Plant Health Care lowers guidance

16th Jun 2010 15:19

Biological fertiliser maker Plant Health Care has lowered its expected pre-tax profit for the year following reduced sales of its lead product Harpin.The group said it believes this is a onetime event and deliveries of Harpin will realign with its expectations beginning with the 2011 marketing year."Whilst it is still early in the season and therefore difficult to forecast uptake the 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," the group said."Accordingly, whilst the board will provide further updates as soon as possible, it is likely that it will not have much visibility on sales until the latter part of the year.""The board also confirms that 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 added.Shares in the group are currently 33% lower at 116 pence.