Losses narrow at Plant Health Care

15th Aug 2011 09:17

Fertiliser group, Plant Health Care, said it was looking to the future with "renewed optimism" after cutting losses in the first half of 2011.The firm posted operating losses of £3.74m for the six months to the end of June, compared to a £4.55m loss the year before. Loss before tax narrowed to $3.67m from $4.52m at the half-year stage last year. It said product sales were up 23%, compared with 2010, largely due increased demand for its fertiliser Harpin in Europe, South Africa and Mexico.The numbers were boosted by sale of the company's US retail and landscape business, which netted $2.1m.Plant Health Care said a number of deals in the pipleline were in advanced stages and it had made important progress with its next generation of fertilisers.Chief executive, John Brady, said: "Plant Health Care now has key agreements in place with Monsanto, Syngenta, Germains Seed Technology, Legacy Seeds and INCOTEC Group". "As direct product sales continue to grow and advanced discussions are ongoing with a number of global agrichemical, seed distribution and fertiliser companies, the board looks to the future with renewed optimism," he said.Cash and short-term liquid investments at the end of June stood at $16.8m, up from $13.5m a year earlier.The share price was unchanged on the results.