2017 Half Yearly Report

An ongoing focus on collaborating with other science providers has strengthened NIWA’s research capability and supported the application of NIWA’s science to industry and government agencies.

Download the Half Yearly Report for the six months ended 31 December 2017 [PDF 3.5MB]

Overview

At the half year stage NIWA’s revenue, profit and cash flow metrics are exceeding budget. All science objectives as outlined in the 2017/18 Statement of Corporate Intent are on track, and good progress has been made with the implementation of initiatives to improve NIWA’s operational efficiency and effectiveness.

An ongoing focus on collaborating with other science providers has strengthened NIWA’s research capability and supported the application of NIWA’s science to industry and government agencies, as illustrated below.

Financial Results

NIWA’s turnover at $68.833 million was ahead of the budgeted revenue of $64.145 million and represented an improvement of $5.385 million compared with the same period last year. An after taxation profit of $0.259 million was better than budget by $2.605 million.

Although in line with budget, expenses were $4.207 million higher than during the same period last year. This was due to higher science staff numbers as well as increased spending on materials and supplies, both driven by the revenue growth noted above.

The closing cash position (including other short-term investments) continues to be favourable, being $1.868 million ahead of the budgeted balance of $29.220 million. This was due both to the timing of capital purchases and to positive profit performance.

NIWA 2017 Half Yearly Report cover