StockMarketWire.com - Pesticides company Plant Health Care booked a deeper first-half loss, as revenue slipped and costs rose, though it forecast an improved performance in the second half.

Net losses for the six months through June amounted to $5.0m, compared to losses of $2.9m on-year.

Revenue fell to $3.0m, down from $3.1m, though the company said it still expected to grow revenue by 30% for the full year.

'We expect revenue in the second half to advance strongly over the comparable period last year, substantially driven by the launch of Harpin Alpha Beta into corn in the US and sugarcane in Brazil,' Plant Health Care said.

The Harpin product was launched into the Brazil sugarcane market in February, through Coplacana under the brand name H2Copla.

Grower feedback had been strong, the company said.

'The progress of our commercial business in 2018 is not reflected in our first half sales, because of measures taken to reduce channel inventory in Africa,' executive chairman Christopher Richards said.

'The launch into corn in the US, together with exciting potential in sugarcane, underpin our confidence in meeting market expectations for the full year and delivering sustained growth in the medium term.'

'We anticipate that the commercial business will generate cash during 2018, thereby reducing the group's cash burn.'


At 9:57am: [LON:PHC] Plant Health Care PLC share price was +0.25p at 18.4p



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