StockMarketWire.com - Plant Health Care posted a FY pretax loss of $6.9m, from $6.5m. Revenue was $7.5m, rom $6.2. The just-finished period included $2.1m of restructuring expenses, from nil. R&D expenses doubled to $2.1m.

CEO 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.

The head office was downsized and relocated to Raleigh, North Carolina. The Netherlands subsidiary was divested.

"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," said Schmidt.

"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," he said.

"Our R&D team has a world-class level of competence and capabilities in Harpins, as well as in the broader field of plant response elicitors."




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