Eden Research losses narrow as it expands product reach

5th May 2023 12:04

(Sharecast News) - Eden Research reported an increase in revenue in its 2022 preliminary results on Friday, to £1.8m from £1.2m in 2021.

The AIM-traded firm said its loss before tax was £2.6m for the 12 months ended 31 December, which was an improvement from the prior year's loss of £3.4m.

Its statutory operating loss for 2022 was £2.6m, narrowing from £3.2m year-on-year.

Adjusted EBITDA losses came in at £1.7m, which was also an improvement from the previous year's £2m figure.

At the end of 2022, Eden Research had a cash position of £2m, down from £3.9m at the end of 2021.

The company reported several post-period events, including its first regulatory approval for the home garden market in Italy, following clearance for Mevalone.

Additionally, regulatory approval was granted for Mevalone and Cedroz in several US states, and in Poland for the use of Mevalone on grapes and post-harvest storage disease in apples.

"2022 was a positive year for Eden with a return to strong sales growth and approval for Eden's two commercial products, Mevalone and Cedrozä, and three active ingredients granted approval in the US," said chairman Lykele van der Broek.

"2023 looks set to provide a number of significant opportunities including further territorial expansion and targeted diseases, increased product sales, and the continued development of other product lines such as our seed treatment and insecticide projects."

At 1420 BST, shares in Eden Research were down 13.68% at 4.1p.

Reporting by Josh White for Sharecast.com.