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Pin to quick picksPlant Health Regulatory News (PHC)

Share Price Information for Plant Health (PHC)

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2021 Half-Year Trading Statement

26 Jul 2021 07:00

RNS Number : 3605G
Plant Health Care PLC
26 July 2021
 

 

 

26 July 2021

 

 

PLANT HEALTH CARE plc

 

("Plant Health Care" or the "Company")

 

 

Trading Update and Notification of Interim Results

 

Plant Health Care®, a leading provider of novel patent-protected biological products to global agriculture markets, provides the following update on trading in the six months to 30 June 2021.

 

Financial highlights:

 

Revenue increased 13% (9% in constant currency) year-on-year to $3.5 million (H1 2020 $3.1 million).

Gross margin decreased to 56% (H1 2020: 59%) due to currency effects.

Operating expenses increased 18% to $4.7 million (H1 2020: $4.0 million)

Cash used in operations decreased 29% to $1.5 million (H1 2020: $2.1 million)

$9.1 million (net of expenses) was raised in March 2021; the Company's cash reserves at 30 June 2021 were $11.1 million.

Operational highlights:

Harpin ��β revenue increased by 26% to $2.4 million (H1 2020: $1.9 million). Sales in EMEAA of $1.3 million were up 76% on H1 2020. In-market sales in the US showed continued strong growth but sales ex PHC were flat at $0.6 million, as customer inventory reduced further. Sales to Brazil for sugar cane ($0.3 million) were affected by drought.

Covid-19 has impacted sales growth in Brazil and Mexico by limiting field promotion activities.

Preparation for the launch of Saori (PHC279) in Brazil is advancing well. The regulatory submission of PHC279 in the USA is on track, with approval expected in Q3 2022.

 

Dr Christopher Richards, CEO, commented:

"In-market Harpin ��β sales growth in the first half of 2021 were most encouraging. Our distributors in the USA have reported growing product adoption, in line with the prior year, in both corn and specialty crops. Sales ex PHC to the US distributors are mostly made in the final quarter of the year.

 

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 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.

 

The world remains an uncertain place, as shown by the effects of Covid-19 on sales in Brazil and Mexico. The Board expects trading for the full year to be in line with management expectations.

 

Following the successful equity raise in March 2021, the Board has approved measured investments to accelerate the market entry of PHC279 and PHC949, which are expected to pay back in 2023 - 24. The Board intends to maintain a conservative approach to cash management, targeting cash breakeven within existing cash reserves."

 

The Company expects to announce its interim results for the period ended 30 June 2021 in early September 2021.

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

For further information, please contact:

 

Plant Health Care plc

Chris Richards, Chief Executive Officer

Tel: +1 919 926 1600

Jeffrey Hovey, Chief Financial Officer

Vox Markets

Katrina Perez

Tel: +44 0 7881 622 830

Arden Partners plc - Nomad and Joint Broker

John Llewellyn-LLoyd / Antonio Bossi (Corporate Finance)

Tel: +44 (0) 20 7614 5900

James Reed-Daunter (Equity Sales)

Cenkos Securities plc - Joint Broker

Tel: +44 (0) 20 7391 8900

Neil McDonald / Peter Lynch

 

 

Company website: www.planthealthcare.com

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TSTRJMRTMTJTBIB
Date   Source Headline
28th Nov 20187:00 amRNSNew Technology Update
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20th Feb 20177:01 amRNSDirector/PDMR Shareholding
20th Feb 20177:00 amRNSBlock listing Interim Review
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