Crop yield and quality enhancement specialist Plant Impact has reported a 55% increase in revenues at the nine month stage of its financial year, but warns that unexpectedly high stocks of its soya product in Brazil may affect its full year figures.
The Rothamsted-based saw sales of £2.4 million in the three months to April 30th 2017, from £0.5m in Q3 2016. Year to date revenues are £7.3m (£4.7m in 2016), lifted by sterling’s weakness, or 30% up at constant currencies.
The increases were largely driven by increased shipments of the flagship soybean product Veritas to Brazil for the 2016/17 growing season. While Veritas usage in Brazil was significantly up, with a strong in-fieldperformance, the challenging industry-wide trading conditions there have led to higher than expected stocks of all agrochemicals in Brazil, including Veritas. This may affect Plant Impact’s Q4 figures. The company is discussing a mitigation strategy with its distributor in Brazil, Bayer Crop Science.
Elsewhere, Q4 trading in other products and geographies is expected to at least meet board expectations, with the first revenues for the Fortalis soya pod fixer in the US and further sales of the Banzai cocoa productinto West Africa, as well as northern hemisphere sales of traditional fruit and vegetable products.