The commercial offshoot of the renowned James Hutton Institute at Invergowrie saw profits dip over the past 12 months.
New accounts lodged with Companies House show that James Hutton Limited (JHL), formerly Mylnefield Research Services (MRS), generated turnover of £3.92 million in the year to March 31.
The figure was significantly lower than the £4.37m achieved a year earlier and also fell short of the group’s target figure for revenues by £91,000.
Operating profits also dipped during the year from £523,000 in 2014 to £353,000.
From that return, JHL made a gift aided charitable donation back to the parent institute of £350,000, cash that will be recycled back into new research.
That left a retained profit for the financial year of £12,000.
In 2014, the equivalent donation was £400,000, leaving a retained profit of £136,000.
In their report to the accounts, JHL’s directors said royalty from plant licensing had been greater than expected.
“Royalty income was £629,619, a record and exceeded £600,000 for the first time,” they wrote.
“Royalty income accounts for 16% of turnover and was 30% ahead of budget.
“The increase in royalty income was helped by recovering a late return of royalty from Loch Ness and increased returns for our swede varieties Highland and Airlie.”
While royalty income was up, cash from lipid analysis was “disappointing”, the directors noted.
On March 31, the assets of fellow subsidiary Macaulay Scientific Consulting were transferred at net book value and the combined company subsequently renamed as JHL.