LONDON (ShareCast) - (Sharecast News) - Biopesticide manufacturer Eden Research said on Tuesday that losses looked set to have almost tripled in its last trading year despite making some "good commercial progress" during the period.
Eden said full-year revenues were expected to be approximately £2m, down from the £2.8m recorded in 2018, the majority of which was derived from product sales of £1.7m.

The AIM-listed group now expects to report a loss before tax and a statutory operating loss of approximately £1.4m - a 180% widening year-on-year.

Eden highlighted that it received its first marketing authorisations for Cedroz, its second commercial product which was being marketed by Eastman Chemical, and also signed exclusive distribution agreements for Mevalone with Sipcam Oxon and Sumi Agro Europe.

Chief executive Sean Smith said: "The company has made significant progress in 2019 which will ultimately result in an expansion of product sales revenue in new product markets and geographies.

"Looking forward, we expect to be able to announce further marketing authorisations for both Mevalone and Cedroz as well as progress that is being made with existing and new partners in areas such as seed treatments, insecticides and other applications where the use of our active ingredients and Sustaineä encapsulation technology can bring important benefits to our commercial partners, growers, and ultimately consumers who benefit from sustainable agriculture."

As of 1040 GMT, Eden shares had slipped 6.98% to 8.93p.

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