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Plant Health Care shares surge as it reports double digit revenue growth

Published: 11:47 24 Jan 2018 GMT

plant
Plant Health Care provides biological products for crops

Plant Health Care PLC (LON:PHC) shares jumped after the agriculture company reported a 22% increase in full year revenue.

The group, which provides biological products for crops, said revenue for the year to December 31, 2017 came to US$7.7mln at constant currency.

Innatus 3G technology tested by five of the top agricultural companies

Strong growth in Europe and Africa offset weak sales in Mexico and delayed sales in Brazil due to importation issues.

Shares surged 40.6% to 20.40p in late morning trading.

The group said its Innatus 3G technology was tested by five of the top agricultural companies in 2017.

 Four companies ran field trials for the control of Asian Soybean Rust, a fungal disease of soybeans.

The results of the trials are expected to be released in the second quarter of 2018.

Resumption of revenue growth

Interim chief executive Chris Richards said the successful conclusion of the trials is expected to lead to a competitive auction of exclusive rights to this platform in South America soybeans in 2018. 

“On the commercial side, we are pleased to report the resumption of revenue growth,” Richards added.

“We are particularly pleased that this growth is broadly based, with targeted marketing programmes delivering strong growth in a wide range of countries.

“This is also delivering a more even distribution of sales through the year.”

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