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LONDON (Alliance News) - Sustainable crop protection and animal health firm Eden Research PLC said Tuesday its 2018 loss narrowed amid a string of significant distribution deals.
In 2018, pretax loss narrowed to GBP533,070 from GBP762,929 the year prior. This was after revenue rose 47% to GBP2.8 million from GBP1.9 million the year before.
"We have undergone a year of significant growth at Eden in 2018, with a boost to revenue from product sales and the contribution of Sipcam exercising it's option for new distribution agreements in ten additional territories," Eden Chair Lykele van der Broek said.
During the period, Eden signed multiple distribution deals with Sipcam SpA to distribute pesticide Mevalone in ten new territories. This deal generated a EUR900,000 - or GBP800,000 - fee.
It also signed a deal with Sipcam to distribute the Novellus fungicide product of Eden in Australia and New Zealand.
"Behind the scenes, significant regulatory activity has been progressing with promising potential to unlock future product sales expansion for the business," Eden added. "The board is currently prioritising the long-term viability and growth potential of the company and is looking forward to making further commercial progress in 2019."
Shares in Eden were untraded at 9.50 pence on Tuesday.