(Alliance News) - Plant Health Care PLC on Monday said it expects its yearly revenue to rise due to strong sales in both South Africa and North America
Plant Health Care is a North Carolina, US-based provider of proprietary agricultural biological products and technology solutions focused on improving crop performance.
For 2022, the company expects revenue to rise by 40% to USD11.8 million from USD8.4 million a year ago. It said sales in North America are up 74%, driven by strong Harpin aB demand. Sales in South America is up significantly, driven by Saori launch in soybeans and Harpin aB sales in sugar cane.
Cash and cash equivalents amounted to USD5.7 million as of December 31.
Chief Executive Officer Jeff Tweedy said: "2022 was excellent despite the challenging macroeconomic conditions. Our success was driven by the growing demand for Harpin aB in North and South America and the successful commercialisation of Saori in Brazil following its launch in 2021. We expect Saori to be a significant driver of growth especially in Brazil."
Looking ahead, Plant Health Care said it is on track to achieve revenue of USD30 million by 2025 through the launch of new peptides.
Back in September, the company had said its interim loss widened as administrative costs ballooned. Pretax loss in the half-year that ended June 30 widened to USD6.3 million from USD2.4 million a year ago. Revenue, however, grew by 60% to USD5.6 million from USD3.5 million.
PHC shares were up 1.9% at 11.85 pence each on Monday morning in London.
By Xindi Wei, Alliance News reporter
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Plant Health (PHC)