"... the year to 31 August 2008 was a challenging year, when we look back we can certainly say that we have achieved much.  Highlights of our achievements include:

• Acquisition of the Rocklabs business, with the addition of a manageable $5m of debt on our balance sheet.
• A small profit for the second half of the year, after a significant loss for the first half of the year.  This second half profit was achieved after absorbing the cost of a number of non recurring items, such as redundancies, which were forced on the company by the global market conditions.
• Survived the highest NZ / USA dollar exchange rate in over 25 years.  I am pleased to say that at the current levels we feel much more comfortable than only a few short months ago when the level was approaching 80 cents to the dollar.
• The first commercial orders for automated boning room systems for the meat industry through our Joint Venture with Silver Fern Farms (Robotic Technologies Ltd).
• Continued and ongoing expenditure on research and development in several key aspects of the business.  This included both meat processing systems and also a key development project where we are planning to incorporate our automation within the dairy industry.
• We have completed the new Kaikorai Valley Road, Dunedin manufacturing facility.  The building and layout has been planned in a way that enables us to expand, as and when our business expands.
• We have established a European branch (Scott Technology Euro Limited) and are currently finalising negotiations to further strengthen our onsite presence in Europe by forming a close working relationship with a small service and manufacturing company in Turkey, with a view to providing a rapid response to our growing customer base in Europe."  Chris Hopkins, Managing Director

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	Scott Technology - Managing Directors Address 2008.pdf	35.45 KB