Eden Research sees revenues jump as product sales leap

29.04.2019

Eden Research has reported a jump in full-year revenues as its product sales increased by 112 per cent, helping the biopesticides group swing to an adjusted operating profit.

For the year ended 31 December 2018, the AIM-listed group saw its revenue rise to £2.8mln, up from £1.9mln a year earlier, as product sales increased to £1.6mln from £0.8mln in 2017.

The company posted a full-year operating profit (before non-cash items – share-based payment charge and amortization – and one-time items – licence renewal fee and royalties refund) of £0.02mln, after a loss of £0.4mln in 2017.

During the year, Eden Research signed multiple distribution agreements with Sipcam SpA for fungicide product Mevalone in 10 new territories, for which a fee of €0.9mln (£0.8mln) was paid to the group. It said that the successful positioning of Mevalone as an early-season treatment contributed to the strong product sales growth. The company also highlighted an exclusive distribution agreement signed with Sipcam for its fungicide product Novellus to be sold in Australia and New Zealand and said a healthy pipeline of collaborations are progressing with majors in its distributor network.

At the year-end, the group had net cash of £2.5mln, down from £3.7mln at the same stage a year earlier.

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More Information:
www.edenresearch.com

 

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