Eden Research PLC (LON:EDEN) said this year it will build on the sales achieved in the territories where it received approvals in 2020, such as Mevalone in Australia, Cedroz in Greece and Mexico as well as other countries.
The rollout of Cedroz in multiple new territories continues as a priority, which will increase the geographical footprint of product sales, the bio-pesticides specialist said.
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The AIM-listed firm anticipates that the US authorities will approve the sale of Mevalone and Cedroz during 2021, albeit operations at the Environmental Protection Agency will be slowed down by the current situation with COVID-19.
Although the company might expect to see some level of channel stocking, it noted that the overall levels of sales in 2021 will depend largely upon the timing of approvals relative to the growing season.
Eden admitted that the pandemic’s full impact on sales development cannot be assessed reliably at this time.
“We anticipate the potential for a negative impact on demand for high-value crop inputs, such as Eden's products, to persist through 2021,” the group said.
“With the on-going restrictions on travel, there may be an impact on face to face business meetings which could also impact revenue. The COVID-19 pandemic will also continue to slow the work rate of many regulatory agencies which ultimately control the commencement of new revenues in this highly regulated industry."
In the year ended 31 December 2020, revenue came in at £1.4mln from £1.8mln previously, while loss before tax was £2.5mln from £1.5mln in 2019. Net cash was £7.3mln from £500,000 the year before.