Member Info for greedisvgood

Never suggested malpractice whatsoever - just stated the obvious that we don't appear to be any closer to profitability than a few years ago ! And the founders who developed and understood the original products such as InCa that gained the company a solid base and excellent margins are no longer present through whatever course (or story - 3 sides to every story don't forget, company's, employee's, and the TRUTH) We will see the results later in the year and hopefully the UK/Northern Hemisphere sales will have maintained or improved, together with the Brazil sales ! Unfortunately I fear we will find that not to be the case and these sales will have suffered significantly, for whatever reason. I for one will not accept bad weather etc etc as explanations as we have heard in the past - other suppliers of similar products are continuing to build year on year so maybe its the products, current business focus, management and board shortcomings, or maybe the remaining staff just don't understand and appreciate the products that they have in their locker Not forgetting the apple product either just keeping that in the same locker as Bug Oil until we have commercial results - just a pipe dream in the meantime and no emphasis to place on it at this point as we have seen with development products in the past Only time will tell but personally rather concerned at the lack of concrete improvement in the past 3 or 4 years along with continued and regular dilution meaning we continue to expose ourselves financially at the expense of possibly ineffective management and poor application and return for shareholder funds

At least you appear to accept what I'm angling at - broad acre or not it was a significant crop that didn't 'come off ' as expected Not at all - it just seems on results so far the current regime are continuing the same practice (albeit more boom and bust and knee jerk rather than unrealistic and unachievable sales forecasts). At the end of the day the previous regime did get sales traction from NIL to over £1.5m and increasing year on year whereas this seems to have stagnated or worsened somewhat since they were replaced to the £1.6m for 16 months last year - this clearly has improved this year so far, but at the cost of margin, so effectively no improvement whatsoever when we are seeking break-even I would assume the Northern orders should already be visible if not being processed as we speak but I anticipate reductions again a la Egypt etc as in my opinion all emphasis has been concentrated on Brazil with the effect of having all our eggs in one basket - at least the previous regime had the back up of high margin sales in Europe as their core business when the US potato story didn't materialise I still need convincing the new regime are better than the previous one - the jury are out and have been for some time. I believe there is now only 1 member of the original team (and that being a non-exec member) in place together with only 2 further members who came in shortly before the overhaul - I understand board and management replacements but were ALL the previous staff from top to bottom (from receptionist to clerks to admin/operations staff incompetent and unable to carry out their roles) It looks to me like a systematic infiltration of a company by parties that can talk the talk but not necessarily walk the walk ! Let's hope they eventually prove me wrong for all our sakes

This story appears to go around in circles every year or two without actually developing into the success story we are all hoping for Dramatic cost cutting over the last 2 years or so, presumably incurring redundancy and severance packages, then reversing the process again incurring further recruitment and agency fees ! Could we not class potatoes as pretty much a broad acre product - this was muted as the 'big thing' 3 years ago and then never materialised in its 2nd season Margins never increased in previous years as a result of dramatic increase in volume - presumably as they had already negotiated excellent purchase prices based on projected volume increases from the outset £500k cash reserves currently (approx. 3-4 months overheads at best ?!!!) down from £1.2m this time last year - looks like another fundraising may be required sooner rather than later further diluting shares and hitting the SP yet again ! Sorry for again being pessimistic/sceptical but in the absence of the 'exponential' revenue increases sooner rather than later we will be on this roller coaster for another few years at least trying to see the promised results of our investment

I concur with most of your points but there are some discrepancies, In the past product was manufactured in the UK and shipped to the US but still achieved much higher margins I am dubious as to whether the company is employing more people than the 17 or so it employed a few years ago Massive uplift in sales as a result of trial results and growing season yields has been prevalent throughout the company's history but never quite carried through as forecasted It is also practically impossible to ramp up the product sales price after launch and therefore unlikely that margins will improve in the future - always been a bugbear when launching their innovative products without giving them away. Premium products can command premium prices but also need to be realistically priced in order to grasp a foothold in the market

My only concern with these interim results for the last 6 months is the apparent discrepancy between the uplift in turnover but the restricted reduction in operating loss Simply put the turnover has increased (in comparison to the prior year period) by £810k but the loss has only reduced by approx. £300k - this gives the impression that either the product margin on Veritas is significantly reduced from the previous product margins of around 70% or conversely operating overheads have increased massively (doubtful in the extreme as this has been the company's focus for the part few years) On the positive side we are moving towards profitability but hopefully the search for new business in Brazil (at possible minimal margins) hasn't been at the expense of much higher margin sales to previously established customers I appreciate the scenario of 'a small margin on astronomical revenue' as opposed to 'high margin on minimal revenue' but I would hope there is room for both in the search for continued success

Good interim update on the whole - especially when considered in conjunction with the attached - http://www.bbc.co.uk/news/science-environment-26382067 GLA

I think you are missing my point, Bugoil is also in part an alternative to neonicotinoids which are currently either banned or under review in various areas - this creates an opportunity for Bugoil to substitute (in part at least) for this 'product gap' and gain a foothold in the market targeting the pests and subsequent diseases that are targeting bee colonies without harming the bees and affecting their own immune systems

I'm fully aware of what it is and it is a natural alternative in part to neonicotinoids and therefore highly relevant to this issue and has also been proven in previous trials (going back well over 6 or 7 years) to have no harmful effects whatsoever to bees

http://www.bbc.co.uk/news/science-environment-26242960 Maybe we can still jump on the back of this ! That's if Bugoil is still in the mix for PIM !!!

There was also mention at some point of Brazil attempting 2 seasons in 2013 - hopefully this may still be a possibility and another round of revenue (if not already ordered) may be possible On the downside if they have ordered for this eventuality and it's not possible there may be 2 year's sales already covered

If that's the case the next Qtr results may dip back to previous levels, the 3rd Qtr (if the Northern Hemisphere revenue isn't recovered) could be at last year's level or worse and this could be repeated in Qtr 4 Hopefully they can recover or rebuild the Northern Hemisphere sales or the whole scenario will have turned on it's head Effectively if we are both correct in our assumptions this 1st Qtr announcement is a bit of a sweetener for the disappointing annual results but then this could be followed with 3 quarter's of negative news, and hopefully the Southern Hemosphere orders already fulfilled will only cover usage for this season rather than covering the next season too !

Hopefully the £738k revenue isn't again covering stock for future periods and this revenue will be repeated over the coming months - this would be a silver lining if that's the case but unfortunately after years of missed targets the temptation is to accept this announcement with a bag of salt ! If these revenues are to be repeated maybe we will see break even finally - hold on this could be a roller coaster 12 months !

Extremely disappointing results but fully expected to be honest after the muted warnings over the last year or so PI really has no other option but to step up swiftly and start showing the results to go along with its projections - unfortunately this has not happened for a VERY long time indeed and the excuses wore thin some time ago Quite basically if you take out the 'one-off' £250k revenue and pro-rata the 16 month revenue back to a 12 month period we are looking at a 47% decrease in sales ! Extremely worrying particularly when you consider it appears that the company cannot retain existing and previous business - is this because the products don't actually do what they say on the tin, other competitors have jumped in with their own products, or simply ineffective account management ? Surely if the products are effective they should sell themselves to established contacts ! Granted the weather hasn't been great but a 47% decrease ? Even more worrying is the fact that possibly the previous revenues have been inflated by overstocking at distributor level meaning current and future sales are compromised ! I seem to remember the current BOD making an issue of this with the previous board but it now appears they have slipped down the same route !!!!

At least it has sparked some movement on the market ! Hopefully those topping up today will benefit from a recovery after the later news ;)

All depends what you mean by performance related pay ! A basic salary for BOD and sales staff which is at market rates (or preferably lower to encourage performance) plus a realistic bonus/commission would be ideal but possibly not currently in place. It would be better to give sales employees 5% bonus on gross margin for instance and a true basic salary as this would at least inject the rest of the sizeable gross margin to the results The excuses are now wearing thin and it seems for the time being at least no significant improvent from 3 or 4 years ago

No surprises there then ! Let's hope the 3 months trading results to 31/10/2013 really are significantly better in order to offset this wholly expected announcement re the previous 16 months ! This really is time to put up or shut up for PI - the next 12 months are going to be crucial for the company in my opinion, all investors need to see improved results going forwards as this is now becoming a stale story

Well that's almost 5% of the share capital that's changed hands over the last month or so - clearly some anticipation of news bubbling around

And 4 x 220,00 since 4th Oct !

Significant disposal of stock today by one sizeable shareholder - no effect on SP so far though !

Here's hoping you are right ! Not too sure about the bedding in of sales team though, the majority of the previous year's customer base and sales would typically be repeat sales so we should see at least equal revenue to previous year's with an allowance for the inclement weather, although this reporting period will include 2 growing seasons so personally expecting a significant increase - particularly as the majority of the 'deals' are through distribution agents etc with their own 'bedded in' sales forces and the stategies you mention would appear to be standard sales procedures in all companies rather than groundbreaking ideas to push the company into orbit Throughout the life of this company the sales strategy has changed almost year on year - what we need is stability and a concerted targeted effort towards revenue increase and breakeven rather than continual changes to strategy everytime targets are not met - this tends to give the impression that the strategies they are choosing are not particularly well thought out in the first place ! The Bayer deal is fantastic and hopefully it will develop as expected and result in the added revenue and more even spread of turnover GLA for a 'fruitful' 2013/2014 !