Latest Results
Interim Results for the six months to 30th June 2009
Eden Research plc (PLUSMARKETS: EDE), a leading UK agrochemical development company, today announces its interim results for six months ended 30th June 2009. Eden's strategy is focused on the development and commercialization of terpene-based technology for agricultural use.
Business Highlights
- Option exercised by Cheminova for seventeen additional countries extending the territories for its rights to commercialize 3AEY to most of Europe and much of the Americas and the CIS
- License signed with Environmental Solutions North Africa Limited (ESNA) for all professional crop applications of 3AEY with upfront and milestone payments totaling £170,000 plus subsequent royalty payments
- Highly successful trial data announced for Spider Mites, Whitefly and Nematode products indicating strong prospects for commercialization of future products
- Final submission of 3AEY to the Chemicals Regulation Directorate now complete
Financial Highlights
- Loss for the period of £1,002,000 (2008: £1,394,000), in line with the Company's expectations
- Revenue for the period of £65,000 (2008: £84,000), being the upfront payments for the Lachlan and ESNA agreements
- Administrative expenses £424,000 (2008: £819,000), reflecting the on-going low cost base of the Company and the reduction in expenses relating to the registration process of 3AEY due to Eden being at the tail-end of that process
Tim Griffiths, Eden's Chief Executive said:
"We are pleased that licenses have been signed for additional territories for 3AEY and that the final submission of 3AEY to the Chemicals Regulation Directorate is now complete. This not only shows the worldwide interest in our lead product but also means that, because the majority of the Botrytis market has now been signed up, we are able to progress the commercialization of other products targeted at significant markets, such as nematodes, where market size is greater and our positive data will now enable us to complete new deals."
Consolidated Income Statement for the six months ended 30 June 2009
| Six
months ended 30 June 2009 £’000 unaudited |
Six
months ended 30 June 2008 £’000 unaudited |
Year ended 31 December 2008 £’000 audited |
|||
| Group Revenue | 65 | 84 | 84 | ||
| Cost of sales | - | (2) | - | ||
| Gross profit | 65 | 82 | 84 | ||
| Administrative expenses | (424) | (819) | (1,334) | ||
| Amortisation of intangible assets | (295) | (240) | (604) | ||
| Share based payments | (369) | (368) | (174) | ||
| (1,088) | (1,427) | (2,112) | |||
| Other operating Income | - | - | - | ||
| Operating loss | (1,023) | (1,345) | (2,028) | ||
| Finance income | - | 3 | 3 | ||
| Finance costs | (45) | (52) | (123) | ||
| Loss on ordinary activities before taxation | (1,068) | (1,394) | (2,148) | ||
| Tax on loss on ordinary activities | 66 | - | 47 | ||
| Loss for the financial period | (1,002) | (1,394) | (2,101) | ||
| Loss per share (pence) - basic and diluted | (1.78) | (2.62) | (3.86) |
The above numbers have not been reviewed by the company's auditors