Last checked at 27 Oct 2022 07:00
27 October 2022
PLANT HEALTH CARE plc
("Plant Health Care" or the "Company")
Trading Update
Plant Health Care® (AIM: PHC.L), a leading provider of novel patent-protected biological products to global agriculture markets, is pleased to provide the following trading update for the year ending 31 December 2022 ("FY22").
The Company is building on its excellent start to the year, despite the challenging macroeconomic conditions, due to the growing demand for Harpin αβ in North and South America and the successful launch of Saori in Brazil.
The Company can confirm that, as a result of this strong performance, it anticipates revenue for FY22 to be materially ahead of market expectations and will deliver revenue in excess of $11.3 million in the current year. LBITDA and cash burn will still be in-line with market expectations due to increased investment in product promotion and in inventory, to support accelerating expectations of revenue and profit growth in 2023 and beyond.
Plant Health Care continues to expand into new markets around the world and is growing its relationships with major global distribution partners. Plant Health Care is on track to achieve revenue of $30 million by 2025 through the launch of new peptides, and organic business growth through current and future distributor relationships.
In addition, and further to the various board changes announced in May 2022 which saw Richard Webb step down as Non-Executive Chairman, the Board plans to shortly launch a process to identify and appoint a new Non-Executive Director. The Board is committed to the continuous diversification and development of its membership and will seek to identify candidates with particular competencies in Corporate Governance, IR and Remuneration.
Jeff Tweedy, CEO of Plant Health Care, said: ‟Our revenue growth in 2022 and the positive momentum we have seen in the business over the past two years is very pleasing. The increased revenue growth this year makes us confident that we are on track to achieve revenue of $30 million by 2025 and achieve cash breakeven within our existing cash reserves."
For further information, please contact:
Plant Health Care plc Jeff Tweedy, CEO | +1 919 926 1600 |
Cenkos Securities plc - Nomad & Broker Neil McDonald / Pete Lynch | +44 (0) 131 220 9771 |
SEC Newgate (Financial Communications) Robin Tozer / Richard Bicknell / George Esmond | +44 (0)7540 10666 phc@secnewgate.co.uk |
About Plant Health Care
Plant Health Care offers products to improve the health, vigour and yield of major field crops such as corn, soybeans, potatoes and rice, as well as specialty crops such as fruits and vegetables. We operate globally through subsidiaries, distributors and supply agreements with major industry partners. Our innovative, patent-protected biological products help growers to protect their crops from stress and diseases, and to produce higher quality fruit and vegetables, with a favourable environmental profile. Find out more at www.planthealthcare.com
This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation No 596/2014 which is part of English Law by virtue of the European (Withdrawal) Act 2018, as amended.