Plant Health Care PLC - agriculture products firm based in North Carolina - Sees revenue rise 13% to USD3.5 million in the six months to June 30, from USD3.1 million the year prior. Revenue from bio-stimulant product, Harpin, rises 26% year-on-year to USD2.4 million from USD1.9 million. Gross margin slips to 56% due to currency effects, compared to 59% the year before. Notes cash reserves of USD11.1 million at June 30. Expects to release interim results in early September.
"Sales in Europe grew strongly, particularly in citrus in Spain and in potatoes and the turf market in the UK. In Brazil, in-market sales of H2Copla [sugarcane-enhancing product] have been held back by drought and limitations on the company's technical promotion effort caused by the latest wave of Covid-19. Sales in Mexico were held back by low export prices and Covid-19," says Chief Executive Christopher Richards.
"The board expects trading for the full year to be in line with management expectations," Richards adds.
Prepares to launch soybean rust treatment, known as PHC279, in Brazil. Says PHC279 is on track for US regulatory approval in the third quarter of 2022. Invests to accelerate the market entry of its PHC279 and PHC949 products, with payback expected by 2023 or 2024.
Current stock price: 13.90 pence, down 4.8% on Monday morning
Year-to-date change: up 4.1%
By Scarlett Butler; scarlettbutler@alliancenews.com
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Plant Health (PHC)