United Kingdom
September 14, 2016

Plant Health Care (AIM: PHC.L), a leading provider of novel patent-protected biological products to global agriculture markets, announces its interim results for the six months ended 30 June 2016. 

Financial Highlights

• Revenue was $2.9 million versus $3.2 million for the six months ended 30 June 2015. Excluding a one-time milestone payment in 2015, revenue was flat in spite of a strong US dollar.
• Sales of Harpin 𝜶β increased by 30%
• Gross margin decreased to 59% from 63%
• Operating expenses increased due to the one-time costs related to a potential US listing ($1.1m), increased investment in New Technology ($0.9m) and a (non-cash) decrease in the value of Sterling loans from our UK subsidiary. 
• Operating loss increased to $6.6 million versus $3.1 million for the same period last year
• Successful capital raise of $10.0 million completed in August 2016

Operational Highlights

• Continued strong growth of Harpin 𝜶β sales, with greater than 30% CAGR over past three and a half years
• Successful launch of Harpin 𝜶β in Mexico
• Continued evaluation of Innatus 3G by four major industry players
• Continued substantial New Technology progress, including the characterisation of two platforms in addition to Innatus 3G
• Further positive field trial results with Harpin 𝜶β, including on sugar cane in Brazil, as well as with various PREtec peptide candidates on a number of crops

Dr. Christopher Richards, Executive Chairman, commented:

"During the first six months of 2016, we have made further solid progress in building the sales momentum of Commercial Products; trading conditions have recently become increasingly challenging and we expect headwinds in the second half, with continuing revenue growth anticipated in 2017. We are also making great strides in the development of our PREtec New Technology. With the completion of the $10 million placement in August 2016, we are now confident of delivering first revenues from our PREtec peptide platforms and of bringing our Commercial business to profit, within our existing cash resources."

Complete release

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

Published: September 14, 2016