Plant Impact losses widen
PRESTON-based crop nutrition specialist Plant Impact has seen its half year losses widen further in what the company described as a period of significant change.
Pre-tax losses widened to £1.5m for the six months ended 30 September (2010: £1.17m loss).
Turnover also fell 4.4% to £610,000 (2010: £638,000). The company said this fall was primarily due to the seasonality and timing of purchases from the company’s customers in the Netherlands.
David Jones, chairman of Plant Impact, said: “Our recent financial period has been one of significant activity and change for the company.”
In September the company’s co-founder Peter Blezard was replaced by new chief executive John Brubaker, formerly the global head of business development for Tokyo-based Arysta Lifesciences, which owns a 9.1% stake in Plant Impact and is seen as a key trading partner.
Jones added: “He has made a vigorous start examining and then acting across all aspects of the business. My colleagues and I are convinced that under John’s energetic and incisive leadership, Plant Impact will grow in stature and performance.”
Brubaker said the company will continue to focus upon growth in key crop sectors in the “near” markets of the UK, Netherlands, France and Germany.
He added that although the company also expects to grow its business into the US Turf (golf course) market in 2012, via its partnership with Arysta LifeScience, revenues may not be achieved prior to the financial year ending in March 2012.
He said: “Accordingly, the directors now anticipate that sales and operating results for the current financial year ending 31 March 2012 will be materially below previous management expectations and market forecasts. The company estimates that its refocus on sales into “near” markets will result in current year sales of between £1.8m and £2.2m.”
