0	50.4	40.1	38.9
Equity	26.8	26.5	24.6	19.3	28.6
Equity Ratio	45.1%	43.9%	45.4%	48.5%	60.8%
Current Ratio	1.4	0.9	0.9	0.6	0.5

2007/08 financial data reported under NZ IFRS. Financial data and staff member information correct as at 30 June 2008.

CCMAU commentary on 2007/08 performance

2007/08 saw a significant improvement in IRL’s financial position, with an after-tax profit of $543,000.  This is a dramatic turnaround from the 2006/07 result of a $5.7 million loss, and builds on a 7% increase in operational revenue.  In December 2007, the government approved a  $12.5 million equity injection for the company.  This injection is targeted towards assisting IRL to strengthen its physical infrastructure and to build its business development and commercialisation capability.  By 30 June 2008, the company had received $8 million of the injection.

IRL had considerable success in its commercialisation activities during the year, with the forming of a new joint venture agreement with General Cable to develop and commercialise high-temperature cable technology. IRL also formed some key collaborative relationships with New Zealand companies in areas such as meat processing, drug development and renewable energy.