4th Mar 2014 13:37
LONDON (Alliance News) - Crop enhancement products company Plant Impact PLC said Tuesday it expects to report a narrowed net loss for the half year ended January 31, 2013, as revenue was boosted by the launch of its new product for Brazilian soybeans.
Plant Impact said in an interim trading update that it had suffered a net loss of GBP500,000 in the half year, narrowed from a net loss of GBP800,000 in the previous year. Revenue rose to GBP1.2 million from GBP350,000 in the same period the previous year.
This was primarily driven by the launch of its new product Veritas in Brazilian soybeans and some over-winter business in certain Northern Hemisphere markets such as Spain, although it said its Egyptian business saw a significant decline due to political instability.
Plant Impact said it expects to report net cash of around GBP500,000 on its balance sheet at January 31. The company said this is a seasonal low point for the company, and net cash balances are expected to rebuild in the second half.
"After three years of intensive field work, we are delighted with these sales in our first commercial year in Brazilian soya," said Chief Executive Officer John Brubaker in a statement.
Plant Impact is continuing to work on expanding its European business in the 2014 season, particularly focusing on high value fruit and vegetable crops in the UK, the Netherlands, Belgium and France.
The company is currently awaiting initial field tests for its second product for the Brazilian soybean market, and it is moving towards a second year of testing for its first product prototypes for cereals.
Shares in Plant Impact were trading up 1.3% at 16.20 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @hanassallnews
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Plant Impact