DGAP-News
Plant Health Care, plc
DGAP-News: Plant Health Care February 1st, 2022 - Plant Health Care(R) (AIM.PHC.L), a leading provider of novel patent-protected biological products to global agriculture markets, announces its trading update for the 12-month period to 31st December. All results provided are preliminary and subject to completion of the 2021 audit. |
Financial and Commercial highlights:
-
Revenue increased 28% to $8.4m (2020: $6.6m)
- 24% increase in constant currency
- Gross margin expanded 300 basis points to 59% (2020: 56%).
- The Commercial business increased its EBITDA and was cash positive for the period.
- The Company invested $3.7m (2020: $2.7m) during the year, as PREtec ramps up for commercial launches
- Substantial improvement in working capital
- Cash and cash equivalents as at 31st December was $9.2m
- Awarded the LSE's Green Economy Mark
Harpin αβ highlights:
- Harpin αβ sales increased by 55% to $6.0m.
- Revenue with each of our three large distributors was over $1m for the period
- New distribution agreement with Agrii, a leading distributor in the UK, for exclusive access to Harpin αβ for all crops in the UK
PREtec highlights:
- Successful launch of Saori(R) (PHC279), the world's first commercial PREtec registration, in partnership with Nutrien in Brazil, the world's largest soybean market (40m Hectares).
- Registration of PHC279 on track for first USA launch in speciality crops ($1 billion market value), in partnership with Wilbur-Ellis, in the second half of 2022, once necessary regulatory approvals have been received.
- Low-cost production agreement for PHC279 signed with a leading European-based biomanufacturing company; secures capacity to accommodate long-term growth in demand and ensures gross margin comparable to that of Harpin αβ (70 - 75%).
- PHC949 regulatory submission filed with EPA in January 2022. Product development continues with Wilbur-Ellis and other potential partners; with US launches anticipated following registration in 2023.
Outlook:
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