Plant Health Care - Trading Statement
Trading Update and Notification of Interim Results
• Revenue was
• Gross margin increased to 59% (H1 2019: 57%) due to sales mix.
• Operating expenses decreased 10% to
• Cash used in operations decreased 25% to
• Harpin revenue increased by 43% to
• 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
• Scaling up of production of PHC279 is in hand, in preparation for first launches before the end of 2021.
"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
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
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Arden Partners plc - Nomad and Broker
Company website: www.planthealthcare.com
This information is provided by RNS, the news service of the
Quick facts: Plant Health Care plc
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