Plant Health Care Cuts Pretax Profit Forecast As Sales Slump

16th Jun 2010 11:31

LONDON (Dow Jones)--Plant Health Care PLC (PCH.LN), a provider of biologically based products for agriculture, said Wednesday it has cut its pretax profit forecast for the year after sales of its Harpin product slumped. MAIN FACTS: -Board believes this is a onetime event and the excess inventory will be moved through the customer's existing channels by year end and deliveries of the Harpin product will realign with its expectations beginning with the 2011 marketing year. -Board considers that it would be prudent to anticipate that the level of sales into this channel in 2010 may be 50% or more below the previously expected levels. -It is likely that it will not have much visibility on sales until the latter part of the year. -Board confirms discussions with other potential licencees for Harpin continue to progress well and remains confident of achieving further agreements during the year for application on other crops. -It is expected that the interim results will be released by early Sept. at which time a f urther update will be provided as to the Board's expectations for the current year. -At 1027 GMT shares down 19 pence, or 10%, at 155 pence. -By Elliott Ball, Dow Jones Newswires; 44-20-7842-9314; [email protected] (END) Dow Jones Newswires June 16, 2010 06:31 ET (10:31 GMT)