StockMarketWire.com - Plant Health Care (AIM: PHC), a provider of novel patent-protected biological products to the global agriculture markets, has announced a net loss of $6.1m for the full year ended 31 December 2014.

The loss was $6.9m in the previous year.

Revenues from continuing operations in 2014 decreased by 8% to $6.9m (2013: $7.5m) due to a reduction in license/milestone payments.

Operating expenses decreased to $9.6m from $12.1m. Of this decrease, $2.1m related to restructuring costs in 2013. These restructuring costs related principally to the severance costs of directors, the cost of closing the Pittsburgh office and associated staff severance costs, and the set-up of the new administrative head office in Raleigh.

Paul Schmidt, its CEO, commented: "2014 was a transformational year for Plant Health Care as we significantly expanded our R&D capabilities under the leadership of Dr. Zhongmin Wei, our Chief Scientific Officer, and launched our next generation Innatus 3G technology platform.

"This platform has been positively received by major industry players and we continue to pursue potential development and commercialisation partnerships. In addition, we have started to experience the early stages of a revenue ramp-up with our current generation of proprietary products, Harpin αβ and Myconate, which are securing new distribution agreements in a growing number of countries and awaiting registration approvals in others around the world.

"With its world-class level of competence and capabilities in Harpins, Plant Health Care is ideally positioned to capitalise on an increasing industry focus on agricultural bio-stimulants, which offer the potential to improve crop yields across a variety of geographies and environments. Our seasoned management team brings a wealth of experience to our licensing, sales and M&A efforts and we look forward to delivering the fruits of our labour to our shareholders in 2015 and beyond."


At 10:07am: [LON:PHC] Plant Health Care PLC share price was +0.88p at 117.38p



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