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15 Jan 2014 07:00
15 January 2014
Plant Health Care plc
("Plant Health Care" or "the Company")
Trading Update
Plant Health Care plc, ("PHC"), a leading provider of novel patent-protected biological products to the global agriculture markets, provides the following update for the 12 months to 31 December 2013 ahead of its full year results announcement on 24 March 2014.
Trading continues to be in line with the Board's expectations. The full year results will reflect the implementation of the new strategy that was announced following the US$20 million fundraising completed in April 2013.
In September's interim results statement, PHC reported significant progress, most notably:
· New management in place in new headquarters in Raleigh, North Carolina
· New Development and Commercial agreements with Arysta LifeScience and others
· Moved to expanded research facilities in Seattle which enhanced and accelerated investment in the discovery and evaluation of a new generation of Harpin products
In the second half of the year, implementation of the new strategy has continued:
· In July, the Company's agreement with Monsanto was discontinued and PHC recovered its globally licensed rights to Harpin as a seed treatment.
· In September, Jeff Hovey was appointed Chief Financial Officer. Since joining, he has completed the transfer of the Company's administration and accounting functions from Pittsburgh to Raleigh. The Pittsburgh office was closed on 31 December 2013.
· In November, PHC completed the sale of its non-core European distribution activities while retaining a core capability in the UK and Spain to enable the continued exploitation of Europe, South Africa and certain other non-American markets.
All of these actions have been achieved in line with the targets set out at the time of the fundraising.
The full year results will reflect these changes and will set out the contribution from our continuing activities and those relating to discontinued and non-core activities.
~ ENDS ~
For further information, please contact:
Plant Health Care plc | |
Paul Schmidt, Chief Executive Officer | Tel: +1 919 926 1600 |
Liberum Capital - Nomad and Broker | |
Clayton Bush / Thomas Bective | Tel: +44 (0) 20 3100 2222 |
Powerscourt | |
Sophie Moate / Nick Dibden | Tel: +44 (0) 20 7250 1446 |
About Plant Health Care plc: Plant Health Care is a leading provider of patent protected biological products aimed at the agriculture industry that are environmentally beneficial. Through the commercialisation of these products, Plant Health Care is capitalising on current long-term trends toward natural systems and biological products for plant care and soil and water management.
Further information is available at: www.planthealthcare.com
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