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Eden Research PLC - Oxfordshire-based sustainable crop protection and animal health firm - For the first half of 2022, pretax loss is expected to narrow to GBP1.3 million from GBP1.8 million the year before, as revenue is expected to grow 33% year-on-year to GBP1.0 million from GBP800,000.
Revenue is expected to meet full-year guidance of GBP1.4 million. In the first half, sales of Eden's fungicide product Mevalone as been strong as a result of demand returning to pre-Covid levels, despite challenging growing conditions. In addition, Eden benefits from increased sales into new markets and use areas following the receipt of product authorisations translating into sales through our distributors.
Looking ahead, Eden is expecting approval from of its three active ingredients, as well as Cedroz and Mevalone, in the US by the Environmental Protection Agency.
"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. 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," said Chief Executive Officer Sean Smith.
Current stock price: 3.87 pence, down 3.3% on Monday
12-month change: down 56%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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