(Alliance News) - Plant Health Care PLC on Friday said its loss narrowed in 2019, thanks to cost reductions.
The AIM-listed provider of novel patent-protected biological products reported pretax loss of USD3.8 million in 2019 compared to USD7.9 million a year earlier, as administrative expenses fell to USD1.8 million from USD5.6 million.
In addition, the company reduced its research & development expenses to UDS2.8 million from USD4.1 million a year ago.
Less positively, Plant Health Care said its revenue declined by 21% year-on-year to USD6.4 million from USD8.1 million. On a constant currency basis, revenue decreased by 18%.
The company highlighted that agriculture markets were hit in 2019 by the combination of low commodity prices and, especially in the US, severe weather and the trade war with China.
Looking ahead, Plant Health Care said the Covid-19 pandemic has so far had a limited impact on its business and it believes that the business is well-positioned to navigate through its impact, due to the strong balance sheet and net cash position of the company.
Plant Health Care shares were trading 7.1% lower in London on Friday at 5.83 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Plant Health (PHC)