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(Alliance News) - Eden Research PLC on Monday said expects 2023 revenue to be ahead of market expectations as it saw a jump in product sales.
Shares in Eden were up 8.9% at 6.13 pence each in London on Monday morning.
Eden Research is an Oxfordshire, England-based company focused on sustainable biopesticides and plastic-free formulation technology for use in the global crop protection, animal health and consumer products industries.
The firm expects 2023 revenue of around GBP3.1 million, up 72% from GBP1.8 million a year ago, and ahead of market expectations of GBP2.8 million.
Product sales for the year are expected to have increased by approximately 63% to GBP2.6 million from GBP1.6 million in 2022. This is in line with market expectations, Eden said.
The company credited sales of its biofungicide Mevalone, which made its first commercial sales in France in 2023.
"France represents a significant opportunity for Eden as it is widely recognised for its high-quality agricultural output," it said.
Additionally, Eden saw approval for Mevalone in New Zealand, Ireland and Poland in 2023, and said it received numerous state-level approvals in the US.
As for earnings before interest, tax, depreciation and amortisation, the company expects a loss of GBP1.2 million, narrowed from an Ebitda loss of GBP1.7 million a year prior. This also exceeds market consensus which predicted an Ebitda loss of GBP1.9 million.
Looking ahead, Eden said it expects to see further, strong product sales growth in 2024. Additionally, the firm noted that it concluded a successful fundraise of GBP9.9 million at the end of 2023.
Chief Executive Officer Sean Smith said: "In 2023 Eden achieved several key regulatory and commercial milestones resulting in solid sales performance and revenues which have exceeded market expectations.
"Looking forward, our successful fundraise in 2023 will allow us to expedite the development of our existing product portfolio, expand into new geographies and develop new product opportunities. In 2024 we will continue to build on the progress made this year to drive sales growth, step-up commercial activity and push forward apace with our product plans."
By Sabrina Penty, Alliance News reporter
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