Plant Impact misses profit target after unstable weather

21st Nov 2013 15:11

Farming bioscience company Plant Impact failed to move into the black after volatile weather in Europe dampened orders.Plant Impact, which sells crop enhancement and speciality nutrition products, said operating income fell about £400,000 short of its break-even target in the six months to July 31st.The very cold and prolonged spring and a hot dry summer deterred growers from investing in new products and distributors failed to offload enough surplus stock to farmers to trigger new orders.Turnover in the 16 months to July 31st fell to £1.6m from £1.93m last time due to the decline in Europe but operating losses reduced slightly to £1.8m from £1.9m. It plans to move forward by focusing on high value products in Europe, launching products for broad-acre crops such as soy, maize, rice and wheat in countries such as Brazil and developing new technologies.Shares dipped 4.12p to 14.25p by 15:15 in London.PW