Natural pesticides group Eden Research PLC (LON:EDEN) posted a sharply reduced loss in 2017 as sales jumped more than four-fold.
Eden uses terpenes produced by plants as the basis of its products and received EU approval in France for its fungicidal product Mevalone (3AEY) during the year.
READ: Eden Research shares surge as it celebrates French marketing approval for wine fungus treatment
Revenues for the year to December rose to £1.9mln (£0.4mln) while losses fell to £763,000 (£1.91mln) as first French sales came through.
It means Mevalone is now available as a treatment for grape botrytis in the top three wine producing countries in the world, (France, Italy, Spain).
EU approval has also now been granted in Cyprus, Albania and Portugal, which means most countries in southern Europe have approved the product.
Over the year, collaborations were signed with Sipcam for its encapsulation technology and Eastman Chemical for a new treatment (Cedroz) for nematodes, a soil-dwelling parasite.
Eden expects to launch Cedroz towards the end of 2019, “which should have an immediate, positive impact on revenue with a market opportunity which is potentially far greater even than that of Mevalone”.
Lykele van der Broek, chairman, said: "The strong growth achieved in 2017, driven by new regulatory approvals, is expected to continue in the current year and consequently the board remains confident that 2018 will be another year of strategic and financial progress."
Cash at the year-end was £3.7mln.