LONDON (Alliance News) - Plant Impact PLC on Wednesday said that, despite soybean prices in Brazil coming under pressure and the weak Brazilian real, it continues to expect a strong performance in the medium-term, with its confidence boosted by the positive response to the promotional of its Veritas product.
Veritas is designed to boost the efficiency of soybean growth.
The company said its revenue for the first quarter to end-October was up to GBP3.7 million from GBP1.9 million a year before, boosted by sales of Veritas in South America ahead of the 2015/16 growing season.
Plant Impact said it is continuing talks with distributors in Northern Europe, and expects to see results during the northern hemisphere spring season. It is also preparing to export initial shipments of its cocoa crop enhancement product Banzai to West African in the second quarter.
"Q1 of FY16 has been promising for the group and I am pleased to announce this trading performance. A larger team is giving us a new depth of industry experience that is already making a positive impact on both our R&D and commercial capabilities. We are progressing in line with our planned strategy and are confident that this trend will continue," said Chief Executive Officer John Brubaker in a statement.
Shares in Plant Impact were up 3.6% at 61.38 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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