Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Plant Health Care FY revenues down, US sales boost YTD performance
(Sharecast News) - Peptides provider Plant Health Care said on Wednesday that although full-year revenues were down in 2023, US sales throughout the first four months of FY24 had boosted year-to-date revenues. Revenues in FY23 were down from $11.8m to $11.2m. However, in the first four months of FY24, revenue was approximately $4.3m, up 72% versus the same period in FY23, boosted by sales to US distributors.
Revenue outside the US grew by 23% in 2023, driven by strong sales of its Harpinab and PREtec assets, with this positive trend continuing so far in FY24.
Sales of the company's novel PREtec peptides increased 153% in FY23 to $2.0m, reaching 18% of total sales, driven by sales to new and existing customers following new product registrations.
Gross margins remained steady in FY23 at 60% and PHC said it has now "improved materially" in the first four months of FY24.
The AIM-listed group added that underlying losses improved 32% to $2.8m in FY23, with further improvement expected during FY24.
Chief executive Jeff Tweedy said: "Sales of Plant Health Care products experienced significant growth in 2023 in all regions, with the exception of the US market. Sales in the US were held back in 2023, throughout the agriculture inputs business, by distributors making major steps to reduce inventory.
"Outside the US, sales by PHC grew strongly in 2023 and have continued that trend in the first four months of 2024. PHC now markets PREtec on three continents and the launch of Teikko in Brazil on soybeans during the 2024/2025 growing season is an exceptional opportunity."
As of 1055 BST, Plant Health Care shares had surged 33.92% to 4.65p.
Reporting by Iain Gilbert at Sharecast.com
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.