Last checked at 
(Alliance News) - Eden Research PLC on Wednesday said its loss narrowed in the first half of the year, benefiting from reduced amortisation and reduced cost of sales.
Shares in Eden were down 3.8% at 9.52 pence in London in afternoon trading.
Eden, which develops and supplies biopesticides, posted a GBP645,000 pretax loss for the six months ended June 30. This compares to a GBP932,000 loss a year before.
The company's revenue declined by 15% to GBP581,000 from GBP682,000. However, cost of sales fell by 48% to USD250,000 from GBP479,000, meaning gross profit rose to GBP331,000 from GBP203,000.
Moreover, amortisation of intangible assets shrunk 43% to GBP242,000 from GBP425,000.
Chair Lykele van der Broek said: "To date, Eden's product sales footprint has been based primarily on the southern EU zone, through sales of Mevalone, Eden's fungicide product.
"Following the successful final authorisation of Eden's second product, Cedroz, a bionematicide, in the southern and indoor crop EU regulatory zones, and the emergency approval granted in Italy, it is anticipated that the sales footprint could significantly increase.
"These elements, in addition to the emergency approval received in France for the use of Mevalone for the treatment of storage diseases on apples, mean that the growth prospects for the company are steadily improving.
"Additionally, Eden has a number of exciting product developments underway internally, and with various commercial partners, which should see the company build into a global player in the biopesticides industry in the medium-term."
