14th Jan 2020 11:03
(Alliance News) - AIM-listed Eden Research PLC on Tuesday said its performance in 2019 was hurt by unfavourable weather conditions, but it has progressed on the commercial front.
The stock was trading 7.0% lower in London on Tuesday morning at 8.93 pence a share.
The biopesticide products supplier said it expects to report revenue of GBP2.0 million in 2019, down from GBP2.8 million a year prior, with its pretax loss multiplying to GBP1.4 million from GBP500,000.
Eden highlighted that it has experienced an "unfavourable" growing conditions, specifically hot and dry weather, in the southern EU in 2019.
More positively, the company said it has made "good" commercial progress, with the first marketing authorisations received for Cedroz, a nematicide, in Malta, Belgium and Mexico. Further marketing authorisations are expected during 2020, Eden noted. A nematicide is a pesticide used to kill plant parasites.
In addition, Eden said it has signed exclusive distribution agreements for its first commercial product, a fungicide, marketed as Mevalone.
"Marketing authorisations and commercial partnerships are key to the future success of Eden and so it is pleasing to have been able to announce a number of these during the last year," said Chief Executive Sean Smith.
"Looking forward, we expect to be able to announce further marketing authorisations for both Mevalone and Cedroz as well as progress that is being made with existing and new partners in areas such as seed treatments, insecticides and other applications," added Smith.
By Evelina Grecenko; [email protected]
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