United Kingdom
April 8, 2016

Plant Health Care (AIM: PHC), a leading provider of novel patent-protected biological products to the global agriculture markets, announces its preliminary results for the full year ended 31 December 2015. 

2015 Highlights

• Signed agreements with four of the six major agrochemical companies to evaluate Innatus™ 3G, the first family of peptides generated from PHC's PREtec (Plant Response Elicitor) platform
• Increased R&D spending by 101% to $4.1m and significantly expanded our laboratory space
• Revenue increased by 15% in constant currency, 9% in USD to $7.5m ($6.9m in 2014)
• Harpin revenue rose 22% to $3.9m; Harpin sales increased by 35% CAGR 2013-2015
• Derived 60% of total revenue from proprietary sales of Harpin and Myconate
• Gross profit increased by 34% to $4.7m ($3.5m in 2014); Gross margin increased to 62% (51% in 2014)
• Received first product registration in Brazil
• Expanded distribution agreement with Sym-Agro
• Signed distribution agreement with TH Agri-Chemicals

Paul Schmidt, CEO, commented:

"2015 was a year of significant achievement for us in both our New Technology and Commercial business lines.  With respect to New Technology, which is focused on the discovery and early development of novel proprietary biological solutions using the Group's PREtec platform (PREtec signifies Plant Response Elicitor technology), the four evaluation agreements we signed with major players for our Innatus™ 3G family of peptides indicate the potential benefits this technology can provide.  We look forward to working with our partners to further develop and commercialise these peptides. On the Commercial side, sales of Harpin have now increased at a 35% CAGR since 2013. The substantial 34% increase in Gross Profit reflected improved margins, largely driven by the increasing proportion of Harpin in our total sales. The achievement of a key registration approval in Brazil, the world's largest agricultural market, together with new and expanded distribution agreements signed in 2015 in the USA and EU will continue to drive sales growth in the future.

Biologicals remain at the forefront of agricultural evolution and Plant Health Care continues to be well positioned to capitalise on this trend. We are increasingly confident that our PREtec platform technologies have block-buster potential and expect to present further families of peptides to potential partners beginning in 2016.  With the extensive experience and proven track record of our executive and management teams we look forward to advancing our strategic initiatives as we build upon our position as a leader in the agricultural biological marketplace."

Read the complete release

Website: http://www.planthealthcare.co.uk

Published: April 10, 2016