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Eden Research says it is poised to capitalise on product and market opportunities in 2020

The biopesticide firm said it expects US regulators to approve its Cedroz and Mevalone products this year, although the pace of approvals has been slowed by the coronavirus pandemic

Eden Research plc - Eden Research says it is poised to capitalise on product and market opportunities in 2020

Eden Research PLC (LON:EDEN) said it is “poised to capitalise on new product and market opportunities in 2020” as it predicted more sales for its Cedroz product.

Posting its results for the year ended December 31, 2019, the biopesticide specialist said it expected to “build on the sales achieved in the territories where it received approvals during 2019 and early 2020”, including sales for Cedroz in Spain, Italy, France, Belgium, the Netherlands and the United Kingdom where the applications for registrations have now been outstanding from the early part of 2019.

READ: Eden Research appoints Dr. Michael Carroll as its Director of Regulatory Affairs

The firm also said it expected US regulators to approve Cedroz and its Mevalone product during 2020, although the pace of approvals has been slowed by the coronavirus (COVID-19) pandemic.

“Eden is poised to capitalise on new product and market opportunities in 2020 as the future of sustainable agriculture continues to align with the technology and innovation that Eden can offer growers around the world", Eden Research chairman Lykele van der Broek said in a statement.

In the figures for 2019, the company reported product sales of £1.7mln, 3% higher than 2018, while revenues fell to £2mln from £2.8mln and its pre-tax loss widened to £1.5mln from £0.5mln.

The firm also said that it had traded in line with expectations in the first part of 2020, however, it added that it has started to see some disruption from the coronavirus pandemic, particularly in the export of its products.

Despite this, Eden said it has not seen a significant change on its toll manufacturing operations and is also not seeing a significant impact on sales of agrochemicals, although it said social distancing and travel bans will impact its ability to interact with customers.

Given the uncertainty, the company said it was “difficult at this stage to assess what, if any, commercial and financial impact there may be”.

Quick facts: Eden Research PLC

Price: 7.75 GBX

AIM:EDEN
Market: AIM
Market Cap: £29.48 m
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