(Alliance News) - Plant Health Care PLC said on Thursday it has set ambitious revenue targets for the coming years, as it posted a widened annual loss in 2021.
For the year ended on December 31, the North Carolina-based agricultural products firm widened its pretax loss to USD6.4 million from USD3.3 million in the previous year.
Revenue, however, rose by 28% to USD8.4 million from USD6.6 million in 2020.
"We have set out ambitious plans for organic growth, with revenue exceeding USD30 million in 2025," the company noted.
Chair Richard Webb commented: "2021 has been an excellent year of delivery against promise. The market for sustainable agriculture is growing at more than 12% per annum; Plant Health Care aims to grow faster than that market."
Plant Health Care also announced the appointment of Jeff Tweedy as the new chief executive officer, who is currently the company's chief operating officer. Current CEO Chris Richards will become non-executive chair, as current non-executive chair Richard Webb steps down from the board. The changes will become effective from the annual general meeting on June 22.
Plant Health Care shares were up 0.5% at 11.93 pence each on Thursday afternoon in London.
By Xindi Wei; xindiwei@alliancenews.com
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Plant Health (PHC)