Sustainable biopesticides specialist Eden Research PLC (AIM:EDEN, OTCQB:EDNSF) said it is expecting a 'step up' in commercial activity this year after it revealed its performance in 2023 was ahead of expectations.
Revenue of £3.1 million was up 72% year-on-year and 11% ahead of forecast, while the projected underlying (EBITDA) loss of £1.2% was 37% lower than expected.
Eden exited the year with £7.4 million in the bank (after securing successful £9.9 million of new investment) and having secured its first commercial sales of Ecovelex, its bird repellent being marketed by agri-giant Corteva.
Earlier this month, it was given the green light by California regulators for Mevalone, a biofungicide used to protect the grape harvest, which will add to the company's commercial momentum.
Chief executive Sean Smith told investors: "Looking forward, our successful fundraise in 2023 will allow us to expedite the development of our existing product portfolio, expand into new geographies and develop new product opportunities.
"In 2024 we will continue to build on the progress made this year to drive sales growth, step up commercial activity and push forward apace with our product plans."