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Kiotech International

  • BY: Andrew Hore |
  • POSTED: 09/02/2010 |

Kiotech International says that last year’s purchase of Optivite contributed to fourth quarter profits.

Kiotech supplies feed additives for aquaculture and agriculture. It paid £3.42m to acquire animal nutrition and feed additive business Optivite in August 2009. The main administrative operations were amalgamated at the beginning of 2010.

A placing at 3p a share raised £4.75m to help finance the acquisition. Kiotech had £5m in the bank at the end of 2009.

Kiotech sold the Ultrabite brand and pheromone technology for sports fishing to its Finland-based partner Rapala VMC just before Christmas for £818,000. Kiotech is retaining its licensing rights for the global aquaculture and commercial fishing markets under the Aquatice brand.

FinnCap forecasts an increase in profit from £480,000 to £1.37m in 2009, but that includes a £600,000 gain on the Ultrabite disposal.

At 3.75p a share, Kiotech is valued at £15.8m. The shares are trading on 21 times underlying earnings for 2009. A dividend of 0.05p a share is expected.

The 2009 figures will be published in mid-April.

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