Plant Health Care PLC on Monday reported an ‘exceptional’ start to the year, with revenue up significantly in the first half of 2022.
In the six months to June 30, revenue rose jumped 60% to $5.6 million from $3.5 million.
Sales in South America more than quadrupled to $1.3 million from $300,000 as a result of the launch of the first PREtec product, Saori, in Brazil. The product aims to make soy plants healthier, improve the resistance to multiple diseases, and increase its yield.
In North America, sales more than doubled to $1.4 million from $600,000. In the US, sales focused on grapes, citrus, and specialty crops, though the company said it has plans to extend into cotton and soybeans.
Chief Executive Jeff Tweedy said: ‘This has been an exceptional start to the year with revenue up significantly. This gives us confidence that we will meet market expectations for the full year. Our ambitious target to deliver $30 million of sales in 2025 is on track. Our strong performance was driven by the growing demand for Harpin ab in North America and the launch of Saori in Brazil last year.’
Harpin ab revenue increased 37% to $3.3 million from $2.4 million. Harpin ab is a biostimulant that promotes the yield and quality of crops.
The company expects to publish its half-year results in early September.
Shares in the North Carolina-based agricultural products firm were up 13% at 10.00 pence on Monday morning in London.
Copyright 2022 Alliance News Limited. All Rights Reserved.
