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Overview

Plant Health Care (AIM: PHC) offers products to improve the health, vigour and yield of major field crops such as corn, soybeans, potatoes, and rice, as well as specialty crops such as fruits and vegetables. The Group operates globally through subsidiaries, distributors and supply agreements with major industry partners. Plant Health Care’s patent-protected biological products help growers to protect their crops from stress and diseases, and to produce higher quality fruit and vegetables, with a favourable environmental profile.

In a trading update for the 12 months ending 31 December 2022, revenues were up 40% on the prior period to US411.8m, with a cash balance of US$5.7m. Losses improved 24% to US3.5m with the group announcing “The company is on track to deliver cash breakeven, profitability and internally funded growth within existing financial resources.”

www.planthealthcare.com

Directors

  • Dr Christopher Richards (NE Chairman): 20 years at Syngenta in South America, Europe, and Asia. Ex CEO of Arysta LifeScience. Director of Origin Enterprises plc and Chairman of Nanoco Group plc
  • Jeffrey Tweedy (CEO):Joined PHC in 2017, appointed COO in 2017. 30+ yrs of technical, product development, sales management, and executive leadership
  • Jeffrey Hovey (CFO): Joined as CFO in September 2013 joining the board in November 2019. 25+ yrs financial management experience & is a CPA with IFRS & US GAAP experience
  • NED’s: Guy van Swanenberg, Kate Coppinger

 

Financials

P&L31 Dec 2022
US$~000
31 Dec 2021
US$~000
Revenue11,7678,432
Cost of sales(4,596)(3,429)
Gross Profit7,1715,003
Profit before tax(9,447)(6,415)
Balance Sheet31 Dec 2022
US$~000
31 Dec 2021
US$~000
Cash 5,6561,005
Total assets13,82418,210
Total liabilities4,1343,852
Total net assets9,69014,358

Major Shareholders

Directors

  • Christopher Richards – 1.4%
  • Jeffrey Tweedy – 0.31%
  • James Ede-Golightly – 0.27%
  • Jeffrey Hovey – 0.21%

Other

  • Ospraie AG Science – 17.91%
  • Scobie Dickinson Ward – 13.1%
  • Janus Henderson – 9.84%
  • David Newlands – 6%
  • Michael Hennigan – 5.57%
  • Richard Griffiths – 5.54%
  • Lombard Odier – 4.61%
  • Boulder River – 4.58%
  • Hargreaves Lansdown – 3.69%
  • Premium Fund Managers – 3.22%

Media Coverage

UK Investor Magazine

“John-Marc Bunce, analyst at the group’s NOMAD and Broker Cenkos Securities, has re-iterated his Buy rating on its shares, suggesting a 33p Target Price. His estimates for the year to end December 2022 suggest revenues of $11.4m ($8.4m) with the annual loss significantly reduced to a third lower at $3.0m ($4.6m). Looking at his figures for the current year he sees $15.9m sales, leading to just a small loss of $0.3m. However, for 2024 he forecasts a major uplift in the group’s fortunes – $24.8m sales, a $5.2m profit, worth 1.6c per share in earnings.”

Macro Indicators

Plant Health Care Website

“…regulatory authorities around the world are adopting accelerated regulations, which allow biological products to come to market more quickly than conventional agrochemicals. In addition, biological products tend to cost far less to develop than conventional agrochemicals. The demand for biological products is increasing rapidly as a result.”

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