Plant Impact turnover grows to £4.5m

AGRICULTURAL bioscience company Plant Impact has almost doubled its revenue to £4.5m in the 12 month period to July 31.

The AIM-listed Preston firm enjoyed a spectacular fourth quarter performance in that period with turnover up to £1.4m compared with £800,000 in 2014.

The fourth quarter revenue included shipments to the group’s European and Northern Hemisphere customers as well as some early shipments to customers in Brazil for the 2015/16 growing season.
 
Meanwhile, net profit after tax in the 12 month period ended is expected to be £100,000 (2014: loss of £0.7m).
 
The group’s Brazil business continued to grow strongly, led by the flagship product Veritas, marketed across Brazil under an exclusive agreement with Bayer CropScience.

In the 2014/2015 growing season, the product was marketed in the primary Cerrado growing region via certain regional distributors and test-marketed with key growers in the Southern growing region.
 
“In the 2015/16 growing season, Veritas will be promoted in all growing regions and via all appropriate distribution channels,” the trading statement said.

But the picture was not completely rosy. Some of the group’s distributors in Northern Europe did not perform well in the 2015 season, reducing the expected growth in sales in that region.
 
“In March, sales of Ametros, our new product for tree fruit, did not meet internal marketing objectives.  This was due to difficult underlying conditions for growers – in particular the ongoing Russian boycott of European produce,” the company said.

Chief executive John Brubaker said: “FY2015 has been a transformational year for the group, and I am delighted to announce this trading performance.
 
“It demonstrates our continued delivery against our business strategy and highlights the capability we have established to continue to accelerate our geographic expansion, product portfolio development and sales growth.

“FY2016 is an important year for multiple growth programmes, and we are confident that our strategy will continue to deliver for our customers and our shareholders in the coming years.”