Eden Research PLC (AIM:EDEN) chairman Lykele van der Broek expects “there will be material progress to report towards the end of 2021” as the company delivered interim results.
“[We have] grown significantly over the past few years and the company boasts high commercial potential, which the team at Eden is working hard to nurture and realise,” he told investors.
“We now possess internal skills and capabilities that we could only dream of just one year ago, and our operating environment continues to evolve rapidly in Eden's favour. I believe that we are well positioned to seize the market opportunity and truly live up to our full potential."
The biopesticides group said it made a strong start to the year as it inked an exclusive commercialisation, supply and distribution agreement with the agricultural products giant Corteva Agriscience for Eden's first seed treatment product.
It also received the green light to sell its bio-fungicide in Spain on a range of new crops, while partner Eastman received authorisation for Eden’s Cedroz soil treatment in Italy.
Providing third-party validation of efforts, the London Stock Exchange awarded Eden its Green Economy Mark.
The company is in the formative stages of its commercial development and the financial results for the six months to June 30 reflected this.
Revenues grew by £190,000 year on year to £790,000 in the period, while the operating loss was £1.75mln. It had cash and equivalents of £5.75mln at the period-end.