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Pin to quick picksPlant Health Regulatory News (PHC)

Share Price Information for Plant Health (PHC)

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Share Price: 3.62
Bid: 3.32
Ask: 3.86
Change: 0.12 (3.46%)
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Open: 3.56
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Trading Statement

29 Jan 2016 07:00

RNS Number : 3769N
Plant Health Care PLC
29 January 2016
 

 

 

PLANT HEALTH CARE plc

 

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

 

 

Trading Update

 

Plant Health Care, a leading provider of novel patent-protected biological products to the global agriculture markets, issues the following post year-end trading update ahead of the announcement of the Company's audited full year financial results for the year ended 31st December 2015, which is expected no later than the first week of April. All results provided are preliminary and subject to completion of the 2015 audit.

 

The Company is pleased to report strong financial performance in FY2015 in line with expectations. Progress with our Plant Response Elicitor technology ("PREtec") platform has accelerated.

 

Financial and Commercial Highlights

- Revenue of approximately $7.5m; growth year over year at constant currency was 15%; 9% growth in US$, largely due to the weakness of the Mexican peso

- Sales of the core Harpin products increased by 22%, driven by strong sales in the United States and Europe; Harpin and Myconate® products represented 57% of sales in 2015 (2014: 53%)

- Gross Margin increased to 62% in 2015 from 51% in 2014

- Cash and cash equivalents at 31st December 2015 were $8.4m

- Revenue growth in Mexico of approximately 14% in local currency

- In conjunction with a significant increase in R&D investment to $5.7m in 2015, the overall operating result was a loss of approximately $7.3m in 2015 as compared to $6.1m in 2014

- A roughly two-fold increase in sales to Sym-Agro, a key partner in the Pacific North West

- Achieved the Company's first product registration in Brazil; now preparing for a launch in sugar cane

 

PREtec Highlights

- Signed four evaluation agreements with major players in the agriculture industry for our first family of PREtec peptides, Innatus 3G

- Completed third year of field trials in corn with Innatus 3G, including one peptide variant with three years of field trial data delivering an average yield increase of 9.6 bushels per acre when applied as a seed treatment compared with industry standard treatments alone, with a win rate of 79%, with data from 19 of 20 sites analyzed to date

- Very promising early results on additional peptide families beyond Innatus 3G

- Significantly strengthened the R&D team in Seattle and our licensing capability; moved into expanded laboratories in 3Q

 

Paul Schmidt, CEO, commented:

"2015 was a pivotal year for Plant Health Care. We made substantial progress in growing our commercial business and advancing our PREtec platform.

We are engaging actively with our evaluation partners for Innatus 3G, our first PREtec peptide family, and are encouraged by positive early results. Field and laboratory trials continue and are anticipated to further reinforce the initial promise of this family.

 

Our expanded research team in Seattle is making rapid strides, and we are very encouraged by the early results of studies on other peptide families beyond Innatus 3G. We intend to continue to evaluate and advance these additional peptide families and anticipate presenting at least one new family to potential partners during 2016.

On the commercial side, sales of Harpin αβ continued to grow; we have recorded 22% CAGR from 2012 to 2015, excluding license payments. This is despite strong headwinds in the agriculture industry due to low commodity prices. Increased demand for both Harpin αβ and Myconate in specialty crops has led to strong sales growth in our Mexico subsidiary as well as via Sym-Agro in the Pacific North West. In Brazil, our partner is conducting a further year of trials in sugar cane, prior to its anticipated launch of Harpin αβ.

 

This is an exciting time for Plant Health Care. We are advancing in line with our strategy and confident in our future direction."

 

 

For further information, please contact:

 

Plant Health Care plc

Paul Schmidt, Chief Executive Officer Tel: +1 919 926 1600

Jeffrey Hovey, Chief Financial Officer

 

Liberum Capital - Nomad and Broker

Clayton Bush / Chris Clarke Tel: +44 (0) 20 3100 2000

 

LHA

Ed McGregor / Jody Burfening Tel: +1 (212) 838 3777

 

Company website: www.planthealthcare.com

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
TSTLFFVILSITFIR
Date   Source Headline
4th Mar 20241:55 pmRNSHolding(s) in Company
24th Jan 20244:27 pmRNSHolding(s) in Company
2nd Jan 20247:00 amRNSBrazil approves TEIKKOâ„¢
20th Dec 20237:00 amRNSBoard Changes and Grant of Options
19th Dec 20233:34 pmRNSHolding(s) in Company
30th Nov 20231:45 pmRNSHolding(s) in Company
28th Nov 20233:16 pmRNSHolding(s) in Company
27th Nov 20234:03 pmRNSHolding(s) in Company
27th Nov 20231:27 pmRNSHolding(s) in Company
24th Nov 20234:19 pmRNSDirector/PDMR Shareholding
24th Nov 202310:57 amRNSDirector/PDMR Shareholding
23rd Nov 20232:31 pmRNSHolding(s) in Company
22nd Nov 20237:00 amRNSTrading Update
31st Oct 20237:00 amRNSChange of Adviser
20th Oct 20237:00 amRNSHolding(s) in Company
3rd Oct 20236:28 pmRNSPlant Health Care PREtec Product with Agrii UK
28th Sep 20237:00 amRNSNew PREtec Products Announced
27th Sep 20237:00 amRNSUnaudited Interim Results
25th Sep 20237:00 amRNSPREtec Products Submitted for Regulatory Approval
31st Aug 20237:00 amRNSNotice of Results & Investor Presentation
18th Aug 20237:00 amRNSNew Product Regulatory Approval In Brazil
1st Aug 20237:00 amRNSApproval for Sale of Harpin aß Granted in Poland
24th Jul 20237:00 amRNSGrant of Options
12th Jul 202312:27 pmRNSHolding(s) in Company
30th Jun 20235:07 pmRNSNotification of Major Holdings
28th Jun 202312:29 pmRNSHolding(s) in Company
27th Jun 20234:08 pmRNSHolding(s) in Company
27th Jun 20231:08 pmRNSDirector Shareholding
23rd Jun 20237:00 amRNSResult of Fundraising
22nd Jun 20234:35 pmRNSFundraising to raise up to US$3.6 million
14th Jun 20237:00 amRNSWilbur Ellis Agreement
13th Jun 20231:43 pmRNSResult of AGM
30th May 20237:00 amRNSHolding(s) in Company
24th May 20231:12 pmRNSHolding(s) in Company
19th May 20235:55 pmRNSPublication of Annual Report and Notice of AGM
18th May 20237:00 amRNSResult of Consultation
9th May 20237:00 amRNSPHC68949 granted first stage of approval in Brazil
2nd May 20237:10 amRNSResults for the year ended 31 December 2022
12th Apr 20232:33 pmRNSNotice of Results
5th Apr 20235:29 pmRNSHolding(s) in Company
8th Mar 20232:45 pmRNSExercise of Options
2nd Mar 20237:00 amRNSBiofungicide PHC279 Approved by US EPA
1st Mar 20237:00 amRNSDirector/PDMR Shareholding
6th Feb 20237:00 amRNSTrading Statement
30th Jan 202312:08 pmRNSSignificant Shareholder
18th Jan 20237:00 amRNSBoard Appointments
12th Jan 20237:00 amRNSNovozymes Distribution Agreement
9th Jan 20237:00 amRNSInvestor Presentation
22nd Dec 20227:00 amRNSNew Products Submitted for Regulatory Approval
28th Oct 20227:00 amRNSRegistration of Harpin in France

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