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Harvest Minerals Ltd - London-based fertiliser producer with operations in Brazil - Says 2023 orders for its direct application fertiliser, KP Fertil totalled 34,880 tonnes, of which 28,707 were invoiced. Notes that approximately 8,469 tonnes of placed orders were cancelled at the end of September due to unforeseen issues. Looking ahead, Harvest Minerals expects 70,000 tonnes of placed orders for 2024 despite lower demand. "Given the historic expectation that approximately 80% of sales are seasonally placed in the second half of the year and, factoring in the orders placed up to the date of this press release, we are setting a guidance target of 70,000 tonnes to the year of 2024 and will keep the market informed of the performance as we advance the year," it says.
Chair Brian McMaster comments: "2023 started with a sharp drop in fertilizer prices, political changes, and along with it, a decrease in the value of agricultural commodities, mainly soybeans, which is the country's largest agricultural crop. All of this created a scenario of many uncertainties. Although soybean prices remain low, fertilizer values began to stabilize since the end of 2023, bringing a little more predictability and to our particular advantage, coffee crops in our target region are expected to have a year of growth. We have already started the year by booking meaningful orders, and the sales team is signaling positively for this year's goal of 70k tonnes. The company has implemented sharp cost reductions while it has kept key commercial efforts and renewed strategy to reap the benefits of an expected better market in 2024."
Current stock price: 1.04 pence, up 22%
12-month change: down 88%
By Sabrina Penty, Alliance News reporter
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