United Kingdom
October 9, 2017

Plant Impact plc (AIM: PIM), a leader in research and development in crop enhancement products that growers can rely on to improve the yield and quality of their crops, today announces its audited preliminary results for the year ended 31 July 2017.

Highlights

• Revenue increased 17% to £8.5m (2016: £7.2m), primarily reflecting Veritas® sales in Brazil
  • Reported revenue growth reflects the strength of the US Dollar - constant currency revenue growth was 2%
  • First sales of Veritas®/Fortalis® in the USA, Argentina, Paraguay and Bolivia
  • Veritas® purchase plan agreed for 2017/18 Brazil growing season based on our commercial partner's end-user sales targets
  • Increased sales of Banzai™ cocoa product
• Gross profit increased 19% to £6.7m (2016: £5.6m)
• Total R&D investment increased 43% to £4.2m (2016: £2.9m), including £1.6m of capitalised costs (2016: £1.2m) with novel new compounds identified and pipeline progress achieved
• R&D pipeline summary issued in August 2017 to give greater visibility to investors and industry partners of our progress in R&D
  • Complete season-long portfolio of soybean products being tested over 2017/18 Brazil growing season
  • Discovery phase activities increased with expanded molecule discovery capability yielding new compounds     -  new academic partnerships announced
  • Early indications of product extension potential beyond current target crops
• Sales and marketing costs increased to £5.3m (2016: £2.9m) with expansion of commercial activities in the USA and Argentina and additional marketing investment in Brazil and West Africa.
• Cash at 31 July 2017 of £7.2m (31 July 2016: £5.6m), reflecting a successful placing announced on 26 July 2017 to raise £4.0m before expenses

John Brubaker, Chief Executive Officer of Plant Impact, commented:

"The Group has an exciting set of commercial and R&D prospects ahead of it and an ambitious and talented team with the drive to succeed. We enter the new financial year focused on our goal of establishing Plant Impact as the leader in this important new category of agricultural inputs."

Full release

Website: http://www.plantimpact.com/en/Home.aspx

Published: October 9, 2017