21st Mar 2016 10:19
LONDON (Alliance News) - Plant Impact PLC on Monday reported growth in profit in the first half of its financial year, boosted by strong sales of its flagship soy product in Brazil, as it plans the expansion into new products and new territories.
The crop enhancement technology company said its pretax profit in the six months ended January 31 more than doubled to GBP185,000 from GBP77,000 in the same period the year before, as revenue rose to GBP4.0 million from GBP2.5 million.
Plant Impact said sales in Brazil of Veritas, its flagship soy yield improvement product, accounted for the majority of the group's revenue. It also benefited from the first shipment of its cocoa crop enhancement product, Banzai, to West Africa.
While the growing season has not yet started in Northern Europe, Plant Impact said it is in discussions with distributors to secure purchase orders for the season. The Middle East business, meanwhile, is expected to be weaker in 2016 as political turmoil has led to reduced prices for grower produce.
"Plant Impact's strategy of broadening the products and geographies for our soybean range in Latin America has advanced well in the first half, and the first products for West African cocoa offer exciting opportunities. The directors look forward with confidence to the expansion of the group's crop enhancement portfolio into new products, crops and geographies," Chairman David Jones said in a statement.
Shares in Plant Impact were trading up 3.7% at 58.60 pence on Monday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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