Plant Health Care PLC Trading Update (2480E)
27 October 2022 - 5:00PM
UK Regulatory
TIDMPHC
RNS Number : 2480E
Plant Health Care PLC
27 October 2022
27 October 2022
PLANT HEALTH CARE plc
("Plant Health Care" or the "Company")
Trading Update
Plant Health Care(R) (AIM: PHC.L), a leading provider of novel
patent-protected biological products to global agriculture markets,
is pleased to provide the following trading update for the year
ending 31 December 2022 ("FY22").
The Company is building on its excellent start to the year,
despite the challenging macroeconomic conditions, due to the
growing demand for Harpin <ALPHA><BETA> in North and
South America and the successful launch of Saori in Brazil.
The Company can confirm that, as a result of this strong
performance, it anticipates revenue for FY22 to be materially ahead
of market expectations and will deliver revenue in excess of $11.3
million in the current year. LBITDA and cash burn will still be
in-line with market expectations due to increased investment in
product promotion and in inventory, to support accelerating
expectations of revenue and profit growth in 2023 and beyond.
Plant Health Care continues to expand into new markets around
the world and is growing its relationships with major global
distribution partners. Plant Health Care is on track to achieve
revenue of $30 million by 2025 through the launch of new peptides,
and organic business growth through current and future distributor
relationships.
In addition, and further to the various board changes announced
in May 2022 which saw Richard Webb step down as Non-Executive
Chairman, the Board plans to shortly launch a process to identify
and appoint a new Non-Executive Director. The Board is committed to
the continuous diversification and development of its membership
and will seek to identify candidates with particular competencies
in Corporate Governance, IR and Remuneration.
Jeff Tweedy, CEO of Plant Health Care, said: "Our revenue growth
in 2022 and the positive momentum we have seen in the business over
the past two years is very pleasing. The increased revenue growth
this year makes us confident that we are on track to achieve
revenue of $30 million by 2025 and achieve cash breakeven within
our existing cash reserves."
For further information, please contact:
Plant Health Care plc
Jeff Tweedy, CEO +1 919 926 1600
Cenkos Securities plc - Nomad &
Broker
Neil McDonald / Pete Lynch +44 (0) 131 220 9771
SEC Newgate (Financial Communications) +44 (0)7540 10666
Robin Tozer / Richard Bicknell phc@secnewgate.co.uk
/ George Esmond
About Plant Health Care
Plant Health Care offers products to improve the health, vigour
and yield of major field crops such as corn, soybeans, potatoes and
rice, as well as specialty crops such as fruits and vegetables. We
operate globally through subsidiaries, distributors and supply
agreements with major industry partners. Our innovative,
patent-protected biological products help growers to protect their
crops from stress and diseases, and to produce higher quality fruit
and vegetables, with a favourable environmental profile. Find out
more at www.planthealthcare.com
This announcement contains inside information as stipulated
under the UK version of the Market Abuse Regulation No 596/2014
which is part of English Law by virtue of the European (Withdrawal)
Act 2018, as amended.
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END
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