Eden sees significant rise in revenues

Eden Research expects revenues for the year ended 31 Dec to be significantly up on last time.

A year-end update said that the group delivered a robust performance for the year with revenue expected to be in the region of £1.9m, up from £0.4m in 2016, with a loss before tax of approximately £0.9m (2016: loss of £1.9m).

Cash at bank at 31 Dec was c. £3.7m (2016: £1.5m).

The update said: 'This was a good performance since the 2017 growing season was challenging for fungicidal products in many southern European countries due to hard frosts in April followed by high heat and drought in the summer.

'These well-documented conditions resulted in the smallest harvests in 60 years in key markets such as France and Italy.'

Eden's patent portfolio grew to 78 granted patents during the year (2016: 74) with a further 52 pending patents (2016: 38). Multiple commercial agreements were signed with Sipcam SpA during the year, including an Evaluation and option agreement, for which a fee of €0.6m (£0.5m) was paid to Eden, and a collaboration agreement establishing a long-term collaborative partnership.

Chief executive Sean Smith said: '2017 was a good year for the company with a number of significant advancements made. We remain focused on execution under our recent agreements with Sipcam and Eastman Chemical, as these partnerships provide us with resources and capabilities to achieve strong future growth.

'For the first time since launching 3AEY in 2015, Eden will benefit from a full season of sales in 2018 in the world's top three wine producing countries of Italy, France and Spain.

'Additionally, sales will continue to develop in Albania, Bulgaria, Cyprus, Greece, Kenya and Portugal.

'Despite challenging growing conditions in key territories and a shortened marketing campaign in France, we are pleased with the progress made in 2017 and we look forward to providing a further update when we report our full year results for the year ended 31 December 2017 in March.'