Plant Health Care, a provider of proprietary biological products, has announced a narrowed pretax loss for the first half of the year. The company reported a pretax loss of $2.5 million for the six months ended June 30, compared to a loss of $6.3 million during the same period last year. Despite a 56% decrease in U.S. sales due to delayed purchases by distributors, Plant Health Care expects strong sales in the second half. Revenue increased slightly from $5.55 million to $5.6 million.
Strong Second Half Expected
Chief Executive Jeff Tweedy expressed confidence in a strong second half, driven by further revenue growth. He attributed the group’s marginal revenue growth to growth outside of the U.S., while also emphasizing the maintenance of profit margins. Tweedy stated that strong sales growth in core markets gives the company confidence in achieving its goal of $30 million in revenue by 2025 through the launch of new PREtec peptides and organic business growth.
Full-Year Market Expectations
Despite challenges such as inflation and increasing interest rates at the macro-level, Plant Health Care’s board expects to achieve full-year market expectations. The company remains focused on maintaining robust revenue growth and fostering current and future distributor relationships.
Shares of Plant Health Care were down 13.5% at 7.50 pence as of 0832 GMT.