Eden Research PLC (AIM:EDEN, OTCQB:EDNSF), the sustainable biopesticides group, said it expects to see a healthy increase in existing product sales throughout the current year driven by new regulatory approvals and label extensions supported by its key partnerships.
Much of the company’s success was sourced from its ability to gain approvals for Ecolvelex, its seed treatment innovation, and its flagship biopesticides Mevalone and Cedroz.
In the US, Eden Research received national-level endorsements from the Environmental and Protection Agency for its biopesticides, resulting in approvals in 17 states including Florida and California.
Meanwhile, Mevalone was also approved in countries such as New Zealand, Colombia and Italy.
Italian markets additionally greenlighted Ecovelex temporarily, allowing it for use over the 2024 growing season.
Last year’s approvals helped the group generate £3.2 million in revenue, up from £1.8 million in 2022.
Lykele van der Broek, chairman of Eden, highlighted the launch of Ecovelex as a “ground-breaking moment for the business” and believes it has scope to continue growing.
“We look forward to building on in the future as we focus on expanding regulatory approvals and authorisations in our target geographies, and the development of other product lines, including our bio-insecticide product,” Van der Broek said.
Operating losses reduced from £2.6 million in 2022 to £1.9 million during the twelve months to December 31, and, more importantly, it exited the period with £7.4 million of cash on the balance sheet, which will be invested to fund further expansion.
"We also intend to grow the Ecovelex label through further development work and field trials," said CEO Sean Smith.
"Further, we plan to expand our activities in new regions such as Latin America and South-East Asia.
"Lastly, we intend to strengthen our commercial team with the appointment of a new commercial lead and a market development and product manager."