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(Sharecast News) - Biopesticides and animal health company Eden Research said in a trading update on Monday that it was expecting half-year revenue to have risen 33% year-on-year to £1m, adding that it was on track to meet its full-year guidance of £1.4m.
The AIM-traded firm said product sales in the six months ended 30 June were expected to be £1m, up 54%, while its adjusted EBITDA loss was set to be in line with a year ago at £0.8m.
That would result in an overall loss before tax of £1.3m, narrowing from £1.8m in the first half of 2021.
Eden's cash position as at 30 June was £1.9mm down from £5.8m a year earlier, although the group said it had unaudited cash of £2.7m on 15 August following a tax refund and receipts from half-year end trade debtors.
The development of Eden's seed treatment and insecticide products was continuing to progress "well", with positive early indications from 2022 field trials.
US Environmental Protection Agency (EPA) authorisation was expected before the end of the year for the company's three active ingredients, as well as Mevalone and Cedroz, allowing for "meaningful sales" of both products in 2023.
"The first half of the year has provided positive indications that we are on track to meaningful product sales growth and we move into the second half of the financial year with confidence and a well-managed cash position," said chief executive officer Sean Smith.
"Growing conditions may play a significant role in determining the full year's results, but we are encouraged by the strong first half and the underlying demand for our products which these interim results represent.
"We look forward to updating the market in due course on some of the exciting projects we have in train and would like to thank shareholders for their continued support."
At 0856 BST, shares in Eden Research were down 3.25% at 3.87p.
Reporting by Josh White at Sharecast.com.
