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Plant Impact almost doubles sales in first quarter

Sales of soy crop enhancement product, Veritas, accounted for the majority of the sales

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The group said it had made a strong start to the new year

Turnover almost doubled in the first quarter at agricultural bioscience specialist Plant Impact (LON:PIM).

The group added it had made a strong start to the new year, with sales in the three months to October rising to £3.7mln from £1.9mln the year before.

Sales of soy crop enhancement product, Veritas, accounted for the majority of the sales, after the group received higher orders from South America in advance of the 2015/16 growing season.

The firm has said it will increase investment in Veritas throughout the year, with expansions of its field tech team and a promotional campaign launched across 24 locations in Brazil.

John Brubaker, chief executive, said: “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."

The good news comes despite Soybean prices in Brazil continuing to come under pressure from a weak Brazilian Real.

Shares were almost 5% higher to 61p on Wednesday.

Quick facts: Plant Impact

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AIM:PIM
Market: AIM
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