18th May 2023 12:11
(Alliance News) - Plant Health Care PLC shares jumped on Thursday, after it said it plans to remain listed on London's AIM market.
Plant Health Care is a North Carolina, US-based provider of agricultural biological products and technology focused on improving crop performance.
The stock was up 8.5% to 11.07 pence each in London around midday Thursday. The stock remains down 6.4% over the past 12 months.
At the start of May, Plant Health Care said its pretax loss widened to USD9.4 million in 2022 from USD6.4 million in 2021. Revenue increased by 40% to USD11.8 million from USD8.4 million.
At the time, Plant Health Care said it would consult with shareholders as to whether AIM remained the right venue for the company's shares.
On Thursday, Plant Health Care said that it remains committed to its listing on AIM, despite the broad view that the company is currently "under-valued".
"The company has made significant strategic and commercial progress over recent years and is on track to deliver long-term targeted revenue, cash breakeven and profitability, in line with its strategy. It was clear in the consultation process that investors are consistently supportive of the company's track record of delivering growth over recent years," it said.
"Moreover, the board is encouraged that a number of shareholders were supportive of providing further capital to accelerate organic growth, if justified by returns over the current plan."
Non-Executive Chair Chris Richards said: "The company will seek to continue delivering commercial progress through a diversified product offering and enhanced geographic reach. We have developed the exciting PREtec platform to deliver our future product pipeline and HarpinaB continues to demonstrate strong growth. Delivering revenue growth of 40% in FY22 is testament to the quality of the management team and we remain on track to achieve our target of USD30 million revenue in 2025, achieving cash breakeven and profit along that track."
By Sophie Rose, Alliance News reporter
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