Harvest Minerals Ltd (AIM:HMI, OTC:HMIFF) forecast substantially increased sales of its organic, multi-nutrient fertiliser KP Fértil for 2022, after sales grew strongly and beat targets last year.
In a statement, the AIM-listed remineraliser producer said accumulated sales of KP Fértil, produced from its Arapua fertiliser project in Brazil, reached 85,030 tonnes last year, which was 6.3% above target and 57% higher than the previous year.
The sales performance represents a 46% compound annual growth rate (CAGR) over the last three years, the company said.
In the fourth quarter, sales totalled 22,984 tonnes, which was 105% above the management’s budget of 11,200 tonnes and represented a 42% increase in total tonnage compared to the final three months of 2020.
Harvest Minerals forecast sales growth of 76% to 150,000 tonnes for the current year, saying substantial sales orders for 2022 started to be placed towards the end of last year.
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"2021 was a breakout year for Harvest. Our annual sales performance has grown exponentially over the last three full years as the quality and value of our product has been recognised by the market,” commented Harvest chairman Brian.
“We have seen repeat clients increasing their orders while adding new clients to our portfolio at a pace faster than anticipated. With a high rate of client retention, continued penetration of our product and very strong end of the year, we have high hopes for 2022.”
Harvest shares jumped 13.74% to 5.74p in midmorning trade.