Highlights: 2016 Annual Report

Highlights: 2016 Annual Report

"FY16 saw us continue the growth of our business, consolidating our market position with our soybean product, Veritas®; and rolling out Banzai; for cocoa.  We also made good progress with our geographical expansion into the Americas and our new product pipeline."

Dr David Jones, Chairman

How did we perform?

£7.2m
Revenue
2015: £4.5m
£2.9m
R&D Spend
2015: £1.4m
£0.3m
Adjusted net income
2015: £0.2m
£5.6m
Gross Profit
2015: £3.5m
£5.6m
Cash at 31 July 2016
2015: £7.6m
78%
Gross margin
2015: 78%

John Brubaker

Chief Executive Officer

Operational highlights

  • Another year of significant progress for the Group
  • Revenue from Veritas® in Brazil increased more than 80% year-on-year
  • First commercial sales of BanzaiTM for West Africa cocoa
  • Operations established in United States to target the very significant local soybean market
  • A second generation soybean product, Fortalis®, launched in partnership with Bayer CropScience in Argentina
  • New Scientific Advisory Network established, enabling collaboration with ten world-leading experts on key areas of scientific interest
  • Soybean and wheat R&D pipeline of new products on track

Our standout achievements for R&D in FY16

"This has been a landmark year for us in R&D.  We've invested and grown the team to bring together the best minds in our field, focusing them on closing the yield gap for growers and allowing them to innovate.  Our new formulation of CaTTM technology is a prime example of the advances that have occurred as a result."

Dr Steve Adams, R&D Director