Plant Health Care adjusts 2010 guidance

27th Jan 2010 08:04

Plant Health Care expects to report a significantly reduced full year loss for 2009, but the natural plant supplement supplier said at least one third of sales previously expected to fall in 2010 are now likely to fall in to the following year.The group said it has to adjust its market guidance for 2010 after a number of major customers want to align the timing of their purchasing of Harpin and other products more closely with their use. Plant Health Care traded profitably in the last six months and now expects to report a significantly reduced full year loss. It made a pre-tax loss of $3.9m in the first half of the year.The group said it has continued to make excellent progress in its partnership with Monsanto with significantly larger orders placed for Harpin (for use on Soybean), during 2009, than had originally been expected. It also continues to be in discussions regarding the use of Harpin on other crops than soybean and remains confident of reaching a conclusion to those discussions before the end of the Summer, with a consequent positive impact on the company's earnings in 2010. In addition, the group continues to be in advanced talks with a wide variety of potential partners for both Harpin, as a foliar spray in combination with herbicides and fungicides, and for Myconate and remains confident that it will be in a position to conclude partnership deals on both these products before the end of 2010. Chief executive John Brady said: '2009 was an excellent year for Plant Health Care. For the first time one of our natural technologies will be on millions of acres and interest in our sustainable, naturally derived technologies is high.'