Eden Research half-year revenue surges as regulatory momentum continues

Date:09-24-2024

Eden Research plc (AIM: EDEN), a leader in sustainable biopesticide and biocontrol technology, announces its interim results for the six months ended 30 June 2024.

Financial highlights

• Revenue for the period of £1.9m (H1 2023: £1.1m)

• Product sales of £1.7m (H1 2023: £1.1m)

• Operating loss for the period of £1.3m (H1 2023: £1.2m)

• Cash and cash equivalents of £4.9m (H1 2023: £0.5m)
  

• On track to meet 2024 market expectations for revenue and operating loss
  

Business highlights

Expanding regulatory approvals in key territories, including the US, new commercial agreement, and new product areas

• Authorisation for Mevalone^® received in the key state of California

• Mevalone^® authorised for use in new crops and fungal pathogens in Spain
  

• 140 insecticide field trials run by potential distribution partners so far in 2024, following significant interest in the evaluation of Eden's developmental insecticide
  

• Authorisation for Mevalone^® received in Germany and Czechia (post period-end)
  

Corporate highlights

Strengthening of the Company's financial position and team to allow the business to grow apace

• Eden named ESG Company of the Year at the prestigious 2024 Small Cap Network Awards in recognition of its commitment to environmental, social and governance matters and contribution to the green economy

• Appointment of Derek McAllan as Non-executive Director and Chairman of the Audit Committee
  

• Strengthening of the Commercial Team with the appointment of Humair Tariq as Global Commercial Lead and Daniel Mulas Garcia as Global Product and Marketing Lead
  

Lykele van der Broek, Chairman of Eden Research, commented:

"Eden continues to grow, as evidenced by increased sales of 65% compared to the first half of 2023 and product registrations received across target geographies. To support this growth and ensure the business can capture its significant future potential, we have expanded the team in the first half of the year, welcoming Humair Tariq as Global Commercial Lead, Daniel Mulas Garcia as Global Product and Marketing Lead and Ilshad Moulan as Head of Regulatory Affairs. We were also delighted to appoint Derek McAllan as Non-executive Director and Chairman of the Audit Committee.

In the background, the Company is working flat out developing novel formulations and commercialising products in order to fully exploit the vast bank of intellectual property and expertise that Eden has created over the past four years in particular, since it opened its laboratory facilities in mid-2020.

Be in no doubt, the potential for Eden is huge.

Aside from having a great team and a strong product portfolio, Eden is very much in the right place at the right time.

Regulators continue to restrict, or ban, existing chemistry, whilst at the same time making it increasingly difficult for new active ingredients and products to come into the market with ever-increasing regulatory requirements.

Farmers continue to demand choice and flexibility in their use of pesticides with an ever-reducing set of tools available to them, due to the diminution of old chemistry.

Consumers and supermarkets are increasingly demanding residue-free, organic produce, which Eden can help growers to deliver.

All of this means that demand for products like Eden's will continue to increase, something which is backed up by market forecasts that predict a Compound Annual Growth Rate of the global biopesticides market of 15.9% over the next seven years.

I remain very confident in the future success of Eden and would like to thank our shareholders for their continued support and belief in us."

Click here to read the full Half yearly Report

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