StockMarketWire.com - Pesticides producer Plant Health Care posted a deeper first-half loss, after a rise in revenue was offset by R&D, marketing and administrative costs.

Pre-tax losses for the six months through June amounted to $4.01m, compared to losses of $2.82m on-year. Revenue rose 15% to $3.1m.

Cash reserves at 30 June were $5.1m, up from $1.4m on-year.

'The company's robust revenue growth in the first half of 2020 demonstrates the merits of exposure to sustainable agriculture, an essential industry moving to new, greener technologies,' chief executive Christopher Richards said.

'Strong growth in the US reflects the excellent support we are receiving from our major distribution partners and the resulting wide market access.'

'In Brazil, on-ground sales of H2Copla are growing rapidly, in spite of the low price of ethanol.'

'We expect to deliver continued revenue growth in the second half of the year, while continuing to drive down the cash burn and move towards building a sustainably profitable business.'

'While we remain optimistic about the market opportunity, the effects of Covid-19 have not yet played out around the world.'

'We will maintain our cautious stance on growth investments for the time being.'


At 3:04pm: [LON:PHC] Plant Health Care PLC share price was -0.02p at 8.23p



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