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Sustainable biopesticides product maker Eden Research reported wider losses as revenue fell sharply amid unfavourable growing conditions in the Southern EU.
For the year ended 31 December 2019, pre-tax losses widened to £1.5m from £0.5m and revenue slumped 39% to £2.0m.
The company said management had also 'started to see some disruption during this period from COVID-19; in particular there have been some issues with the export of product and it is clear that some regulatory authorities are working at reduced capacity.'
'The latter has the potential to impact the Group's on-going product approvals with regulators around the world, which are required for it to sell its products in a broader range of markets to generate new revenues,' it added.
In 2020, the company said expected to build on the sales achieved in the territories where it received approvals during 2019 and early 2020, including the acceptance of Mevalone for organic agriculture in key countries.
Eden also expected to see sales arising from new approvals for Cedroz in Spain, Italy, France, Belgium, the Netherlands and the United Kingdom where the applications for registrations had now been 'outstanding from the early part of 2019 and the constituent active ingredients are already approved,' it added.
At 9:23am: (LON:EDEN) Eden Research plc share price was -0.3p at 6.75p