TIDMPHC
RNS Number : 7617J
Plant Health Care PLC
14 September 2016
RNS
14(th) September 2016
INTERIM RESULTS 2016
Plant Health Care (AIM: PHC.L), a leading provider of novel
patent-protected biological products to global agriculture markets,
announces its interim results for the six months ended 30 June
2016.
Financial Highlights
- Revenue was $2.9 million versus $3.2 million for the six
months ended 30 June 2015. Excluding a one-time milestone payment
in 2015, revenue was flat in spite of a strong US dollar.
- Sales of Harpin 𝜶<BETA> increased by 30%
- Gross margin decreased to 59% from 63%
- Operating expenses increased due to the one-time costs related
to a potential US listing ($1.1m), increased investment in New
Technology ($0.9m) and a (non-cash) decrease in the value of
Sterling loans from our UK subsidiary.
- Operating loss increased to $6.6 million versus $3.1 million
for the same period last year
- Successful capital raise of $10.0 million completed in August
2016
Operational Highlights
- Continued strong growth of Harpin 𝜶<BETA>
sales, with greater than 30% CAGR over past three and a half
years
- Successful launch of Harpin 𝜶<BETA> in
Mexico
- Continued evaluation of Innatus 3G by four major industry
players
- Continued substantial New Technology progress, including the
characterisation of two platforms in addition to Innatus 3G
- Further positive field trial results with Harpin
𝜶<BETA>, including on sugar cane in Brazil, as
well as with various PREtec peptide candidates on a number of
crops
Dr. Christopher Richards, Executive Chairman, commented:
"During the first six months of 2016, we have made further solid
progress in building the sales momentum of Commercial Products;
trading conditions have recently become increasingly challenging
and we expect headwinds in the second half, with continuing revenue
growth anticipated in 2017. We are also making great strides in the
development of our PREtec New Technology. With the completion of
the $10 million placement in August 2016, we are now confident of
delivering first revenues from our PREtec peptide platforms and of
bringing our Commercial business to profit, within our existing
cash resources."
Plant Health Care plc
Interim Report
30 June 2016
Contents
Chairman's statement 4
Consolidated statement of comprehensive income 8
Consolidated statement of financial position 9
Consolidated statement of cash flows 10
Notes to the unaudited financial information 11
In this document, references to "the Company" are to Plant
Health Care plc. References to "Plant Health Care", "the Group",
"we" or "our" are to Plant Health Care plc and its subsidiaries and
lines of business, or any of them as the context may require. The
Plant Health Care name and logo, Myconate, and Innatus and other
names and marks appearing herein and on company literature are
trademarks or trade names of Plant Health Care. All other third
party trade mark rights are acknowledged.
Chairman's statement
Introduction
I am pleased to report the interim results for the six months
ended 30 June 2016. During the six months, we have made further
substantial progress in establishing Plant Health Care as a leading
provider of novel biological products for the agriculture industry.
In New Technology, all of the partners with whom we signed
evaluation agreements in 2015 continue to evaluate Innatus 3G, our
first PREtec technology platform. In addition, we are now
presenting the next two PREtec platforms to potential partners. At
the same time, sales of Harpin-based products continued their
strong growth, up more than 30% on the same period last year.
New Technology
New Technology is focused on the discovery and development of
novel proprietary peptides using the Group's PREtec science (PREtec
signifies Plant Response Elicitor technology) and its
internationally-recognised research capability.
The Group's technology development has made further substantial
progress over the last six months. PREtec is living up to its early
promise. The Group has built up unique science and technology
capabilities in the field of plant response elicitors, on the
foundations of its earlier experience with the discovery and
development of Harpins, under the leadership of the Chief Science
Officer, Dr. Zhongmin Wei.
The first PREtec platform was introduced in late 2014, as
Innatus 3G. Innatus 3G is a platform of potential products, a
patent-protected family of related peptides with a common structure
and mode of action, that show great potential in delivering yield
improvements and invoking disease and pest resistance in crop
plants. They can be combined with conventional agrochemical and
biological applications in seed treatments or foliar sprays. Being
signal molecules, they are effective at very low application
rates.
During the first half of 2016, evaluation of Innatus 3G
continued with the four partners with whom we signed agreements
during 2015. These partners, who represent four of the six largest
companies in the agrochemical and seed industries, are increasingly
engaged with the technology. Two of those partners have now amended
their agreements to widen the scope of their evaluation, which we
see as a positive indication of their interest in the platform. We
have generated data demonstrating the efficacy of peptides from the
Innatus 3G platform, which are guiding our partners towards those
areas of commercial opportunity that they consider most promising.
Amongst these studies, particularly strong results have been
obtained for resistance to commercially important plant pathogens
including Asian Soybean Rust, Soybean Stem and Root Rot and for the
suppression of nematode worms in and around the roots of crop
plants.
We are tracking towards the evaluation of Innatus 3G being
completed by the end of 2017, at which time we intend to initiate a
competitive licensing process for the exclusive rights to the
platform by crop and geography.
Research on further families of peptides beyond Innatus 3G has
progressed at a rapid pace. We have now characterised two new
platforms based on these, each of them distinct from Innatus 3G.
Both are focused on delivering higher yields to farmers: one by
stimulating natural growth responses in the crops, and the other by
inducing natural defensive responses against drought stress and
nematode attack. We are currently presenting what we believe to be
commercially important product candidates from these platforms to
potential partners.
To support this very promising work, investment in New
Technology increased to $2.5 million in the first half of 2016
(2015: $1.6 million). Our intellectual property portfolio has been
strengthened and we have greatly expanded our growth rooms, in
which we can screen and test candidate peptides.
Commercial Products
Our Commercial business markets our proprietary products
worldwide through distributors and also distributes complementary
third party products in Mexico. The Group has a portfolio of
existing products, based on our proprietary Harpin
𝜶<BETA> and Myconate(R) technologies.
Harpin-based products are established in certain seed and foliar
treatment markets; they have now been applied on more than 13
million acres of crops worldwide, an achievement which
distinguishes our position from that of many competitors. Harpin
𝜶<BETA> has potential for substantial revenue
growth in both existing and new markets.
During the first half of 2016, overall product sales were $2.9
million ($3.2 million in 2015). Local currency sales were broadly
flat, as growing Harpin sales were off-set by the absence of any
milestone payment (2015: $0.2 million). Excluding milestone
payments, underlying product revenue of Harpin
𝜶<BETA> grew by 30% to $1.7 million ($1.3 million
in 2015), reaching 57% of total sales (2015: 35%) and helping to
broadly maintain gross margin at 59% (2015: 63%) in spite of the
impact of currency.
Sales in Mexico grew by 16.1% in local currency, largely due to
growth in sales of Harpin 𝜶<BETA> in crops such
as tomatoes, cucumbers and pineapple, following the launch there in
early 2016. Sales for Mexico in USD were flat when compared to the
same period last year primarily due to the decline in the value of
the Peso against the US dollar.
Sales of Harpin 𝜶<BETA> continue to advance in
the United States of America ("US") growing 8% year over year
particularly in the high value vegetable and fruit markets. Our
partnership with SymAgro continues to gain traction in the Pacific
Northwest of the US. Sipcam in Italy plans to launch Harpin
𝜶<BETA> in grapes in Italy in the second half of
2016.
Market development activities continue to advance in Brazil,
following the Company's first product registration there in 2015.
Trials in sugar cane, completed in the first half of 2016, continue
to confirm the value of Harpin 𝜶<BETA> in
delivering increased sugar yield. We anticipate the launch of this
product in the second half of 2016. We also anticipate concluding
at least one additional distribution agreement in Brazil before the
end of 2016.
Sales of third party products, which are limited to our
distribution company in Mexico, were flat in Mexican pesos which
translated into a substantial decrease in US dollars to $1.2
million ($1.4 million in 2015). Sales of Harpin in Mexico grew 98%
for the first six months of 2016.
Sales by the Group in any one period will be subject to a number
of seasonal and market-related factors, as well as the terms of
agreements with third parties and the timing of product
registrations. As a result, the Group's sales may not follow a
strictly linear trend. The Group expects revenues to be weighted
more to the second half of the year as in previous years.
Summary of financial results
Financial highlights for the six months ended 30 June 2016, with
comparatives for the six months ended 30 June 2015, are set out
below:
2016 2015
$'000 $'000
Revenue 2,922 3,198
Gross profit 1,736 2,021
Research and development (2,503) (1,592)
Business development (500) (580)
Sales and marketing (1,316) (1,410)
Administrative* (4,066) (1,512)
------------------------------- ----------
Total administrative expenses (8,385) (5,094)
Operating loss (6,649) (3,073)
------------------------------- ---------- ----------
Net finance income 38 70
Net loss for period (6,611) (3,003)
------------------------------- ---------- ----------
*Administrative expenses include $1.1 million of one-time costs
related to a potential US listing, together with $1.0 million of
foreign exchange losses in non-US dollar denominated inter-company
funding and $0.3 million of share-based payment expenses (both of
which are non-cash items).
Revenue
Revenues for the six month period ended 30 June 2016 were $2.9
million (2015: $3.2 million) producing a gross profit of $1.7
million (2015: $2.0 million) and the loss before tax was $6.6
million (2015: $3.0 million). The gross profit margin was 59%
(2015: 63%). Revenues and gross profit were lower because 2015
included a milestone payment from a single customer.
Operating expenses
Operating expenses from continuing operations increased by $3.3
million for the six month period to $8.4 million. The three factors
driving this increase were increased investment in New Technology,
costs associated with evaluating the possibility of a US listing
and a (non-cash) decrease in the value of Sterling loans from our
UK subsidiary, due to the steep depreciation of the pound in
June/July.
Research and development expenses grew primarily due to
increases in personnel, consulting and patent costs.
Costs of approximately $1.1 million (2015: nil) associated with
a potential US listing have been incurred and have been charged in
the first half of 2016. A decision whether to proceed with such a
listing will be dependent upon the achievement of key operational
and financial milestones and subject to market conditions. Other
administration costs increased primarily due to non-cash expenses
associated with the decrease in the value of loans from our UK
subsidiary of $1.0 million (2015: nil) and an increase in
share-based payment expenses of $0.3 million (2015: nil).
Cash position and liquidity
As of 30 June 2016, the Group had cash and investments of $3.8
million (2015: $12.6 million).
The primary components of the cash movements in the first six
months of 2016 was the sale of investments of $4.8 million (2015:
$3.0 million) to help fund operations, outflows of $0.4 million
(2015: $0.2 million) for new equipment and facilities for Research
and Development and operating cash outflow of $5.1 million (2015:
$3.8 million).
Following the period end, the Company concluded a $10.0 million
fund raising. The proceeds will be used to invest in the New
Technology business, support the growth of the Commercial business
and provide general working capital.
Current trading and outlook
The Board remains confident about the prospects for our New
Technology. PREtec has now delivered no fewer than three platforms
of distinctive peptide technology, each with multiple product
candidates entering development. There are further families of
peptide designs to come. Our expanding intellectual property
portfolio provides a strong foundation for Plant Health Care's
leadership in this exciting field of technology.
Progress on evaluation of Innatus 3G with major industry players
is a good indicator of interest in our technology. We anticipate
initiating a competitive licensing process by the end of 2017. In
the meantime, we have targeted at least one revenue-generating
event during 2017 with one of our new PREtec peptide platforms. The
current wave of consolidation amongst the largest companies in the
sector has the potential to delay decisions on major R&D
investments; we are taking this into account in our forecasts.
First half revenue from our Commercial Products was in line with
expectations. In spite of this progress, the combination of
challenging industry conditions and adverse currency movements as
we move into the important fourth quarter of the year will impact
the full year outturn. Following the successful completion of
trials of Harpin 𝜶<BETA> in sugar cane in Brazil,
the launch planned for the final quarter has recently been delayed
and revised market entry plans are being developed. As a result of
the above factors, the Company now believes that revenue for 2016
will be below market expectations. The pipeline of launches and new
distribution relationships for Harpin 𝜶<BETA>
continues to strengthen and we are confident that sales growth of
the product will continue in 2017 and beyond.
We are taking active steps to reduce Operating Expenses,
ensuring that we align cost with the most promising areas of
revenue growth in Commercial Products and have re-focused our
R&D spend in New Technology.
We were very pleased that our existing shareholders showed
confidence in the Company, by supporting the successful raising of
$10 million in August 2016. Together with cost-saving measures now
being put in place, we anticipate that we have sufficient cash to
enable us to generate first revenues from our PREtec peptide
platforms and to bring our Commercial business to profit.
Dr. Christopher Richards
Chairman
14 September 2016
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014
Consolidated statement of comprehensive income
FOR THE SIX MONTHSED 30 JUNE 2016
Six months Six months
to 30 to 30 Year ended
June June 31 December
2016 2015 2015
(Unaudited) (Unaudited) (Audited)
Note $'000 $'000 $'000
Revenue 2,922 3,198 7,508
Cost of sales (1,186) (1,177) (2,825)
----------------------------- ----- ------------------- ------------------- -------------
Gross profit 1,736 2,021 4,683
Research and development (2,503) (1,592) (4,105)
Business development (500) (580) (1,155)
Sales and marketing (1,316) (1,410) (2,715)
Administrative expenses (4,066) (1,512) (4,484)
----------------------------- ----- ------------------- ------------------- -------------
Operating loss 4 (6,649) (3,073) (7,776)
Finance income 39 71 95
Finance expense (1) (1) (2)
----------------------------- ----- ------------------- ------------------- -------------
Loss before tax (6,611) (3,003) (7,683)
Income tax expense - - (37)
----------------------------- ----- ------------------- ------------------- -------------
Net loss for the period (6,611) (3,003) (7,720)
----------------------------- ----- ------------------- ------------------- -------------
Other comprehensive
(loss)/income:
Exchange difference
on translation of foreign
operations 818 (101) 111
----------------------------- -----
Total comprehensive
loss for the period (5,793) (3,104) (7,609)
============================= ===== =================== =================== =============
Basic and diluted loss
per share 6 $(0.09) $(0.04) $(0.11)
============================= ===== =================== =================== =============
Consolidated statement of financial position
AT 30 JUNE 2016
30 June 30 June 31 December
2016 2015 2015
(Unaudited) (Unaudited) (Audited)
Note $'000 $'000 $'000
Assets
Non-current assets
Intangible assets 2,298 2,572 2,435
Property, plant
and equipment 1,419 495 1,183
Trade and other
receivables 71 79 73
------------
Total non-current
assets 3,788 3,146 3,691
------------------------- ----- ------------------------ ------------------------ ------------
Current assets
Inventories 1,505 2,019 1,391
Trade and other
receivables 3,281 2,403 4,609
Investments 2 2,663 9,787 7,491
Cash and cash
equivalents 1,169 2,768 948
------------------------- ----- ------------------------ ------------------------ ------------
Total current
assets 8,618 16,977 14,439
------------------------- ----- ------------------------ ------------------------ ------------
Total assets 12,406 20,123 18,130
------------------------- ----- ------------------------ ------------------------ ------------
Liabilities
Current liabilities
Trade and other
payables 2,558 1,349 3,061
Borrowings 8 9 8
------------------------ ------------------------ ------------
Total current
liabilities 2,566 1,358 3,069
------------------------- ----- ------------------------ ------------------------ ------------
Non-current liabilities
Borrowings 12 20 16
Total non-current
liabilities 12 20 16
------------------------- ----- ------------------------ ------------------------ ------------
Total liabilities 2,578 1,378 3,085
------------------------- ----- ------------------------ ------------------------ ------------
Total net assets 9,828 18,745 15,045
========================= ===== ======================== ======================== ============
Capital and reserves
attributable
to owners of
the Company
Share capital 1,236 1,234 1,236
Share premium 71,040 70,895 71,040
Foreign exchange
reserve 318 (712) (500)
Retained earnings (62,766) (52,672) (56,731)
------------------------- -----
Total equity 3 9,828 18,745 15,045
========================= ===== ======================== ======================== ============
Consolidated statement of cash flows
FOR THE SIX MONTHSED 30 JUNE 2016
Year ended Year ended Year ended
30 June 30 June 31 December
2016 2015 2015
(Unaudited) (Unaudited) (Audited)
$'000 $'000 $'000
Cash flows from operating
activities
Loss for the year (6,611) (3,003) (7,720)
Adjustments for:
Depreciation 169 58 164
Amortisation of intangibles 137 134 272
Share-based payment expense 576 202 860
Finance income (39) (71) (95)
Finance expense 1 1 2
Income taxes expense - - 37
Decrease/(increase) in
trade and other receivables 1,328 269 (1,931)
Loss on disposal of fixed
assets - - 14
(Increase)/decrease in
inventories (113) (935) (307)
(Decrease)/increase in
trade and other payables (502) (483) 1,229
Income taxes paid - - (37)
-------------------------------- ------------ ------------ -------------
Net cash used in operating
activities (5,054) (3,828) (7,512)
-------------------------------- ------------ ------------ -------------
Investing activities
Purchase of property, plant
and equipment (405) (261) (1,063)
Finance income 39 71 95
Purchase of investments (4,432) (4,610) (8,933)
Sale of investments 9,260 7,597 14,217
-------------------------------- ------------ ------------ -------------
Net cash provided by investing
activities 4,462 2,797 4,316
-------------------------------- ------------ ------------ -------------
Financing activities
Finance expense (1) (1) (2)
Issue of ordinary share
capital - - 42
Exercise of options - - 105
Repayment of borrowings (4) (5) (10)
-------------------------------- ------------ ------------ -------------
Net cash provided by financing
activities (5) (6) 135
-------------------------------- ------------ ------------ -------------
Net decrease in cash and
cash equivalents (597) (1,037) (3,061)
Effects of exchange rate
changes on cash
And cash equivalents 818 (93) 111
Cash and cash equivalents
at beginning of period 948 3,898 3,898
-------------------------------- ------------ ------------ -------------
Cash and cash equivalents
at end of period 1,169 2,768 948
================================ ============ ============ =============
Notes to the unaudited financial information
1 Accounting policies
Basis of preparation
The financial information in these interim results is that of
the holding company and all of its subsidiaries ("the Group"). It
has been prepared in accordance with the recognition and
measurement requirements of International Financial Reporting
Standards ("IFRSs") as adopted for use in the EU. The accounting
policies applied by the Group in this financial information are the
same as those applied by the Group in its financial statements for
the year ended 31 December 2015 and which will form the basis of
the 2015 financial statements.
A number of new and amended standards have become effective
since the beginning of the previous financial year. None of the new
standards and amendments are expected to materially affect the
Group.
In 2015, the Group changed its operating and reportable segments
to align with the way its business is currently managed and to
better reflect its evolving research and development activities.
Therefore, the Group now discloses New Technology as a separate
operating and reportable segment. The 2015 presentation of this
data has been reclassified to conform to the 2016 presentation.
The comparative financial information presented herein for the
year ended 31 December 2015 does not constitute full statutory
accounts for that period. The Group's annual report for the year
ended 31 December 2015 has been delivered to the Registrar of
Companies. The Group's independent auditor's report on those
accounts was unqualified, did not include references to any matters
to which the auditor drew attention by way of emphasis without
qualifying their report and did not contain a statement under
section 498(2) or 498(3) of the Companies Act 2006. The financial
information for the half years ended 30 June 2016 and 30 June 2015
is unaudited.
2 Investments
Investments comprise short-term investments in notes and bonds
having investment grade ratings. These assets are actively managed
and evaluated by key management personnel on a fair value basis in
accordance with a documented investment strategy. They are carried
at fair value as determined by quoted prices on active markets,
with changes in fair values recognised through profit and loss.
3 Changes in equity
Six months Six months
to to Year ended
30 June 30 June 31 December
2016 2015 2015
$'000 $'000 $'000
Net loss attributable
to owners of the
parent (6,611) (3,003) (7,720)
Shares issued - - 42
Exercise of options - - 105
Share-based payments 576 202 860
Exchange difference
on translation of
foreign operations 818 (101) 111
(5,217) (2,902) (6,602)
Capital and reserves
attributable to owners
of the Company at
the beginning of
the period 15,045 21,647 21,647
------------------------- ----------- ----------- -------------
Capital and reserves
attributable to owners
of the Company at
the end of the period 9,828 18,745 15,045
========================= =========== =========== =============
4 Operating loss
Six months Six months
to to Year ended
30 June 30 June 31 December
2016 2015 2015
$'000 $'000 $'000
Operating loss is stated
after charging:
Depreciation 169 58 164
Amortisation 137 134 272
Share-based payment
expense 576 202 860
============================ ====================
5 Segment information
The Group views, manages and operates its business according to
geographical segments. Revenue is generated from the sale of
agricultural products across all geographies.
Six months to 30 June 2016
Rest
of Total New
Americas Mexico World Elimination Commercial Technology Total
$'000 $'000 $'000 $'000 $'000 $'000 $'000
Revenue*
Proprietary
product sales 806 352 527 - 1,685 - 1,685
Third-party
product sales 52 1,182 3 - 1,237 - 1,237
Inter-segmental
product sales 684 - - (684) - - -
Total revenue 1,542 1,534 530 (684) 2,922 - 2,922
------------- -------- ------ ------------ ----------- ----------- --------
Group
consolidated
revenue 1,542 1,534 530 (684) 2,922 - 2,922
------------- -------- ------ ------------ ----------- ----------- --------
Cost of sales (902) (778) (190) 684 (1,186) - (1,186)
Research and
development - - - --- - (2,176) (2,176)
Business
development (500) - - - (500) - (500)
Sales and
marketing (520) (369) (427) - (1,316) - (1,316)
Administration (668) (114) (101) - (883) (146) (1,029)
Non-cash
expenses:
Depreciation (18) (26) (3) - (47) (122) (169)
Amortisation (127) - (10) - (137) - (137)
Share-based
payment (80) (2) - - (82) (388) (470)
------------- -------- ------ ------------ ----------- ----------- --------
Segment
operating
(loss)/profit (1,273) 245 (201) - (1,229) (2,832) (4,061)
Corporate
expenses
**
Wages and
professional
fees (465)
Administration
*** (2,123)
Operating loss (6,649)
Finance income 39
Finance expense (1)
------------- -------- ------ ------------ ----------- ----------- --------
Loss before
tax (6,611)
------------- -------- ------ ------------ ----------- ----------- --------
* Revenue from one customer within the Americas
segment totalled $646,000 or 22% of
Group revenues.
** These amounts represent public company expenses
for which there is no reasonable
basis by which to allocate the amounts across the
Group's segments.
*** Includes net share-based payments expense of
$106,000 attributed to corporate
employees who are not affiliated with any of the
Commercial or New technology segments.
Six months to 30 June 2015
Rest
of Total New
Americas Mexico World Elimination Commercial Technology Total
$'000 $'000 $'000 $'000 $'000 $'000 $'000
Revenue
Proprietary
product sales 993 179 560 - 1,732 - 1,732
Third-party
product sales 64 1,397 5 - 1,466 - 1,466
Inter-segmental
product sales 789 - 60 (849) - - -
Total revenue 1,846 1,576 625 (849) 3,198 - 3,198
------------- -------- ------ ------------ ----------- ----------- --------
Group
consolidated
revenue 1,846 1,576 625 (849) 3,198 - 3,198
------------- -------- ------ ------------ ----------- ----------- --------
Cost of sales (873) (814) (339) 849 (1,177) - (1,177)
Research and
development - - - --- - (1,321) (1,321)
Business
development (580) - - - (580) - (580)
Sales and
marketing (676) (407) (327) - (1,410) - (1,410)
Administration (426) (133) (88) - (647) (222) (869)
Non-cash
expenses:
Depreciation (16) (18) (3) - (37) (21) (58)
Amortisation (127) - (7) - (134) - (134)
Share-based
payment (84) (1) - - (85) (49) (134)
------------- -------- ------ ------------ ----------- ----------- --------
Segment
operating
(loss)/profit (936) 203 (139) - (872) (1,613) (2,485)
Corporate
expenses
**
Wages and
professional
fees (445)
Administration
*** (143)
Operating loss (3,073)
Finance income 71
Finance expense (1)
------------- -------- ------ ------------ ----------- ----------- --------
Loss before
tax (3,003)
------------- -------- ------ ------------ ----------- ----------- --------
* Revenue from one customer within the
Americas segment totalled $592,000 or 19%
of
Group revenues.
** These amounts represent public company
expenses for which there is no reasonable
basis by which to allocate the amounts
across the Group's segments.
*** Includes net share-based payments expense
of $68,000 attributed to corporate employees
who are not affiliated with any of the
Commercial or New technology segments
Year ended to 31 December 2015
Rest
of Total New
Americas Mexico World Elimination Commercial Technology Total
$'000 $'000 $'000 $'000 $'000 $'000 $'000
Revenue*
Proprietary
product sales 2,528 643 1,364 - 4,535 - 4,535
Third-party
product sales 77 2,870 26 - 2,973 - 2,973
Inter-segmental
product sales 1,510 4 60 (1,574) - - -
Total revenue 4,115 3,517 1,450 (1,574) 7,508 - 7,508
------------- -------- ------ ------------ ----------- ----------- --------
Group
consolidated
revenue 4,115 3,517 1,450 (1,574) 7,508 - 7,508
------------- -------- ------ ------------ ----------- ----------- --------
Cost of sales (1,963) (1,781) (655) 1,574 (2,825) - (2,825)
Research and
development - - - --- - (3,852) (3,852)
Business
development (1,155) - - - (1,155) - (1,155)
Sales and
marketing (1,272) (837) (606) - (2,715) - (2,715)
Administration (297) (226) (811) - (1,334) (281) (1,615)
Non-cash
expenses:
Depreciation (32) (40) (5) - (77) (87) (164)
Amortisation (255) - (17) - (272) - (272)
Share-based
payment (129) (4) - - (133) (526) (659)
------------- -------- ------ ------------ ----------- ----------- --------
Segment
operating
(loss)/profit (988) 629 (644) - (1,003) (4,746) (5,749)
Corporate
expenses
**
Wages and
professional
fees (806)
Administration
*** (1,221)
Operating loss (7,776)
Finance income 95
Finance expense (2)
------------- -------- ------ ------------ ----------- ----------- --------
Loss before
tax (7,683)
------------- -------- ------ ------------ ----------- ----------- --------
* Revenue from one customer within the Americas segment totalled
$1,524,000 or 20% of Group revenues.
** These amounts represent public company expenses for which
there is no reasonable basis by which to allocate the amounts
across the Group's segments.
*** Includes net share-based payments expense of $201,000
attributed to corporate employees who are not affiliated with any
of the Commercial or New technology segments.
6 Loss per share
Basic loss per ordinary share has been calculated on the basis
of the loss for the period of $6,611,000 (loss for the six months
ended 30 June 2015: $3,003,000, and loss for the year ended 31
December 2015: $7,720,000) and the weighted average number of
shares in issue during the period of 71,855,085 (six months ended
30 June 2015: 71,709,705, and year ended 31 December 2015:
71,737,885).
The weighted average number of shares used in the above
calculation is the same as for total basic loss per ordinary share.
Instruments that could potentially dilute basic earnings per share
in the future have been considered, but were not included in the
calculation of diluted earnings per share because they are
anti-dilutive for the periods presented. This is due to the Group
incurring losses on continuing operations for the period.
7 Subsequent Event
In August 2016, the Company raised $10.0 million USD (GBP7.6
million) through a Placing, Subscription and Open Offer of ordinary
shares.
Copies of this report and all other announcements made by Plant
Health Care plc are available on the Company's website at
www.planthealthcare.com/for-investors.
Plant Health Care plc
2626 Glenwood Avenue, Suite 350
Raleigh, NC 27608 USA
+1 (919) 926 1600
ir@planthealthcare.com
www.planthealthcare.com/for-investors
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR SFFSDLFMSESU
(END) Dow Jones Newswires
September 14, 2016 02:01 ET (06:01 GMT)
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