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(Alliance News) - Plant Health Care PLC on Thursday said it has now obtained a licence to import unlimited amounts of its Harpin product into Brazil and expects orders to be invoiced in the first quarter of 2020.
Shares in Plant Health, which provides products to improve heath and yield for major agricultural crops, were up 24% at 10.44 pence in London in morning trading.
This falls a sharp December drop in share price when the firm warned of annual revenue decline. At that time, Plant Health Care said 2019 revenue is expected to be USD6.5 million, a 20% fall from USD8.1 million the prior year.
The newly granted licence had been anticipated in late 2019. With the licence now received, Plant Health can ship its product to Brazil where it will be used to increase sugarcane yield.
Plant Health's Harpin Protein Technology binds to receptors in crops, causing signals to be sent to the rest of the plant which result in more vigorous growth and higher nutrient uptake. Trials of Harpin on sugar cane in Brazil have shown it gives an average yield increase of at least 20% on a reliable basis.
At present, Plant Health is still conducting trials on the ground with processors and producers growing around 3 million hectares of sugar cane. Results are expected in 2020.
Chief Executive Chris Richards said: "This import licence unblocks sales of Harpin to Brazil, which we had anticipated in 2019. We are now free to explore ways of ramping up sales to sugar cane in Brazil even faster. With more than 8 million hectares of sugar cane planted in Brazil, this is a huge opportunity for the company."
By Anna Farley; annafarley@alliancenews.com
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