Plant Impact plc – Preliminary results for the yr end 31/03/2011

Plant Impact plc – Preliminary results for the yr end 31/03/2011

Plant Impact plc, which develops and markets ecologically friendly crop nutrition and protection products, today announces its preliminary results for the year ended 31 March 2011.

Corporate Highlights

  • Agrimatco evaluation & distribution agreement - Sept 10
  • Cebeco distribution agreement - Nov 10
  • Arysta Mexico distribution agreement - June 10
  • First sales to Arysta (Poland, Czech Rep and Romania)
  • New chairman - Feb 11


Research & Development Highlights

  • Syngenta Brazil soy trials - Sept 10
  • Brazil crop nutrient registrations - Nov 10
  • USDA field trial results
  • Potato field trials


Financial Highlights

  • Increase in turnover to £1,784k (2010: £1,411k)
  • Crop nutrient turnover £1,784k (2010: £911k)
  • BugOil turnover £nil (2010: £500k)
  • Improved Crop Nutrient gross profit margins 70% (2010: 63%)
  • Research & development and sales & marketing spend of £2,146k (2010: £1,954k)
  • Loss before tax of £1,886k (2010: £1,685k)
  • Cash at 31 March 2011 of £1,173k (31 March 2010: £2,895k)

 

Post year end

  • Arysta Lifescience subscription - May 2011
  • Arysta Lifescience agreements, US T&O and Brazil - May 2011
  • Engage Agro Canadian distribution agreement - June 2011

 

David Jones, Chairman of Plant Impact plc, commented:
"The past year can be characterised as one of determined implementation of the Pi crop nutrient strategy. Choices were made to focus on two commercialised products; InCa and PiNT in crop sectors in which we believe show the greatest promise. Sales nearly doubled in the year. On the other hand, the vagaries of the pesticide registration process in the UK and USA, delayed an important Arysta Life Science (ALS) BugOil milestone which led to an overall shortfall on expected revenue.

Overall, I am satisfied that the commercial progress we made with the two nutrient  products in the  year is confirmation that our direct selling and partnering strategy is working and will provide the platform for growth. Meanwhile, scientific characterisation of our pipeline has confirmed prospects for Alethea and a continuation of innovation."

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