Chesham, Buckinghamshire, United
Kingdom
March 31, 2008
PLANT HEATH CARE PLC
(“Plant Heath Care” or “the Company”)
Results for the year ended 31 December 2007
Plant Heath Care,
(AIM: PHC.L), a leading provider of natural products for plants
and soil, announces its results for the year ended 31 December
2007.
Financial highlights:
- Turnover up 34% to $18.3
million (2006: $13.7 million)
- Gross profit up 37% to
$8.4 million (2006: $6.1 million)
- Gross margin up from 44.7%
to 45.6%
- due to upfront fee income from our partners and entry into
the higher margin Harpin business
Loss before exceptional costs, costs of share-based
payments, interest and taxation of $4.4 million (2006: loss
$2.5 million)
- Net loss of $5.4 million
(2006: loss of $3.0 million)
- Net cash at 31 December of
$9.8 million (2006: $3.7 million)
Operational highlights:
- First Myconate
manufacture and supply agreement signed with Bayer
Cropscience in January 2007
- exclusive for seed-coated corn, soybean, cotton and
sunflower
- Agreement signed with
Monsanto to evaluate, develop and commercialise certain
applications of the Harpin-based technology
- made possible by the acquisition of the Harpin
intellectual property from Eden Bioscience
- Significant
contribution from US agriculture division in its first
full year of operation
- New share capital of
$10 million raised in September
- Post year end: Steve
Weaver appointed to the Board of Directors as Finance
Director on 28 March 2008
Commenting on the results,
Chief Executive John Brady said: “Last year was another
important one for Plant Health Care. We signed our first two
major partnership deals with Bayer CropScience and Monsanto for
Myconate and Harpin respectively. These agreements have taken us
further towards achieving our goal of becoming the world's
leading supplier of natural products for the promotion of plant
heath and growth.
“Plant Health Care's ability to fulfil the need for higher
yields on existing land has been validated by these partnership
deals. With our stable of effective natural technologies, we are
extremely well positioned to offer further solutions to help
meet this global challenge, and as such, the macro environment
remains favourable.
“In 2007 we continued our pursuit of sales growth. Our
performance was pleasing with record revenue in almost all
business units; in particular, in its first full year of
operation, our US agriculture division successfully introduced
Plant Health Care into what will be an important market for our
future success.”
Plant Heath Care was established in 1995 in Pittsburgh
(Pennsylvania) in the United States. Its products are aimed at
the agriculture, commercial landscaping and land reclamation
industries, through both direct sales and supply and
distribution agreements with major agrichemical industry
partners. Plant Health Care‟s products create both environmental
and economic benefits for our customers and capitalise upon
long-term trends towards natural systems and biological products
to provide plant health and growth. |
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