Eden Research PLC (AIM:EDEN, OTCQB:EDNSF) said it is on track to meet its sales guidance for 2022 after reporting a 32% jump in revenue for the first half of the year.
In the six months to 30 June 2022, revenue was £1.04mln, compared with £790,000 in the same period last year, the sustainable biopesticides group said in its earnings statement.
Product sales surged 53% of £1.01mln in the period, and the company said it expects to meet is guidance for full-year product sales of £1.4mln.
The half-year operating loss shrank to £1.3mln from £1.8mln.
Eden said it has “materially” increased its global addressable market with label extensions and new regulatory approvals, most notably the addition of the US following approval from the Environmental Protection Agency (EPA) after the period end.
"We reached the mid-part of 2022 on a firm footing, expanding our regulatory approvals in key regions, advancing our strategic partnerships with major industry players, and delivering robust sales of our products, indicating a return to pre-pandemic demand levels,” commented Eden chairman Lykele van der Broek.
He said the US approval of the company’s biopesticide products, which are based on naturally occurring substances, “opens up significant revenue and growth opportunities for us, with our total addressable market in the region of US$500mln”.
“I look forward to reporting further progress in the coming months as we continue to work towards our strategic and financial goals," he added.
Cash and cash equivalents at the period end stood at £1.9mln, compared with £5.8mln a year earlier. This had swelled to £2.4mln by the end if August following a tax refund and receipts from half-year end trade debtors.