8th May 2020 10:07
(Alliance News) - Sustainable crop protection and animal health firm Eden Research PLC said Thursday its loss for 2019 widened as revenue declined on a reduction in one-off receipts, relating to an option exercise by Sipcam Oxon Spa in 2018.
For the year, Eden's pretax loss widened to GBP1.5 million from GBP533,070 the year before, on revenue that declined by 29% to GBP2.0 million from GBP2.0 million.
Although product sales for the period increased to GBP1.7 million from GBP1.6 million, one-off receipts declined to around GBP400,000 from GBP1.2 million. This was due to Sipcam Oxon - a shareholder in Eden and commercial partner - exercising an option in 2018, to become the exclusive distributor for Eden's fungicide Mevalone in several countries.
This option was not repeated in 2019.
Looking ahead, Eden Research said the Covid-19 pandemic has introduced uncertainty in several areas, including the timing of approvals, however the group said it is well placed to capitalise on opportunities that exist for the company.
"2019 was a pleasing year as we made progress in many areas of the business and gained multiple first registrations and sales of our sustainable post-planting nematicide product, Cedroz. We signed exciting new agreements with partners such as Sumi-Agro Europe which opened our business up to new and important markets," said Chair Lykele Van Der Broek.
"The solid year of development has set us up for the current period in which we have already achieved some important milestones and gained further momentum in our growth plans. Eden is poised to capitalise on new product and market opportunities in 2020 as the future of sustainable agriculture continues to align with the technology and innovation that Eden can offer growers around the world," Van Der Broek added.
Shares in Eden Research closed 13% lower at 6.15 pence on Thursday in London.
By Dayo Laniyan; [email protected]
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