Plant Impact makes solid start to financial year

(ShareCast News) - Researcher and developer of crop enhancement technology, Plant Impact, announced a trading update for the three months to 31 October on Friday, as investors mustered for its annual general meeting.The AIM-traded company reported a strong start to its FY17 financial year, with revenue and profit for the quarter in line with the board's plans and consistent with achieving full-year expectations.As planned, the majority of Q1 sales were for Veritas, the company's flagship soybean crop enhancement product, with shipments to both Brazil and Paraguay timed for the 2016/17 growing season.The company said it also received further committed orders for Veritas for shipment during the remainder of the season.Taken in conjunction with product already shipped, the volume of sales of Veritas to Brazil over the entire growing season will meet expectations, the board assured. Plans for other products and regions remained similarly on track at this early stage of the year, it added."This financial year is an important and exciting one for Plant Impact," said CEO John Brubaker."Our Veritas campaign to support soybean growers in Brazil through the 2016/17 growing season is well underway, and spraying of the product is just starting."In addition, we are making progress on our expansion into soybean markets in Argentina and the US and in West Africa with Banzai, our cocoa yield enhancement product."