Foreign exchange helps to lift Plant Impact

Crop enhancement technology firm Plant Impact announced its results for the six months to 31 January on Monday, with revenue up 17% to £4.9m, which the board said was assisted by favourable foreign exchange.

The AIM-traded firm said gross profit increased 18% to £3.9m, and its cash balance at period end was £6.0m, up from £5.6m at the start of the period, but down from £8.6m at the same time in 2016.

Plant Impact claimed to have made operational progress on multiple fronts during the period, with sales of the ‘Veritas’ product to Brazil in line with expectations, as the country neared the end of its main crop soybean growing season, with dry bean and the second crop upcoming.

First sales of ‘Veritas’/’Fortalis’ were made into Argentina, Paraguay and Bolivia during the period, with good growth in the second season of its ‘Banzai’ cocoa yield enhancement product.

Significant progress was reportedly made in the development of its next soybean products, with the potential for launch next season.

Post period end, the launch of ‘Fortalis’ into the US was also announced, with first sales expected in the third quarter.

“During the first half of the year Plant Impact achieved progress on each of the strategic initiatives that the company is pursuing,” said chairman David Jones.

“We enter the second half of the year with much to do and an encouraging set of prospects to deliver.”