Agresearch has turned around its financial performance, reporting a net annual profit after tax of $6.2 million, during a "pivotal year".
The past 12 months had been characterised by "immense change" for the Crown Research Institute, which was "partly self-imposed, partly the result of Government-led reform, and partly visited upon us by nature", chairman Sam Robinson said.
The impact of Crown Research Institute reforms on AgResearch and the sector was "overwhelmingly positive".
However, AgResearch faced an ongoing challenge to secure funds for research needed in the sector.
While he applauded the Government's emphasis on science as one of the keys to the country's future wealth, Mr Robinson hoped the contribution of the pastoral sector - and the potential for the sector to contribute even more through innovation and scientific discovery - would not be overlooked.
In May, BusinessDay reported sweeping change at the senior management table at AgResearch would result in most top executives being replaced as seven jobs were rolled into four.
This year's annual report was the first since the appointment of former Scion chief executive Dr Tom Richardson as AgResearch chief executive late last year.
The board also recognised the result was "not yet adequate" and was working with management to place the business on a more sustainable footing, he said.
The net profit after tax compared to a loss of $8.6 million in the previous financial year.
Earnings before interest and taxes were $8.6 million, up from $2.5 million in 2010.
Net profit represented a return on equity of 3.3%, a figure that increased to 9.1% when adjusted for restructuring costs and asset revaluations.
