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Plant Health Care H1 revenue growth partially offset by currency headwinds
26th Jul 2021 08:00
(Sharecast News) - Agricultural products developer Plant Health Care said on Monday that interim revenue growth had been offset by a modest decrease in gross margins and higher operating expenses.
Plant Health stated that revenues had grown 13% to $3.5m in the six months ended 30 June, driven by increased sales in the US and Europe.
However, the AIM-listed firm also cautioned that gross margins had contracted from 59% to 56% due to currency effects and added that operating expenses had increased 18% throughout the half to $4.7m.
Cash used in operations decreased 29% to $1.5m.
Chief executive Dr Christopher Richards said: "The world remains an uncertain place, as shown by the effects of Covid-19 on sales in Brazil and Mexico.
"The board expects trading for the full year to be in line with management expectations."
As of 1045 BST, Plant Health shares were down 4.79% at 13.90p.
Plant Health stated that revenues had grown 13% to $3.5m in the six months ended 30 June, driven by increased sales in the US and Europe.
However, the AIM-listed firm also cautioned that gross margins had contracted from 59% to 56% due to currency effects and added that operating expenses had increased 18% throughout the half to $4.7m.
Cash used in operations decreased 29% to $1.5m.
Chief executive Dr Christopher Richards said: "The world remains an uncertain place, as shown by the effects of Covid-19 on sales in Brazil and Mexico.
"The board expects trading for the full year to be in line with management expectations."
As of 1045 BST, Plant Health shares were down 4.79% at 13.90p.