Plant Health Care PLC (AIM:PHC, OTCQB:PLHCF) forecast a strong second half of 2021 and says it will achieve material revenue growth for the full year.
The biological products developer also unveiled a new partnership with Nutrien Ag Solutions to launch its novel Saori soybean seed treatment in Brazil, the world's largest producer of this pea.
READ: Plant Health Care wins approval for Harpin fertiliser in Argentina
Asian soybean rust, caused by the fungus Phakopsora pachyrhizi, is a disease that can lead to a crop yield loss of up to 90%. Brazilian soybean farmers spent US$2.85bn on disease control in the 2019/20 season.
The AIM-listed group is also preparing for the first launches of PHC279, tapping a market estimated to reach US$5bn.
It said it will reach breakeven using its own cash resources, taking “whatever steps are necessary”, including cutting cash expenses.
In the six months ended 30 June, revenue jumped 13% to US$3.5mln while adjusted loss widened to US$2.3mln from US$1.8mln last year. Cash and cash equivalents including investments were US$11mln at period-end.
Shares rose 6% to 12.88p on Wednesday morning.