Crown Research Institute Scion is reporting a strong performance with a before-tax profit of $3.24 million for the year ending June 30, 2010.
Scion chairman Tony Nowell says the before-tax result is a notable achievement in the current economic environment.

'Our ongoing success has been realised against a backdrop of reform of Crown Research Institutes, and we find ourselves in a good position to respond to the recommendations of the CRI taskforce,” says Tony.
'Science and innovation is increasingly being called upon to underpin economic growth by supporting businesses and institutions to be more productive and smarter.
'Our strong financial result and consistent profitability over the last three years enables us to confidently invest in staff and infrastructure to support the government's aspirations.”
Despite the government's 2010 Budget a tax rule change relating to building depreciation required a one-off tax adjustment of $3.170 million, which led to a net loss of $0.978 million.
Scion acting chief executive Chelydra Percy says the company's success is built on a strategy that aligns Scion's science and commercial focus with the opportunities presented locally, nationally and globally.
'We budgeted a before-tax profit of $2.488 million so a result of $3.240 million is great news.”
He says the financial and science success of the organisation is a tribute to the alignment of the board, the management team and all staff seeking to return value to New Zealand.
Chelydra says it shows Scion made excellent progress in 2009/2010 in four very specific strategic goals.
'They aim to increase the value and profitability of New Zealand's forests, optimise the value of marginal land, accelerate development of bioproducts from renewable resources and maximise the quality and impact of our science.”