29th Jan 2019 11:16
LONDON (Alliance News) - Plant Health Care PLC on Tuesday said its revenue increase in 2018, driven by strong growth in the US, where the company is focused on new product launch.
The stock was trading 8.1% higher on Tuesday at 8.16 pence a share.
The company, which provides biological products to agriculture markets, said its revenue rose to USD8.0 million in 2018, up 3.9% from USD7.7 million reported the year before. In constant currency, revenue improved by 7%.
The group reported 32% sales growth in the US to USD2.1 million, driven largely by the launch of a new corn product. The company said it also launched a new soy product in December, sales of which has commenced in January.
Meanwhile, Spain and Mexico grew by 16% and 10%, respectively. However, the strong growth was offset by reduced sales in Europe & Africa, due to slower draw-down of in-market inventory in South Africa.
"Plant Health Care continued to make exciting progress in 2018," said Interim Chief Executive Chris Richards. "The launch of our new corn product in the US holds great promise for future sales growth."
"As previously stated, the company's cash reserves remain sufficient to take us to cash positive in 2020," added Richards.
Plant Health Care expects to announce its annual results in April.
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