Eden Research PLC proves resilient as it exits 2020 well funded

() described its performance in 2020 as resilient as it weathered the impact of the global pandemic.

In an update, the biopesticides and plastic-free technology group said revenues for the 12 months to December 31 would be £1.6mln, down £400,0000 year-on-year, while the operating loss would be £2.6mln.

Importantly, it exited the year well-funded with £7.3mln in the bank.

Assessing the market, Eden said the hospitality industry had been hit hard, which, in turn, affected wine grape production, and by extension demand for crop protection products.

In addition, regulatory processes around the world saw wide-scale disruption.

As a result, a number of product approvals which had been expected in the year, and which should have resulted in sales, were delayed.

Investors were also told that Eden’s evaluation agreement with the US agriculture giant Corteva (NYSE:CTVA) was “moving forward” with an update on progress coming as soon as is “practicable”.

Development activity, meanwhile, has continued “largely as hoped”.

Chief executive Sean Smith said: “It has been an unprecedented year for businesses across the globe, and Eden has not been immune to the disruption caused by the COVID-19 pandemic.

“However, we are proud of the resilience we have demonstrated against this exceptional backdrop and the continued progress we have made in advancing our strategy and positioning Eden for growth in the rapidly growing biopesticides market.”