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24 May 2011 07:00
24 May 2011
Plant Impact plc
("Plant Impact" or the "Company")
Trading update
Plant Impact, the crop enhancement company, announces the following trading update:
Revenues from the sale of crop nutrients by the Company during the year ended 31 March 2011 were in line with the Board's expectations. However BugOil, the Company's insecticide, is still in the process of ongoing regulatory approval review in the USA and the UK and as a result the Company did not receive a £0.5 million milestone payment during the year ended 31 March 2011.
The Company has continued to manage its cost base and cash tightly and has seen an improvement in the net margins of its crop enhancement business. However the loss for the year will be greater than previously anticipated by the Board because of the delayed milestone BugOil payment.
In light of the continuing regulatory approval process of BugOil, the Board intends to focus on marketing the Company's other products, none of which require regulatory approval.
For further information, please contact:
Plant Impact plc |
|
Peter Blezard, Chief Executive Officer Michael Panteli, Chief Financial Officer
| +44 (0) 1772 645 164 +44 (0) 1772 645 165 |
Allenby Capital Limited - Nominated Adviser and Broker |
|
Nick Naylor / Alex Price
| +44 (0) 20 3328 5656 |
Threadneedle Communications - Financial PR |
|
Graham Herring/Terry Garrett | +44 (0) 20 7653 9858 |
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