28th Sep 2021 10:45
(Alliance News) - Eden Research PLC on Tuesday struck an upbeat tone about future growth despite posting a widening interim loss.
The sustainable crop protection and animal health firm reported a pretax loss of GBP1.8 million for the six months ended June 30, widened from GBP1.0 million a year before.
However Oxfordshire-based Eden said it expects to grow second-half sales in the territories where it has received approvals in 2021 so far, including Spain, Romania and Morocco.
Revenue grew 31% to GBP785,000 from GBP599,000 a year previously, driven by higher product sales.
Shares in Eden slumped 11% to 8.34 pence each on Tuesday morning in London following the announcement. As with the previous year, an interim dividend was not proposed.
Commenting on prospects for the second half, Eden said it expects US Environmental Protection Agency approval for the sale of fungicide products Mevalone and Cedroz in time for the 2022 growing season.
However, the company warned that Covid-19 and the consequential shutdown of some government services, will hinder the pace of product approvals. Overall levels of sales in 2021 still depend largely upon the timing of approvals relative to the growing season, Eden noted.
"We anticipate there will be material progress to report towards the end of 2021," said Chair Lykele van der Broek.
By Will Paige; [email protected]
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