Harvest Minerals reports strong sales for KP Fertil

The AIM-traded firm said 8,872 tonnes of KP Fértil was sold in the first quarter of 2021, which was more than 10% higher than the management budget for 8,000 tonnes.

It also represented a 166% increase in total tonnage over the first quarter of 2020, and kept the company on track to meet its 2021 sales target.

In 2020, 82% of total sales were placed in the second half, which has stronger sales due to seasonality, the board noted.

Harvest said a further step-up in sales of KP Fértil was targeted, with a marketing campaign for coffee, sugarcane and other crops to be launched in May.

An expanded sales team and new target regions were also planned for the second quarter.

“We are very pleased with our sales performance over the first quarter of the year, especially during these challenging times as the pandemic continues to impact the lives and overall economic activity within the regions in which we operate,” said chairman Brian McMaster.

“Thankfully, Brazil's agribusiness continues to show why it is considered by many as the ‘breadbasket of the world’, and the prospects are remaining very favourable.

“We have built a solid platform over the past two years from which to deliver increased growth and I look forward to updating shareholders as we progress in due course.”

At 1338 BST, shares in Harvest Minerals were up 19.29% at 3.34p.