In a trading update for the year ended 31 December 2018, the AIM-listed company said its revenue for the year is expected to be in the region of £2.8mln, up from £1.9m in 2017, with a loss before tax of approximately £1.0mln, versus a £0.8mln loss in 2017.
The firm added that it expects to report an operating profit, excluding share-based payment charges, exceptional royalties refund and amortisation, of around £0.02mln, against an operating loss of £0.6mln in 2017.
Eden Research said the majority of revenue growth came from product sales which doubled in 2018 to around £1.6mln, up from £0.8mln in 2017, with the balance the revenue being made up of upfront, milestone and other payments and royalties.
The group said its cash position remains strong with cash at the 2018 year-end of around £2.5mln, against £3.7mln in 2017.
Sean Smith, Eden Research’s chief executive officer of said: “We are pleased with the overall performance of the business in 2018 and believe that we have established an excellent platform from which we can continue to grow both in 2019 and, importantly, the medium and long term."
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He added: "2018 showed continued growth in the sale of Mevalone in southern Europe despite low disease pressure attributed to another hot, dry summer.
“We are encouraged by the doubling of Mevalone sales during the year as this reflects the increasing acceptance of Mevalone in the market, the optimised product positioning initiated by our partners and its adoption and continued use by growers.”
Smith continued: “The opportunities in Eden's core crop protection business are growing well. In addition to the products that Eden has developed and is commercialising through its partners, there are a number of pipeline products which are in the process of being tested by potential partners including several candidate insecticide products which would represent our first entry into the insecticide segment.
“Whilst it is early in the development of these formulations, initial results have been encouraging.