Record earnings for NIWA

NIWA recorded revenue of more than $84 million in the 2002–03 financial year – $3 million more than the previous year, according to NIWA’s annual report, which was tabled in Parliament today.

17 October 2003

“Most of the increase came from Government-funded environmental and fisheries research,” said Chief Executive, Dr Rick Pridmore, “but our commercial revenue also increased by more than $0.5 million.

“Our revenue from the Foundation for Research, Science & Technology, for public good science, reached $39.8 million; we received funding of $16.7 million from the Ministry of Fisheries for fisheries research; and our commercial earnings exceeded $27.7 million.”

NIWA recorded a net profit after tax of $4.7 million, and a return on average equity of 10.6%.

“Funding for environmental research has been pretty static, and there is stiff competition in the science consulting market, but we’ve continued our successful development as a company because of our great science, great services, and great staff,” Dr Pridmore said.

Since it was established in 1992, NIWA has nearly doubled its staff, from 329 to 627, more than doubled its revenue, and more than trebled its assets, from $20 million to $65 million.

“We established a new senior management team this year,” Dr Pridmore said, “and that helped us unite and improve access to our skills and services, which are widely distributed through 15 sites throughout New Zealand.”

Major scientific advances outlined in the annual report included improved forecasting of tides and floods, the first New Zealand campaign for remote sensing of vehicle emissions, the first commercial production of kingfish in New Zealand, and new technologies to treat dairy farm waste.

“We have a strong platform for a bright and exciting future, and we plan to establish a new forecasting service to help further improve business and emergency or environmental management decisions.”