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iiNet Ltd (ASX:IIN) is creating a research and development division for new consumer products.
The internet service provider revealed at its annual general meeting, its strategy of bringing development in house so that iiNet Labs will future-proof the business by controlling product innovation.
Managing director Michael Malone said the creation of the division was aimed at quickly addressing gaps its the market identified by our consumer research.
The research and development division is expected to achieve cost savings by removing third-party suppliers.
iiNet booked a $34.55 million net profit in the 2010 financial year.
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