Business
Year-end trading update
Year-end trading update.
About this update from Eden Research Plc
[{"type":"text","content":"\n \nRNS Number : 6693Z Eden Research plc 14 January 2020 \n\n14 January 2020\n \nEden Research Plc\n(\"Eden\" or \"Company\")\n \nYear-end trading update\n \nEden Research plc (AIM: EDEN), the AIM quoted company that develops and supplies breakthrough biopesticide products and natural microencapsulation technologies to the global crop protection, animal health and consumer products industries, provides the following unaudited trading update for the year ended 31 December 2019. \n \nRevenue for the year is expected to be approximately £2.0m (2018: £2.8m) with a loss before tax and statutory operating loss of approximately £1.4m (2018: loss of £0.5m). \nTrading update highlights:\n\nOperating loss for the year of £1.4m is in line with market expectations \nThe majority of the £2.0m of revenue was derived from product sales £1.7m (2018: £1.6m), achieved despite unfavourable growing conditions in the Southern EU, with milestone and upfront payments making up the balance\nFirst marketing authorisations received for Cedroz, the Company's second commercial product which is being marketed by Eastman Chemical\nOne-year exclusive Evaluation Agreement signed with Corteva (NYSE: CTVA), the fourth largest agriculture input company in the world, covering seed treatments (post year-end)\n\nDuring the year, Eden made good commercial progress, with the first marketing authorisations received for Cedroz, the Company's second commercial product, a nematicide which is being marketed by Eastman Chemical in Malta, Belgium and Mexico. Further marketing authorisations are expected during the course of 2020, which will result in an expanded footprint from which Eden will ultimately realise revenue from product sales. \nIn addition, Eden signed exclusive distribution agreements for the Company's first commercial product, a fungicide marketed as Mevalone, with Sipcam Oxon for Portugal and Benelux and with Sumi Agro Europe in five new markets across central Europe, including Germany and Poland. \n \nThe well-publicised hot and dry growing conditions across southern Europe during the peak 2019 growing season negatively impacted the development of Botrytis and this resulted in botryticide usage generally being impacted. Despite the resulting overall contraction of the botryticide market, product sales revenue increa...