26th Mar 2015 11:19
LONDON (Alliance News) - Plant Impact PLC Thursday said it anticipates full year sales in line "with expectation", as difficult market conditions for its new tree fruit product caused by sanctions against Russia will be offset by modest sales growth arising from the European soy growing season, and posted a swing to a small pretax profit in its first half.
It did not say whether sales will be in line with its own expectations or with market expectations.
The agricultural bioscience firm posted a pretax profit of GBP77,000 for the half year to end-January, swung from a pretax loss of GBP570,000 a year before, as a more than doubling in revenue to GBP2.5 million from GBP1.2 million was partly offset by higher operating costs.
Revenue growth came from the company's Veritas product following its first full season utilisation during the Brazil soy growing season. Veritas is used to boost the efficiency of soybean and dry bean crops.
The season is now finished, Plant Impact said, but it still has an opportunity in dry beans spraying that is yet to be complete during May and June.
Plant Impact said that its working with its commercial partners in Brazil to understand the full outcome of the season to help drive its prospects for the 2015/16 season order. It expects this analysis to be completed before the end of the full year, but said that preliminary indications mean it expects additional "significant" growth in sales next year.
It expects modest sales growth from the current European season, and said it will add new distributors in several markets in the Middle East and Northern Europe territories.
Its new tree fruit product Ametros will continue to be hit by the Russian import ban from the EU, it said, which will reduce its 2015 orders compared to its objectives.
Shares in Plant Impact are trading up 1.0% at 50.00 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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