Harvest Minerals Ltd (AIM:HMI, OTC:HMIFF) said sales of fertiliser remain a challenge in its target market of Brazil as farmers continue to cut back due to low crop prices and high energy bills.
Sales in the six months to end June 2023 fell 74% to 7,280 tonnes (t) and though traditionally this is the weaker half of the year, volumes to date remain below expectations, Harvest added.
Targets for the year have already been reduced to 70,000t and Harvest said it has cut the price of KP Fertil, its main product, to encourage buying.
Directors agreed to a pay pause from the second quarter of this year to save cash until the market picks up again.
Interim revenues were £931,000 (£2.7 million) and losses £1.6 million (£883,000).