Agricultural bioscience firm celebrates ‘significant growth’

PRESTON-based agricultural bioscience firm Plant Impact is celebrating “another year of significant progress” with profits and revenue climbing steeply.

The AIM-listed company saw revenue rise 60% to £7.2m in the 12 months to July 31 (2015: £4.5m). Pre-tax profits rose 59% to £5.6m (2015: £3.5m).

Cash at the period end was £5.6m (31 July 2015: £7.6m); reflecting continued investment in the multi-year R&D and geographic expansion programme.

Revenue from its Veritas product in Brazil increased more than 80% year-on-year and there were the first commercial sales of Banzai for West Africa cocoa.

Operations were also established in United States to target the very significant local soybean market.

Meanwhile, a second generation soybean product, Fortalis, launched in partnership with Bayer CropScience in Argentina.

A new scientific advisory network established, enabling collaboration with 10 world-leading experts on key areas of scientific interest.

Chief executive John Brubaker said: “We are pleased by the progress Plant Impact has achieved over the past year and the directors believe that the group is well positioned to continue to develop successfully through the new financial year and beyond.

“The current 2016/17 financial year is important in consolidating our longer-term prospects in current and new markets and establishing crop enhancement products as an important and trusted category of agricultural chemicals.

“With our commercial partners we are focused on achieving this important goal and believe we have the products, people and programmes to succeed.”