25 May 2012

Kiotech on the prowl

15/09/2011 Robert Tyerman

Animal feed additives specialist Kiotech International (KIO) is scouting for takeovers after lifting first-half profits 27.5 per cent to £990,000 pre-tax. The AIM-quoted company saw turnover drop 15.5 per cent to £9.4 million in the six months to June, reflecting a move out of low margin commodity products, and completed the integration of Optivite, the feed nutrition concern it bought for £3.4 million in 2009.

Nottinghamshire-based Kiotech, which increased earnings 12 per cent to 4.03p a share in the first half year, has streamlined operations by closing its Aldermarston facility, while consolidating 2010's strong performance in international markets. The company says its Chinese subsidiary reached breakeven, which should mean future growth opportunities there will be 'self-financing'.

Chaired by Richard Rose and steered by chief executive officer David Bullen, Kiotech says it coped with 'significant' raw material price pressure by pursuing 'an active pricing policy' of its own. With £3.44 million cash at the end of June, Rose says the company 'is currently evaluating a number of acquisition opportunities.'

Highlighted by Growth Company Investor at 80p in July, Kiotech's shares now trade at 96.5p, valuing the company at £17 million. Hold on.

Tags: AIM market, Animal feed additives, David Bullen, Optivite, Richard Rose

Sector: Pharmaceuticals & Biotechnology

Companies: Anpario

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