StockMarketWire.com - Pesticides company Plant Health Care posted a deeper annual loss after rising sales were more than offset by R&D, marketing and administrative expenses.

Pre-tax losses for the year through December amounted to $7.9m, compared to losses of $5.7m on-year.

Revenue from commercial products rose 5% to $8.1m, as strong external sales growth in the Americas was offset by weaker sales in the 'rest of world' division.

'Plant Health Care continued to make good progress in 2018, under challenging conditions,' chief executive Chris Richards said.

'The launch of our new corn product in the US holds great promise for future sales growth.'

'With the expected level of grower sales in 2019, we anticipate strong sales growth thereafter.'

'Sales of our new soy product, which we had expected our channel partner to launch before the end of 2018, have now started on a modest scale, as our partner introduces the product to the market.'

'We expect sales to be comparable to the corn product, over time.'

Richards also said the company's commercial team in Brazil had made an 'impressive start, with the launch of H2Copla into sugarcane going well.

The company's cash reserves remained sufficient to take it to cash positive in 2020, he added.


At 9:58am: [LON:PHC] Plant Health Care PLC share price was +0.33p at 6.73p



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