|The key bit of news in the short term is US trial data and veritas equivalent launch in the spring. F1, S1 and W1 seem some time away. Veritas had 3 years of trialling in situ and at a reasonable scale before product launch…..|
here and there
|Sticking with what I can recall and can indeed reference;
From the Results in 2014
The Group has set in motion development and marketing plans to develop a complete portfolio of new Crop Enhancement products for the soy and wheat crops over the 2013-2018 period.
The Group currently plans to bring new soy and wheat products to commercial pilot as early as 2016.
From the Results in 2016
In 2015 we announced a multi-year, GBP11m investment programme. This is aimed at the development of new products and technologies to improve the yield and resilience of soybean and wheat production, as well as the geographic expansion of our commercial footprint to important American markets for these crops, such as the United States and Argentina. To date we have invested around GBP4.0m of the total GBP11m planned. Our objective, on completion of the programme, is to have developed and successfully commercialised a portfolio of products in our target crops and territories which generate sufficient surplus cashflow to organically fund additional technology research. Of the GBP4.0m of the programme spent to date, around half has been spent in developing and commercialising existing technologies, with the balance invested in new research.
Consistent with this programme and with our second strategic imperative, "globalise and scale", in February, we launched commercial operations in North America based from the Research Triangle Park area of North Carolina, the agricultural technology hub of that region. The Group has long-established distribution relationships in Mexico and Canada, and this new commercial operation is to introduce our products to the United States soybean market, which slightly exceeds Brazil as the largest in the world. We anticipate introducing our technologies into this market in the 2017 growing season, pending the outcome of a significant 2016 grower field trial programme on more than one hundred commercial farms across the United States. These trials are expected to confirm that the yield enhancements we have seen from our technology in Brazil are repeatable in the different growing conditions that exist for soybean growers in the United States.
In July 2016, we announced the launch with BCS of a second generation soybean product Fortalis(R) for the Argentinian market, which, after Brazil and the US, is the third largest of the world's soybean growing areas. This is a further extension of our relationship with BCS and represents an important step in globalising the soybean crop enhancement technology that we have been commercialising over the last three years.
Further R&D activities in line with the investment programme have seen progress made on "F1" and "S1", our second and third soybean crop enhancement product prototypes and "W1" our first wheat product prototype. These products have undergone additional formulation, glasshouse and field trials during the year which have in each case progressed their development. The activities are on course for commercial piloting and launches in the coming years at which time we will announce trade names.
So W1 (wheat product) has slipped a little, but I am comfortable with a bit of slippage given that with products coming through R&D this is not out of the ordinary.
Given the overall growth and progress to date I am very pleased, and remain confident in the management delivering further.|
|h&t. Ironically, the company Marks set up after his departure appears to have a whole boatload of new technology. I have been following their twitter feed.
|My problem with PIM is they have yet to come up with a product that did not originate from its founder David Marks who was the brains behind all the technology that is now deployed…..he was kicked out/left 5 years ago.
2 years ago they promised us 4/5/6 new products over the next few years…as yet nothing…..save Banzai which had been developed and tested many years ago|
here and there
|Two recent articles that I think are worth highlighting and worth reading (if you have not already read them)-
Pablo Kalnay, is Plant Impacts R&D manager, Southern Cone, and their latest guest editor. Pablo is a key part of PI's team in Buenos Aires, Argentina and in this article he shares his thoughts on the development of modern agricultural practice and building new pyramids for the future -
Building new Pyramids
Nov 25, 2016
I love this industry and am still inspired by how far we’ve come. Now, more than 20 years along my career path I find myself willingly stepping away from a role with one of the world’s leading agchem giants. This year I chose to focus on bringing new technology to growers in my native Argentina and to help to build pyramids for the future.
Full story -
His second article -
The next steps in Yield Increment
Dec 4, 2016
One of the most interesting aspects of the projects that brought me to Plant Impact is the potential of biostimulants to contribute to increase yield without increasing other inputs like fertilizers or land. It does not replace genetics, or fertilization, it complements them.
Full story -
|Biggles...I think the company has explained and detailed the outlook very well. I remain optimistic regarding long term agriculture trends and confident the management will deliver on the targets and high standards they have set.
H & T...Just a reminder that there will be a trading update in December.|
|Chart not looking very healthy, at bottom of downward channel, on cusp of step down or up!
Anyone spoken to the company lately?
They have been somewhat reluctant to talk to retail in the past couple of years from my experience; Shame really, considering retail kept the company alive during the dark days..|
here and there
|Hi wan I too believe the AR to be very professional however I do believe they have been overly cautious which I understand but doesn't help shareprice and the next move up or halt in downward movement will only come from positive RNS. Where do you see the next positive news?? Cheers hope you're well.|
|Perhaps unlike some, I am very pleased with the AR, very in-depth and professional in all respects.
For those interested in the potential for TGT-101, the following recent Report provides interesting background information -
Publishing Date: November 2016
Biopesticides Market by Type (Bioinsecticides, Biofungicides, Bioherbicides, and Bionematicides), Origin (Beneficial Insects, Microbials, Plant-incorporated Protectants, and Biochemicals), Mode of Application, Formulation, & Crop Type - Global Forecast to 2022
The biopesticides market is projected to grow at a CAGR of 17.4% to reach USD 8.82 Billion by 2022. The market growth is driven by the rise in need for organic food, promotions by government organizations for the adoption of biopesticides, low cost of biopesticides as compared to that of chemical pesticides food security for the growing population, advancement in farming practices and technologies, growth in demand for fruits & vegetables, and ease of application of biopesticides.
On the basis of type, the biopesticides market is led by the bioinsecticides segment, followed by the bioherbicides, biofungicides, and bionematicides segments, respectively. The bioinsecticides segment is projected to be the fastest-growing type in the biopesticides market, due to the high crop loss by pests and diseases.
Biopesticides are used on all crop types, the ones considered in the study are grains & oilseeds, fruits & vegetables, and others, which include turf, plantation, sugar crops, cotton, and ornamental crops. The market for fruit & vegetable crops accounted for the largest share and is also projected to be the fastest-growing. This is mainly due to a high demand for fruits & vegetables by the growing population across the world.
The different modes of applications for biopesticides are foliar spray, soil treatment, seed treatment, and post-harvest. Foliar spray is highly used for applying biopesticides. To improve quality of crops and increase productivity of plants, foliar spray is effectively used to control pests on crops. The increases in acceptance of biological microbes and smart farming techniques have proven to be a major driving factors for the foliar application.
In 2015, North America accounted for the largest market share in the biopesticides market, followed by Europe and Asia-Pacific. U.S. and Canada constituted the largest country-level markets in the North American region in 2015. Increase in awareness about the benefits of biopesticides, among the cultivators and rise in population is leading to the growth of the market in this region. The biopesticides market in the Asia-Pacific region is projected to grow with investments from several multinational manufacturers. The market is projected to grow due to the increase in agricultural technologies and agricultural exports of key products. Moreover, extensive R&D initiatives have been undertaken for exploring the new varieties of biopesticides to be used on different pest management and soil fertility to increase the yield.
Factors such as growth of agrochemical industry and high cost of biopesticides leading to rise in agricultural cost of production are restraining the growth of the market. Key players identified in the global biopesticides market include Bayer CropScience (Germany), BASF SE (Germany), Monsanto Company (U.S.), Marrone Bio Innovations Inc. (U.S.), Certis USA LLC (U.S.), and Koppert Biological Systems (Netherlands).Most key participants have been exploring new regions through new product launches, collaborations, and acquisitions across the globe, to avail a competitive advantage through combined synergies. Since 2011, the biopesticides market has witnessed an increase in demand, especially in countries such as the U.S. Canada, Spain, Brazil, India, and China.
|Tightly held moves a lot on small volume.|
-35% only if you bought in at £0.60.
My aggregate is £0.315 so I am still in the black !
|Gone through support now too|
|This is horrible!!! Down 35%|
|Think it's just lack of news . Apathy leads to sells. I'd like more rns's on trail results to show we are going in the right direction.|
|Maybe we have investors even less happy than I am ?|
|Down 5.7% on no news anyone any ideas???|
|I have had a canter through the A R
An interview with Steve Adams, head of R&D where he emphasizes the wheat R&D.A page on the Scientific Advisory Network. A reminder that R&D expenditure doubled to £2.9m and I note that the R&D tax credit for this year is anticipated to be £526k.
I was interested to read in the Page 17 discussion on accumulated tax losses that quote Directors do not consider there is sufficient certainty over the timing of future taxable profits to crystallise the deferred tax asset. Unquote which is realistic.
Page 18 has a good comment on strategy; from page 20 the report goes through 7 risks two of which are increasing and one-FX-is decreasing. The risks that are increasing are the important ones of commercialization((they say Evidence from the first years of commercialisation of our products suggests that although the long-term prospects are good, in the short-term it will prove challenging to gain the necessary traction to achieve sustainable revenues at commercially acceptable levels.) and customer concentration(where the repeat what they said in the Investor day the risk that Bayer will get bogged down with Monsanto).
Overall I thought their assessment of the risks sensible and sober.
In terms of shareholders no great change since Feb 16 16 though I see we seem to have lost WH Ireland who then had 4.39%; incidentally I see we have a Richard Sneller a fund manager at B Gifford who has just bought a lot in another holding of mine HAYT.
I see that Chairman Jones’ emoluments is £150k-up from £121k and he must be hands on to get such a large amount for an AIM company-but for now at least I do not begrudge him this amount.
At the top of page 45 a comment that still some way to go before they can trigger further payments from Bayer for new products-need to bring myself up to speed on this.
Note 17 tells us what we suspect namely that just under 90% of receivables at 7.16 in US$
In conclusion good professional team and there are a lot of risks to navigate before they get to the promised land.|
|It would appear from this USDA Nov 9 report that so far him upstairs is on side for now at least
2 - SOUTH AMERICA
Frequent, locally heavy showers increased moisture
for summer crop germination in central Argentina,
following a drying trend that began in July. Similarly,
periods of heavy rain increased moisture for cotton in
key northeastern production areas. In Brazil, October
rainfall provided timely moisture for planting
soybeans, corn, and cotton, although periods of
heavy rain were untimely for wheat harvesting in
southern production areas.|
|I am uncomfortable with the fact that currently 90% of sales all sit with Bayer. It is still not clear how much of these 'sales' now make up the 'buffer inventories' in Brazil/Argentina/Paraguay. Our retreat from the European market also disappoints me. So much for assurances regarding strength of our brand. Not happy with the way we are accounting for share based expenses either. For me, the only genuine ray of hope from this statement is the recent registration of bugoil in California. I have said before, there is too much reliance on Veritas/Fortalis (Inca) which appears to have little or no protection.|
|Everyone to their own, but I was impressed with how PI performed in a tough market, for me that adds a level of comfort in terms of both awareness and capability. Furthermore, that learning curve has meant they fully appreciate what is needed to deliver and also maintain momentum, and not just in Brazil, so I think that is what we can expect.
I was more than comfortable with the outlook statement, which indicates growth in revenues from Brazil and importantly from outside of Brazil.|
|So do you feel any better Cerritos?|
|I have been slow in putting down my thoughts when I read the results on Monday. Basically for whatever reason I was not a happy camper and sold down about 20% of my holding that morning.
I started feeling uncomfortable when both the Chairman and the CEO told us how difficult the Brazilian market was in 15/16. True that there were both political and economic issues in Brazil but this is the first time PIM has mentioned it-not a sniff of it in MARCH 21 Interim report nor in the Investor Day.
I was expecting more guidance in the Outlook section for sales in this 16/7 Brazilian season ; ie we know by July 31 the £2.3m receivables were predominantly of sales of Veritas to Brazil. We are now about to enter the peak planting period; my notes tells me that Veritas is used with Bayer’s Fox in the flowering period. Basically I would have thought they would have a pretty good handle on sales by now.
The £1m provision for share based payment costs was a surprise-although on looking at the interims I see that £0.4m was incurred in the first half. I appreciate that accounting for this is probably as whimsical as IAS19-pension accounting- and that if all the companies we invested in are run by people as good as Brubaker, we would all be rich; that said it is 14% approx. of total revenues and PIM was in a loss making situation before these share based expenses.
I note that they had 14 staff embedded in their distributors to give product support; as an ANP shareholder reminded me that this is exactly what ANP are doing.|
|A share radio interview with Brubaker
Main takeaway for me was his statement that yield enhancement is on average 5% ie a grower would get an extra $75/$100 per hectare.|