StockMarketWire.com - Pesticides company Plant Healthcare said its annual revenue had risen 3.1% after it sold more product in Brazil.

Revenue for the year through December climbed to $6.6 million, up from $6.4 million year-on-year, marking constant currency growth of 9%.

Gross margin was steady at 56%.

Plant Healthcare said in-market sales growth of Harpin alpha resulted in a reduction of distributor inventory of more than $1 million.

In-market sales in Brazil sugar cane were three times those of 2019, while in-market sales to corn were 1.8 times last year.

Covid-19, however, had impacted sales in some markets in the second half.

'The strong growth of on-ground Harpin alpha sales in our key markets is most encouraging,' chief executive Chris Richards said.

'While the combination of Covid-19 and reduction in distributor inventory held back sales ex PHC in 2020, we expect in-market sales growth to translate into revenue growth in 2021.'

'The reduced cash burn in 2020 represents important progress towards our goal of reaching group cash positive.'

'It is significant that the Commercial business was both profitable and cash generative in 2020, for the first time.'


At 8:01am: [LON:PHC] Plant Health Care PLC share price was 0p at 9.7p



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