Plant Health Care (PHC)

Sector:

Industrial Chemicals

Index:

FTSE AIM All-Share

3.85p
   
  • Change Today:
      0.040p
  • 52 Week High: 11.60
  • 52 Week Low: 3.20
  • Currency: UK Pounds
  • Shares Issued: 341.53m
  • Volume: 514,159
  • Market Cap: £13.15m
  • RiskGrade: 304

Plant Health Care fungicide gets Mexico registration

By Josh White

Date: Thursday 22 Feb 2024

LONDON (ShareCast) - (Sharecast News) - Crop peptide developer Plant Health Care announced the registration of its novel fungicide 'SAORI' in Mexico on Wednesday, for commercial launch.
The AIM-traded firm said SAORI represented a breakthrough in fungicide technology, offering farmers a novel mode of action to combat detrimental plant diseases such as late blight, downy mildew and grey mould, as part of an integrated disease control program.

Scheduled for launch at the end of the third quarter, PHC said SAORI would be made available through key distributors for farmers cultivating berries, grapes, cucumbers, tomatoes, and other solanaceous and cucurbitaceous crops in Mexico.

It described SAORI as a broad-spectrum biological fungicide, presenting a novel mode of action for controlling fungal and bacterial plant pathogens across various agricultural crops.

PHC said a significant advantage of SAORI was its safety for both growers and farm workers, alongside exemption from maximum residue limit (MRL) restrictions, facilitating access to high-value export markets.

Initial claims on SAORI's product label included control of grey mould in berries and grapes, downy mildew in cucurbits like cucumbers, and late blight in tomatoes and other solanaceae crops, with additional claims on various crops and phytopathogens anticipated in the future.

Considering Mexico's substantial agricultural landscape, with 55,000 hectares dedicated to berries, 48,000 hectares to tomatoes, 150,000 hectares to peppers, and 60,000 hectares to potatoes, PHC said SAORI held promise for enhancing productivity across the sectors.

Mexico is the world's largest cucumber exporter, with production expected to reach 1.02 million metric tonnes by 2026.

The board said the burgeoning plant-applied biopesticides market in Mexico, estimated at $200m in 2022 and growing at a compound annual growth rate of 14.3%, offered a conducive environment for SAORI's commercial success.

SAORI's approval in Mexico involved submission to the Federal Committee for Protection from Sanitary Risks (COFEPRIS) in September last year.

That process entailed a review of safety and performance data, including replicated small plot field trials to validate efficacy.

"The smooth approval process was completed well ahead of forecast and validates all the hard work undertaken by the Company to submit a comprehensive data package demonstrating the safety and efficacy of SAORI," said chief executive officer Jeff Tweedy.

"As the 11th largest global food producer, Mexico provides a tremendous opportunity for the adoption of SAORI to support sustainable agriculture."

Tweedy said that, building on the current success of the company's ProAct biostimulant, its team in Mexico was already laying the groundwork to get SAORI into the hands of farmers later in the year.

"The approval of SAORI supports the company's vision to be a leading global provider of alternatives to conventional synthetic agrochemicals.

"We are excited about the developing plans to launch SAORI in 2024, with strong growth thereafter."

At 1332 GMT, shares in Plant Health Care were up 4.43% at 3.9p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

PHC Market Data

Currency UK Pounds
Share Price 3.85p
Change Today 0.040p
% Change 1.05 %
52 Week High 11.60
52 Week Low 3.20
Volume 514,159
Shares Issued 341.53m
Market Cap £13.15m
RiskGrade 304

PHC Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
0.13% below the market average0.13% below the market average0.13% below the market average0.13% below the market average0.13% below the market average
50% below the sector average50% below the sector average50% below the sector average50% below the sector average50% below the sector average
Price Trend
86.47% below the market average86.47% below the market average86.47% below the market average86.47% below the market average86.47% below the market average
17.65% below the sector average17.65% below the sector average17.65% below the sector average17.65% below the sector average17.65% below the sector average
Income Not Available
Growth
33.62% above the market average33.62% above the market average33.62% above the market average33.62% above the market average33.62% above the market average
22.22% above the sector average22.22% above the sector average22.22% above the sector average22.22% above the sector average22.22% above the sector average

What The Brokers Say

Strong Buy 1
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 1
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

PHC Dividends

No dividends found

Trades for 12-Apr-2024

Time Volume / Share Price
15:17 35,000 @ 3.73p
14:35 123,000 @ 3.71p
14:29 546 @ 3.70p
14:29 12,322 @ 3.70p
11:41 300,000 @ 3.62p

PHC Key Personnel

CFO Jeffrey Hovey
CEO Jeffrey Tweedy

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