Plant Health Care, a provider of innovative patent protected biological products to the global agriculture markets, has reported strong first sales of a novel approach to fungicide resistance management.
Its ProAct product was applied to around 200,000 acres of crops in the US this season, producing what the company labelled as "outstanding" results.
"These sales significantly exceeded the company's market share expectations in the first year of commercial sales," the firm said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"The combination is of particular relevance as there is increasing concern about resistance to the strobilurin fungicides currently on the market."
In 2011 trials showed that corn fields treated with a combination of ProAct and propiconazole fungicide delivered as good or better yield increases than those corn fields treated with sector peer BASF's market-leading headline strobilurin-based product, which helped to drive sales of ProAct up to four times greater than the initial expectations of 50,000 treated acres.
The product provides a solution to the signs of resistance seen developing to certain other types of fungicides in the US, the firm said.
Chief Executive Officer John Brady said: "The strength of the uptake of ProAct and propiconazole in its initial year is a very exciting development for Plant Health Care. Used together as a rotation product on corn, soybeans and other susceptible crops has proven to be a highly effective method for farmers to mitigate the risk of diseases developing resistance to strobilurin fungicides, while also maintaining the disease control and yield potential they have become accustomed to receiving.
"This product provides farmers with a new set of options, which is the basis for our existing agreements with Arysta LifeScience and Makhteshim Agan Industries. I am delighted by the enthusiastic recognition that our product and marketing message is receiving."
The share price rose 1.66% to 92p by 11:00.
NR
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
