Biotechnology company Pharmazen has weathered a difficult year to report a before-tax surplus of $186,000 in the year to December 31.
This was slightly back on last year's surplus of $444,800, but turnover was also back: $5.423 million for the 2009 financial year, compared with $5.8 million a year earlier.
Chief executive Craig McIntosh said trading conditions were tough; the exchange rate was unfavourable for exporters and there was uncertainty over the strength of the global recovery.
But 2010 was looking brighter, with forward orders ahead of last year, and that was reflected in the higher stocks at year end.
He said demand for its specialised immune protection and bioactive components for humans and animals was growing.
Although sales dollar values were back 8% during the year due to the exchange rate, sale volumes increased 3%.
Overall, production has increased 45% in the past two years, which he said was confirmation that demand for Pharmazen products was strong.
The economic climate put pressure on margins during the year under review, but despite those difficulties, Mr McIntosh said the company continued to invest in product and market development, adding two new products for bone and joint health.
It also secured new business in the United States, which would assist with long-term profitability.
The annual meeting of Pharmazen will be held at the Otago Golf Club on May 12.
