Scion's finances have taken a big dip this year, but the organisation's leaders are hailing its performance a complete success.
The Rotorua-based Crown Research Institute's annual report shows it made a bottom-line surplus of $619,000 in the year to June 30, well below last year's figure of $685,000.
The lower
surplus has been blamed on a tax bill of $371,000 "from higher operating surplus in the current year and the absence of tax losses brought forward in the previous year."
Scion's chief executive Tom Richardson and chairman Russ Ballard said that despite the reduced surplus, the future was looking particularly bright.
"To surpass budgeted earnings before interest and tax and secure strong footholds in all aspects of our strategy is a testament to the commitment of our board, management and staff to the journey we have begun," the pair said in their report.
The last 12 months have been a period of momentous change for the organisation.
Formerly known as Forest Research, the institute rebranded itself as Scion in May and also saw both a new chairman and chief executive take over.
This year, 25 employees at the institute earned over $100,000 -- the same as last year. In 2002, only 15 staff earned more than $100,000.
The top earners were former chief executive Bryce Heard, whose salary was between $290,000 and $299,000, before he resigned in April.
His replacement, Dr Tom Richardson, who was appointed from within the company, earns between $220,000 and $229,000.
Scion now employs 348 staff, 15 more than a year ago.
This year's report also focused on the increasing role of Ensis, the joint research and development venture between Forest Research and its Australian equivalent, CSIRO Forestry and Forest Products.
Ensis now accounts for one-third of Forest Research's activities in both employee numbers and revenue and will eventually grow to more than 300 staff and about $60 million of activities.
- DAILY POST (ROTORUA)
