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Plant Health Care sales rise 15% in first half; margins improve

By BFN News | 09:55 AM | Wednesday 29 July, 2020


Pesticides company Plant Health Care said its first-half revenue had risen 15% and its gross margins had improved, amid a fall in operating expenses. Revenue for the six months through June had increased to $3.1m, up from $2.7m on-year, representing growth of 24% in constant currency terms. Gross margin had risen to 59%, up to 57%, due to sales mix, while operating expenses had fall 10% to $3.6m. 'After robust sales in the first quarter, the onset of Covid-19 caused the company to put in place cash saving measures to protect liquidity in a highly uncertain environment,' chief executive Christopher Richards said. 'While trading continued to show decent growth in the second quarter, the effects of Covid-19 have not yet played out fully around the world.' 'The board is therefore continuing its cautious approach and the company will not be reinstating financial guidance at this time.' At 9:55am: (LON:PHC) Plant Health Care PLC share price was -0.13p at 9.5p Story provided by StockMarketWire.com

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