LONDON (ShareCast) - (Sharecast News) - Biopesticides group Eden Research warned on Thursday that full-year losses were set to have widened in 2020 due to a decline in revenues amid the Covid-19 pandemic.
Eden said revenue for the year was expected to be approximately £1.6m, down from £2.0m in 2019, with a loss before tax and a statutory operating loss of approximately £2.6m, nearly double the £1.4m loss recorded in the prior year.

The AIM-listed group stated product sales during the period were affected by the impact of the global pandemic on the hospitality industry which, in turn, affected wine grape production methods and the widespread use of crop protection products.

Eden added that a number of product approvals which had been expected in the year, which would have resulted in product sales, were also delayed.

Chief executive Sean Smith said: "It has been an unprecedented year for businesses across the globe, and Eden has not been immune to the disruption caused by the Covid-19 pandemic.

"However, we are proud of the resilience we have demonstrated against this exceptional backdrop and the continued progress we have made in advancing our strategy and positioning Eden for growth in the rapidly growing biopesticides market.

As of 1310 GMT, Eden shares were down 7.58% at 13.77p.

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