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(Alliance News) - Plant Health Care PLC on Monday reported a narrowed first half loss, but revenue fell year-on-year after a delay to an order in Brazil.
The agriculture-focused biological products maker generated first-half revenue of USD2.7 million, down 11% from USD3.0 million in the first half of 2018. Its pretax loss narrowed to USD2.8 million from USD5.0 million.
Research & development costs fell by 42% to USD1.4 million from USD2.4 million, with sales & marketing fees down by 23% to USD1.6 million from USD2.1 million and administrative expenses reduced by 37% to USD1.4 million from USD2.3 million.
Plant Health said that a USD500,000 order in Brazil "fell into July due to import licence delays", the shift contributing to the fall in six-month revenue to June 30.
During the period, the company reported that trials of its PREtec peptides, to deal with Asian soybean rust in crops in Brazil, the US and Europe, showed "strong results".
Plant Health added: "The group has made good progress towards preparing for direct sales of PREtec peptides, targeting markets worth more than USD5 billion. Registration is progressing and production of PREtec peptides is now scaling up from laboratory to pilot scale."
Looking ahead, Plant Health warned that full-year revenue will be lower than initially forecast. It still expects year-on-year revenue growth, however, despite "macro-level market-driven challenges". The company generated revenue of USD8.1 million in 2018.
Shares were untraded in London on Monday afternoon, last quoted at 6.50 pence each.
By Eric Cunha; ericcunha@alliancenews.com
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