16th Sep 2013 09:41
LONDON (Alliance News) - Plant Health Care PLC Monday reported a wider loss for its last financial year due to restructuring costs, but revenues jumped due to increased license revenues for its Harpin crop protection products.
The company's net loss for the six months to end-June was USD4.9 million compared with USD3.6 million a year earlier as it booked USD2.2 million of restructuring costs for layoffs and office moves.
Plant Health Care makes products to protect crops from pests and diseases by enhancing natural processes within the plants. It is now focused on two sets of products - Harpin and Myconate. Earlier this year, it terminated a an exclusive deal with Monsanto to develop Harpin products because it was limiting its ability to sign deals with other companies.
It said it was now talking with other potential partners for Harpin products and is confident of getting commercial deals in the near future, while it's also in talks with several companies for the development and commercialisation of Myconate products.
Its sales rose to USD4.8 million, from USD3.5 million, buoyed by a USD2.1 million milestone payment from Arysta LifeScience. Product sales were flat.
"Trading at the beginning of the second half of the year has started positively," the company said in a statement.
Plant Health Care shares were down 3.5% at 70 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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