15th Jan 2019 09:48
LONDON (Alliance News) - Eden Research PLC on Tuesday said it expects its annual pretax loss to widen despite forecasting its revenue to rise 48%.
Shares in the biopesticide producer were trading down 4.9% at 11.65 pence each on Tuesday morning.
During 2018, Eden said it delivered "a pleasing year of growth" with revenue expected to rise significantly to GBP2.8 million from GBP1.9 million in 2017. The majority of revenue came from product sales which in 2018 doubled compared to the year before to GBP1.6 million.
However, the company's pretax loss is forecast to widen to GBP1.0 million compared to GBP800,000 a year ago due to a higher operating loss of GBP900,000 versus GBP600,000.
"We are pleased with the overall performance of the business in 2018 and believe that we have established an excellent platform from which we can continue to grow both in 2019 and, importantly, the medium and long term," Chief Executive Officer Sean Smith said.
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