Business
Preliminary results for the year ended 31 Dec 2022
Preliminary results for the year ended 31 Dec 2022.
About this update from Eden Research Plc
[{"type":"text","content":"\n\n5 May 2023\n \nEden Research\n \n(\"Eden\" or \"the Company\")\n \nPreliminary results for the year ended 31 December 2022\n \nEden Research (AIM: EDEN), the AIM-quoted company focused on sustainable biopesticides and plastic-free formulation technology for use in the global crop protection, animal health and consumer products industries, announces its preliminary results for the year ended 31 December 2022.\n \nCommercial and operational highlights\n· Regulatory approval granted by the United States Environmental Protection Agency (EPA) in September 2022 for all six petitions submitted, covering the Company's three active ingredients (eugenol, geraniol and thymol), two formulated products (Mevalone® and Cedroz™) and formulation technology (Sustaine®)\n· Certification received in November 2022 for use in organic farming in Greece for both of Mevalone® and Cedroz™ products\n· Agreement signed with Corteva France in December 2022 which allows Corteva to market, distribute and sell Eden's fungicide product, Mevalone®, in France on an exclusive basis.\n· New insecticide product advancing towards commercialisation with extensive registration and commercial evaluation field trials\n· Commercialisation of seed treatment product, in partnership with Corteva, progressing towards commercial launch potentially in time for the 2024 growing season\n· Richard Horsman appointed as Non-Executive Director, with effect from 1 September 2022\n· New Development Team Lead and Formulation Team members recruited\n \nPost period events\n \n· First regulatory approval for the home garden market following clearance for Mevalone® in Italy\n· Regulatory approval across a number of US states for Mevalone® and Cedroz™\n· Regulatory approval in Poland for use of Mevalone® on grapes and post-harvest storage diseased in apples\n \nFinancial highlights\n· Revenue for the year was £1.8 million (2021: £1.2 million), with a loss before tax of £2.6 million (2021: £3.4 million) and statutory operating loss of £2.6 million (2021: £3.2 million)\n· Adjusted EBITDA was £1.7 million loss (2021: £2.0 million loss)\n·&...