Plant Impact enjoys spectacular profit and revenue growth
AGRICULTURAL bioscience firm Plant Impact has reported a near-doubling of turnover and profits for the year ended July 31.
The Preston-based AIM-listed company, which leads research and development to create products growers can rely on to improve yield and quality of their crops, said revenue was up to £4.5m (2014: £2.5m) and gross profits rose to £3.5m (2014: £1.8m).
Highlights included the expansion of Veritas sales to all soy-growing regions in Brazil and a Soybean product pipeline agreement with Bayer CropScience which brought in £2m.
There was also the launch of an £11m, multi-year investment programme to develop and launch new products for soy and wheat and an agreement with Arysta LifeScience to distribute Banzai, a new product for cocoa yield in West Africa.
Meanwhile, Veritas technology in field testing in soy-growing regions outside Brazil is continuing and a second and third crop enhancement product for soy is progressing through technical trials.
Wheat R&D programme field tests are carrying on in US and Europe for first product prototypes.
Plant Impact chief executive John Brubaker said: “We are delighted with the significant growth over the past year. Having achieved a series of strategic milestones, we remain on course to deliver our plans for 2016 and beyond.
“The board remains confident of the Group’s strategic direction and financial prospects over the medium term and the longer term scale-up potential. Plant Impact has a strong foundation to substantially grow the business as we focus on our strategy to expand our technologies into global broad acre crops.”
