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The price of shares in AIM-listed agricultural products developer Plant Health Care (LON:PHC) has dropped by 29.92% to 6.97p (as of 12:25 GMT) after the company warned that full-year sales wouldn’t hit expectations. Revenues are now believed to be in line with 2017 as delays to product launches in the US and issues clearing customs in Brazil slowed performance.
Executive chairman Chris Richards commented: “While the shortfall against expectations is extremely disappointing, our expectations for sales in 2019 are unchanged. We are very encouraged by progress in the US and Brazil. The shortfall in 2018 does not affect the Board’s confidence in the Company becoming cash positive no later than 2020, within our existing cash reserves.“