Plant Health Care - Trading Update

Plant Health Care

27/10/2022 07:00

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RNS Number : 2480E  Plant Health Care PLC  27 October 2022

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                                +1 919 926 1600
 Jeff Tweedy, CEO
 Cenkos Securities plc - Nomad & Broker               +44 (0) 131 220 9771
 Neil McDonald / Pete Lynch
 SEC Newgate (Financial Communications)               +44 (0)7540 10666
 Robin Tozer / Richard Bicknell / George Esmond       phc@secnewgate.co.uk (mailto: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 (http://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.

 

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