23rd Sep 2024 13:15
(Alliance News) - Eden Research PLC on Monday said its half-year revenue has jumped nearly 75% higher than last year as sales grow, despite an increase in costs.
The Oxfordshire, England-based company develops sustainable biopesticides and plastic-free formulation technologies for use in the global crop protection, animal health and consumer products industries.
Revenue for the six months to June 30 was GBP1.9 million, up 73% on-year from GBP1.1 million. The company's pretax loss narrowed to GBP1.3 million from GBP6.2 million the previous year.
The cost of sales for the first half of 2024 growing 83% to GBP1.3 million from GBP710,337 at the same time last year. Administrative expenses also rose to GBP1.7 million, up 31% on-year from GBP1.3 million.
Chair Lykele van der Broek said: "Eden continues to grow, as evidenced by increased sales of 65% compared to the first half of 2023 and product registrations received across target geographies. In the background, the company is working flat out developing novel formulations and commercialising products in order to fully exploit the vast bank of intellectual property and expertise that Eden has created over the past four years in particular, since it opened its laboratory facilities in mid-2020.
"Aside from having a great team and strong product portfolio, Eden is very much in the right place at the right time. Regulators continue to restrict, or ban, existing chemistry, whilst at the same time making it increasingly difficult for new active ingredients and products to come into the market with ever-increasing regulatory requirements. Consumers and supermarkets are increasingly demanding residue-free, organic produce, which Eden can help growers to deliver. All of this means that demand for products like Eden's will continue to increase, something which is backed up by market forecasts that predict a compound annual growth rate of the global biopesticides market of circa 16% over the next seven years."
Shares in Eden Research were down 0.3% at 4.04 pence each in London on Monday afternoon.
By Emily Parsons, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.