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LONDON (Alliance News) - Eden Research PLC on Tuesday said its pretax loss was narrower in the first half, as the group generated significantly more revenue and cut administrative costs.
The micro-encapsulation technology company, which is in the process of commercialising its first agrochemical product, said its pretax loss in the half to the end of June was GBP719,000, compared to a GBP1.3 million loss a year earlier, as it generated GBP160,000 in revenue, up from GBP18,000, and its administrative costs fell.
In the half, the company secured EU approval for its 3AEY fungicide product in Southern Europe and expects to secure more national authorisations in the second half. It also signed an option agreement with Eastman Chemical's agrochemical arm for its nematicide product.
"The first half of 2015 has seen continued progress and development in both the commercial and corporate activities of the company. I look forward to continued commercial progress in the second half of 2015 and beyond," said Chairman Tom Lupton.
Eden shares were down 12% to 18.007 pence in early trade, one of the worst performers in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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