Plant Impact increases revenues after investing in Brazilian market

27th Oct 2014 15:26

Plant Impact, an agricultural bioscience company, increased its revenues and reduced its losses for the full year after launching its Brazilian subsidiary and improving its European market.The company's revenues increased to £2.5m for the 12 months ended 31 July against £1.6m the year before.Plant Impact said it had recovered from the previous year's poor spring weather and high in-market stocks of the group's products.Loss before tax was reduced by more than half to £0.9m from £1.9m, while cash and equivalents decreased to £1.2 from £1.8m.Loss per share decreased to 19 from 3.1p.The group opened an office in Sao Paulo and will open a £25m facilities upgrade at Rothamsted, the oldest agricultural research institution in the world, next year.Chief executive John Brubaker said: "The group looks forward to a substantial improvement in sales in the first quarter and first half of the 2015 financial year, as we increase shipments of Veritas to meet demand in Brazil."Sales in the second half of the financial year are also expected to increase, as lower channel inventories within European distributors at the end of 2014 give us good visibility of increased growth in the 2015 growing season."Shares were up 1.72% to 29.5p by 14:07 on Monday.