Plant Health Care says annual losses lower than expected

10th Jan 2013 14:09

Plant Health Care said on Thursday it expects annual results to show an operating loss 'slightly better than expectations'. In a trading update, the provider of novel patent protected biological products to the global agriculture markets projected an operating loss of $6.5m for the year to the end of December. Cash and short-term liquid investments were also exceeded expectations at $7.7m, the company said.Revenues are pegged at $7.8m, similar to last year. The company said revenues would have been higher if its partnership agreement for foliar Harpin was completed by the end of year. They expect to tie up loose ends in the first quarter of 2013.Shares jumped 2.53% to 81.00p following the announcement. "The board continues to be excited about the ability of the company to bring existing and new patented products to the market over the coming years," the company said in a statement. "However, the precise timing of additional partnership agreements remains unpredictable in the automative industry."RD