30th Mar 2015 11:01
LONDON (Alliance News) - Plant Health Care PLC Monday said its pretax loss narrowed in 2014, primarily due to a lack of restructuring costs that it had booked a year earlier, while its revenue fell and its cost of sales increased.
The company, a biological products provider to agriculture markets, said its pretax loss for the year was USD6 million, compared with a USD6.9 million loss in 2013 when it had booked a USD2.1 million restructuring writedown. Its gross profit, which strips out all other costs barring its cost of sales, was down to USD3.5 million from USD5.2 million in the previous year.
Revenue fell to USD6.9 million from USD7.5 million due to a fall in licence and milestone payments received. The company added that the better margins in 2013 were driven by higher-margin licensing fees recognised that year.
Excluding the milestone and licensing payments, the company said sales of its Harpin and Myconate products increased 44%, with 53% of its total revenue now derived from these two products.
Shares in the company were untraded on Monday, having last traded at 118.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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