Board changes and trading update

RNS Number : 5581D

Plant Health Care PLC

30 January 2015

 



30 Jan 2015

PLANT HEALTH CARE plc

("Plant Health Care" or the "Company")

Board changes and trading update

Plant Health Care announces organisation changes and a pre-close trading statement in respect of the year ended 31 December 2014.

Plant Health Care (AIM: PHC), a leading provider of novel patent-protected biological products to the global agriculture markets, is pleased to announce that Dr. Richard Webb, formerly a Non-Executive Director, has become an Executive Director of Plant Health Care plc.  Richard will be responsible for supporting the Chief Scientific Officer, Dr. Zhongmin Wei, as the company continues to expand its research and development programme.

Richard will step down from the Audit Committee and be replaced by James Ede-Golightly. In due course, the company intends to appoint an additional independent non-executive director with extensive commercial experience in the sector. 

During 2014, the Company continued to make substantial progress in our core research objectives, as evidenced by the launch of the Innatus 3G™ technology platform.  Major industry players have responded positively to Innatus 3G and we are in active discussions with them as we pursue potential partnerships.  Our intellectual property portfolio continues to strengthen our leading position in protein-based bio-stimulants.  Regarding our existing products, we have added material new distribution agreements over recent months, which we anticipate will lead to further sales growth as registrations are obtained outside current markets.  We are actively exploring options to extend and accelerate sales further.

Revenue for the year ended 31 December 2014 amounted to $6.9 million, of which $0.15 million was one-off milestone payments.  The company's sales of proprietary products (excluding one-off payments) grew 40% over 2013 with combined sales of Harpin and Myconate reaching $3.5 million. 

Cash and investments at the year-end were $16.7 million.

More details will be provided in the announcement of the Company's 2014 results, scheduled for 30 March 2015.

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For further information, please contact:

Plant Health Care plc

Paul Schmidt, Chief Executive Officer                                                   Tel: [phone]

Liberum Capital - Nomad and Broker

Clayton Bush                                                                                                     Tel: [phone]

LHA

Ed McGregor / Jody Burfening                                                                   Tel: [phone]

Company website: www.planthealthcare.com

About Plant Health Care:  Plant Health Care is a leading provider of novel patent-protected biological products to the global agriculture markets.  Through the commercialisation of these products, Plant Health Care is capitalising on current long-term trends toward natural systems and biological products for plant care and soil and water management.  The Company's ordinary shares have been quoted on the AIM market of the London Stock Exchange since July 2004 (ticker symbol: PHC). 

 

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