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.
Try 6 free issues of MoneyWeek today
Get unparalleled financial insight, analysis and expert opinion you can profit from.
Start your trial
Sign up for MoneyWeek’s free twice-daily newsletter.
Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.
Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.
"The combination is of particular relevance as there is increasing concern about resistance to the strobilurin fungicides currently on the market."
Latest Videos FromMoneyWeek
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
