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Plant Health Care's investment in development sparks operating loss
StockMarketWire.com
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Biological product development firm Plant Health Care, which serves the agricultural sector, has reported an operating loss of $3,568,000 (£2,569,000)
Falling commercial sales in North America and Mexico were somewhat offset by gains in the smaller markets of EMEAA and South America.
Heavy expenditure in research and development could not be offset by higher revenues than 2019. Gross margin remained steady at 56% (2019: 56%) although the firm experienced a cost increase in Harpin due to the US tariffs with China but was able to maintain margin versus 2019 levels due to increased Harpin sales in several regions.
Harpin α represented 56% of sales in 2020 (2019: 59%).
The Group's revenue, gross margin and LBITDA is weighted towards the second half of the financial year.
Richard Webb, chairman commented: Despite all the disruption, we delivered year on year revenue growth in 2020. Operating cost savings were also delivered, and a further improvement in working capital over 2020.
In March 2020 we completed a $4.4 million fundraise at 8p per share in the teeth of an emerging international crisis and stock market downturn. Post year end, in March 2021 we completed a $9.1 million (net of costs) fundraise at 14p per share, to finance accelerated PREtec product launches and address opportunities in Europe.
At 9:22am: (LON:PHC) Plant Health Care PLC share price was 0p at 9.7p
Story provided by StockMarketWire.com
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