Plant Health Care pre-tax losses widen

24th Mar 2014 08:34

- Losses widen as it absorbs restructuring costs- R&D efforts sparked very positive early indicators- Starting to deliver new distribution and license agreementsFertiliser group Plant Health Care said full-year losses widened as it absorbed 2.1m dollars in restructuring and development cost during the period.The group, which provides patent-protected biological products to the global agriculture markets, posted a full-year pre-tax loss of $6.9m from $6.5m loss a year earlier. Revenue for the year to December 31st 2013 rose to $7.5m from $6.2m. Chief Executive Paul Schmidt said: "2013 was a year of significant change for Plant Health Care. Following the successful completion of a $20.3m fundraising in April, the Board undertook a strategic review, which resulted in a streamlining and enhanced focus of the business with a substantial increase in R&D investment."Our R&D efforts have produced very positive early indicators, particularly for third-generation Harpins, and we are receiving renewed interest from third parties in the possibilities of Myconate."The group reported 52% growth in Harpin and Myconate sales to $3.8m during the year. Myconate is a patented, synthetic compound that is used to stimulate fungi in soil, improving crop yields, it explained."With the creation of a Business Development function, we have enhanced our ability to take existing and future products to market and are starting to deliver new distribution and license agreements, which will drive increased sales," said Schmidt. CJ