By Michael Susin
Plant Health Care PLC on Thursday posted a nearly doubled pretax loss for 2021 on higher costs but projects strong revenue and profit for 2025, and said its chief executive officer will be replaced.
The provider of biological products for agriculture said its pretax loss for the year came in at $6.4 million compared with $3.3 million in 2020. The company’s operating loss also widened, to $6.4 million from $3.6 million the previous year.
Revenue, however, rose to $8.4 million from $6.6 million in 2020, with ground sales—sales by distributors to growers–in Brazil and the US were up by 48% and 85%, respectively.
Plant Health Care said it expects revenue to surpass $30 million in 2025, and that by that time, it expects to generate strong profit and cash flows.
“As we roll out PREtec products, we anticipate that sales growth in 2022 and beyond will be even faster than in 2021. Strengthening our position in Europe, the world’s largest market for sustainable agriculture, is an important element in our strategy,” it said .
In addition, the company said Chief Operating Officer Jeff Tweedy will replace Chris Richards as chief executive officer from June 22, and that Mr. Richards will consequently take up the position of Nonexecutive Chairman.
Shares at 0828 GMT were down 0.2 pence, or 1.5%, at 11.7 pence.
Write to Michael Susin at [email protected]
Credit: www.marketwatch.com /