Plant Impact 's (PIM) heavy reliance on the Brazilian soybean market isn't causing chief executive John Brubaker much concern. He thinks that concentration is a risk worth taking given the prospects of the company's primary product, Veritas, which is designed to enhance the yield of soybean crops. Despite the weaknesses in the Brazilian real weighing on farmers' buying power throughout the soybean growing season, the group reported a 60 per cent increase in sales in the 2016 financial year. Veritas sales - which make up the majority of revenue - were up 80 per cent, which more than offset the disappointing season in Europe where sales fell 59 per cent to £0.3m.
Now Plant Impact is seeking to diversify. In the reported period the group launched commercial operations in the US and Argentina, which along with Brazil account for around 90 per cent of all global soybean production. Banzai, the group's cocoa yield enhancing product, was launched in West Africa and initial sales were "encouraging".