Eden Research plc, the Milton Park-based company developing sustainable biopesticides, has reported a drop in revenues to £1.4 million, down from £1.8 million last year, and an operating loss of £2.2 million (2019: £1.4 million), but remains bullish about the future.
Lykele van der Broek, Chairman, said: “It goes without saying that 2020 was an unusual and challenging year for everyone in different ways. Clearly, the global Covid-19 pandemic has caused complex and unforeseen issues for people and businesses across the globe. Challenges have arisen which have required us all to adapt and adopt new ways of working, enabling life and work to continue as close to normal as possible.
“Eden has not been immune to the challenges from the global COVID-19 pandemic. For example, we have seen a number of limitations with our field trials and some short-term delays in the regulatory process and product approvals globally as a result of logistical issues associated with various lockdowns and other restrictions worldwide.
“However, we are proud of the fact that Eden has made significant strides forward in the past year, despite the unprecedented backdrop we have all faced. Indeed, we have seen the continued commercialisation of our products, the building of our financial resilience, the development of our operations and the strengthening of our reputation as a growing and innovative company aligned with the transition to a more sustainable world.
“We have also seen 2021 start as we mean to go on, by signing a landmark distribution agreement for our Sustaine® technology with Corteva Agriscience, and receiving the London Stock Exchange’s Green Economy Mark in recognition of our contribution to the global green economy. This focus on Eden’s sustainable credentials will continue to be a focus throughout 2021 and beyond, as investors are increasingly aware of the environmental impact of their investment decisions.”
During the year Eden signed a one-year exclusive agreement with Corteva Agriculture, the largest pure-play agricultural company, to evaluate seed treatment applications of Eden’s products and technology. The company also commenced sales in Mexico of bionematicide, Cedroz™ and secured approval for its first products in Australia.