Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Eden Research revenue set to beat market expectations
(Sharecast News) - Biopesticide specialist Eden Research said in a trading update on Monday that it expected a 72% increase in full-year revenue for 2023, to £3.1m, surpassing market expectations by £0.3m. The AIM-traded firm flagged a 63% increase in product sales to £2.6m, aligning with market projections, and an EBITDA loss of about £1.2m, excluding share-based payments, which would be £0.7m better than market forecasts.
It was anticipating a year-end cash position of £7.4m, slightly below market expectations of £7.8m.
On the operational front, Eden Research said its product sales showed impressive growth despite challenging growing conditions affecting demand for fungicides.
The appointment of Corteva France as Eden's distribution partner for Mevalone, marketed as Esseva in France, contributed to the growth, given France's reputation for high-quality agricultural output and substantial fungicide usage in the viticulture sector.
There was potential for expanding Esseva's applications for treating mildews pending regulatory approvals.
In 2023, Mevalone gained approvals in New Zealand, Ireland and Poland, and sales of Cedroz also resumed after resolving production-related issues.
In the US, Eden secured multiple state-level approvals for Mevalone and Cedroz, and
following California's approval after the year-end, more significant Mevalone sales were expected in the US in 2024.
Ecovelex, Eden's seed treatment product, obtained temporary approval in Italy for bird-repellent use in maize for the 2024 season, facilitating sales to Corteva.
The company said it was optimistic about its outlook for 2024, anticipating robust product sales growth driven by Ecovelex sales, expansion of Mevalone and Cedroz market share, and approvals in additional territories.
Eden's recent successful fundraise of £9.9m would meanwhile support product development, expansion into new markets, and overall growth.
"In 2023 Eden achieved several key regulatory and commercial milestones resulting in solid sales performance and revenues which have exceeded market expectations," said chief executive officer Sean Smith.
"A particular highlight was the granting of a temporary approval of Ecovelex in Italy for use as a bird repellent seed treatment in maize for the 2024 growing season, marking the first commercial sales of not only a new product, but an entirely new product category; an exciting milestone which gives an early indication of the long-term commercial viability of that product.
"The commencement of sales of Mevalone for use in California following regulatory approval was also an important event and provides us with access to a significant addressable market, which we hope to further capture in 2024."
Looking ahead, Smith said the firm's successful fundraise in 2023 would allow it to expedite the development of its 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."
At 1321 GMT, shares in Eden Research were up 6.67% at 6p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing programme
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.