Eden Research PLC (AIM:EDEN, OTCQB:EDNSF), the sustainable biopesticides group that uses plastic-free technology, said the outlook for 2022 is positive and anticipates a return to stronger year-on-year growth, despite a challenging environment.
"The world has changed since we last came together in-person for Eden's AGM," chairman Lykele van der Broek said in a statement released ahead of today’s AGM. "Despite this unprecedented backdrop, Eden has continued to make positive strides that have seen us lay down firm foundations for revenue growth,”
READ: Eden Research looks to build on progress made in 2021
“Over the past year, we have expanded our regulatory footprint for our flagship biopesticide products, Cedroz and Mevalone, and diversified and strengthened the business through increased crop and disease coverage in existing territories,” the chairman continued.
“This has resulted in modest sales growth, despite the highly challenging environment, with increased growth expected in 2022 and beyond.”
The AIM-listed company is awaiting regulatory approval for Cedroz and Mevalone and for three active ingredients in the US, one of the largest agricultural markets in the world.
Last year, the company entered into a partnership with Corteva Agriscience, the world's fourth largest agriscience input company, relating to an innovative seed treatment product that is based on Eden's active ingredients and Sustaine microencapsulation technology.
"We remain focused on registering and commercialising new products, including our insecticide and seed treatment offerings, expanding the addressable market for our existing product set, further developing the use of Sustaine with conventional agrochemical partners, and expanding our product portfolio," said van der Broek.