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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 theUK , for exclusive access to Harpin αβ for all crops in theUK
PREtechighlights:
- Successful launch of Saori® (PHC279), the world’s first commercial PREtecregistration, 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:
Post year end, we have seen continued growth into 2022 as we continue to progress to achieve scale by building key distributor relationships on a global basis.
Saori is expected to be a significant driver of growth. It has the potential to deliver disease control and yield increase worth approximately
The Board remains confident that the Company is on track to deliver cash breakeven within existing financial resources.
“The Commercial business is now profitable and cash generative and set to deliver profitable growth over the coming years. Strong Harpin αβ revenue growth, combined with the first of many product launches from the PREtec platform, mark a very strong year for
“Plant Health Care has established core relationships with four of the largest global agricultural distributors, giving us scale in key markets. Harpin αβ sales growth of 55% was driven by substantial increases in all Regions. In
“The launch of Saori into
“We plan multiple launches of PREtec products into other large markets over the coming years, following an investment of more than
“We have good visibility to future revenue growth expectations from our distributors and are confident that the momentum within the business will continue into 2022 and beyond. We remain on track to deliver cash breakeven within existing resources.”
For further information, please contact:
Arden Partners plc - Nomad & Joint Broker Tel: +44 (0) 20 7614 5900
Cenkos Securities plc - Joint Broker Tel: +44 (0) 20 7391 8900
Vox Markets - Digital investor relations Tel: +44 (0) 7866 384707
About Plant Health Care
About Nutrien
Nutrien is the world's largest provider of crop inputs and services, playing a critical role in helping growers increase food production in a sustainable manner. We produce and distribute 27 million tonnes of potash, nitrogen and phosphate products world-wide. With this capability and our leading agriculture retail network, we are well positioned to supply the needs of our customers. We operate with a long-term view and are committed to working with our stakeholders as we address our economic, environmental and social priorities. The scale and diversity of our integrated portfolio provides a stable earnings base, multiple avenues for growth and the opportunity to return capital to shareholders.
About the Wilbur-Ellis Companies
Founded in 1921, the Wilbur-Ellis companies are leading international marketers and distributors of agricultural products, animal feed, industrial chemicals, specialty chemicals and ingredients. By developing strong relationships, making strategic market investments and capitalizing on new opportunities, the Wilbur-Ellis companies have continued to grow the business with sales now over
Wilbur-Ellis' Agribusiness generates more than
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Contact Details
+1 919-926-1600
info@planthealthcare.com
Company Website
https://www.planthealthcare.com/
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