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Eden Research chief hails 2019 progress as he sets scene for the current year

The update also provided financial guidance for the year just gone

Eden Research plc -

Chief executive Sean Smith hailed the “significant progress” made by crop health specialist Eden Research plc (LON:EDEN) last year, which he said “will ultimately result in an expansion of product sales revenue in new product markets and geographies”.

In 2019 the company received its first marketing authorisation for its second commercial product, Cedroz, which combats nematodes found in the soil. Fungicide Mevalone saw its geographic footprint spread.

Its existing partnerships with industry big hitters such as Eastman, Sipcam Oxon and SumiAgro have opened the doors to deals in Mexico, Portugal, Italy, Germany, Poland and the Benelux countries.

Eye-catching was Eden’s one-year evaluation agreement inked last week with Corteva Agrisciences, the American giant valued at US$21bn, which wants to assess the potential of the UK group’s seed encapsulation technology Sustaine.

The update provided guidance for revenues generated during in the year ended December 31. They are expected to be around £2mln, down from £2.8mln a year earlier, but achieved in the face of tough growing conditions in southern Europe. The operating loss is forecast to be £1.4mln.

 “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 where the use of our active ingredients and Sustaine encapsulation technology can bring important benefits to our commercial partners, growers, and ultimately consumers who benefit from sustainable agriculture," he added.

Quick facts: Eden Research PLC

Price: 7.75 GBX

Market: AIM
Market Cap: £29.48 m

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