News Archive

27 September 2016

Half-year Report

Eden Research plc (AIM: EDEN), the AIM listed company that provides breakthrough natural microencapsulation technologies to the global agrochemicals, animal health and consumer products industries, announces its interim results for the six months ended 30 June 2016.

DOWNLOAD
These Results are available in PDF format.
To download please click here

Business highlights

Commercial:

  • First commercial sales of lead agrochemical product, 3AEY, in Kenya, Greece, Spain and Italy
  • Sales development progressing in-line with expectations with market demand being realised by Eden's partners through the botrytis application season (late August and September)
  • Appointment of Strategic Commercial Advisor (plant protection)
  • Appointment of Regulatory Strategy Advisor (plant protection)

Regulatory:

  • EU approval received for Eden's first agrochemical, fungicide product, 3AEY, in Southern Europe in Spain, Italy and Bulgaria
  • Further national-level authorisations expected to follow in France and Portugal in time for 2017 growing season
  • Label extensions in Greece and Spain for new crops and disease targets
  • Label extensions received in Kenya now include authorisation for the treatment of roses

Financial highlights

  • Placing of £2.6m (gross) in March 2016
  • Revenue for the period of £0.11m (H1 2015: £0.16m)
  • Operating Loss for the period was £0.86m (H1 2015: loss of £0.70m), £0.45m excluding the non-cash items, amortisation and share based payments (H1 2015: loss of £0.31m). Administrative expenses of £0.55m (H1 2015: £0.47m)
  • Cash and cash equivalents at 30 June 2016 of £2.01m (at 30 June 2015: £0.1m)
  • Expanding investment in regulatory clearances unlocking commercial potential in new, important territories
  • Cash outflow increase (H1, 2016: £0.60m, H1, 2015: £0.33m) due to rise in creditor payments

Sean Smith, Chief Executive Officer of Eden, said:

"So far this year, we have seen the first significant commercial sales of 3AEY into the agrochemicals market in Kenya, Greece, Italy and Spain. Whilst the botrytis season is not quite over and, as such, we don't have final sales quantities from our commercial partners for this season, Eden and its partners are very pleased with the sales that have been generated so far. Particularly in Italy where our partner, Sipcam Italia SpA, has invested a significant amount of resource into the commercial launch of "3logy", the brand name they have chosen for 3AEY in that region.

"For our nematicide product, negotiations are continuing with a multi-national industry leader, and progress has been made towards a satisfactory conclusion. A final agreement is expected this year covering multiple territories around the world, subject to further negotiations. A number of evaluation projects for both Eden's technologies and products are on-going and I am pleased with the progress that is generally being made, as well as with regulatory progress where territories such as the USA are now being actively pursued.

"I am also pleased to welcome two new people to the team at Eden. Michel Villeneuve has joined as Senior Strategic Commercial Advisor. Michel has over thirty years' experience in a variety of senior commercial, regulatory and management roles with major multinational companies involved in plant protection. Peter Watson has been appointed as Regulatory Strategy Advisor. Peter has worked for the UK's Chemicals Regulation Directorate and Dow Chemical in a number of senior regulatory roles. Both gentlemen bring tremendous experience, insight and drive to our efforts to accelerate commercialisation of our first products.

"I look forward to providing shareholders with a more comprehensive update on 3AEY sales and other commercial progress in due course."

 

Enquiries:

Eden Research plc www.edenresearch.com
Sean Smith, Chief Executive Officer Tel: 01285 359 555
Alex Abrey, Chief Financial Officer  
   
Shore Capital and Corporate Limited www.shorecap.com
Stephane Auton/Patrick Castle Tel: 020 7408 4090
   
Walbrook PR Ltd Tel: 020 7933 8780 or eden@walbrookpr.com
Paul McManus Mob: 07980 541 893
Lianne Cawthorne Mob: 07584 391 303

 

Back to Latest News