Plant Health Care PLC Trading Statement (3733U)
29 Julio 2020 - 1:00AM
UK Regulatory
TIDMPHC
RNS Number : 3733U
Plant Health Care PLC
29 July 2020
29 July 2020
PLANT HEALTH CARE plc
("Plant Health Care" or the "Company")
Trading Update and Notification of Interim Results
Plant Health Care (R) , 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 2020.
Financial highlights:
-- Revenue was $3.1 million (H1 2019 $2.7 million) an increase
of 15% year-on-year (24% in constant currency).
-- Gross margin increased to 59% (H1 2019: 57%) due to sales
mix.
-- Operating expenses decreased 10% to $3.6 million (H1 2019:
$4.0 million)
-- Cash used in operations decreased 25% to $2.1 million (H1
2019: $2.9 million).
$4.4 million (net of expenses) was raised in February 2020; the
Company's cash reserves at 30 June 2020 were $5.1 million.
Operational highlights:
-- Harpin revenue increased by 43% to $1.9 million. Revenue in
the US increased 50% to $0.6 million, alongside a strong sales
season in both corn and specialty crops. Sales to Brazil for sugar
cane ($0.35 million) resumed, as local inventory reduces.
-- Covid-19 has had limited impact on the business to date; some
local revenue shortfalls have been compensated by sales growth
elsewhere, but we remain cautious on potential impact in the
future.
-- Regulatory submissions of PHC279 in the USA and Brazil are
progressing, with approval in both countries expected by 3Q
2021.
-- Scaling up of production of PHC279 is in hand, in preparation
for first launches before the end of 2021.
Dr Christopher Richards, CEO, commented:
"The Company's revenue growth in the first half of 2020 is a
strong performance, which demonstrates the merits of exposure to
agriculture, as an essential industry. The exceptional growth in
the US reflects the strong support we are receiving from our major
distribution partners and the resulting wide market access. In
Brazil, the collapse in the price of ethanol, driven by the low
global oil price, has proved a major challenge for sugar mills;
on-ground sales of H2Copla have nonetheless grown strongly.
After robust sales in the first quarter, the onset of Covid-19
caused the Company to put in place cash saving measures to protect
liquidity in a highly uncertain environment. While trading
continued to show decent growth in the second quarter, the effects
of Covid-19 have not yet played out fully around the world. The
Board is therefore continuing its cautious approach and the Company
will not be reinstating financial guidance at this time."
The Company expects to announce its interim results for the
period ended 30 June 2020 in early September 2020.
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, Executive Chairman and Interim CEO Tel: +1 919 926 1600
Jeffrey Hovey, Chief Financial Officer
Arden Partners plc - Nomad and Broker
John Llewellyn-Lloyd / Dan Gee-Summons (Corporate Finance) Tel: +44 (0) 20 7614 5900
James Reed-Daunter (Equity Sales)
Company website: www.planthealthcare.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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