Latest Results
Interim Results for the six months to 30th June 2008
Eden Research plc (PLUSMARKETS:EDE), a leading UK agrochemical development company, today announces its interim results for six months ended 30th June 2008. Eden’s strategy is focused on the development and commercialization of terpene-based technology for agricultural use.
Business Highlights
- Advanced discussions on-going with significant distributors to complete deals in other specialist markets such as Africa and Asia
- Testing continues to highlight the benefits of our naturally based products with several new crops being investigated as part of the label extension process
- Key project areas being investigated include controlling a range of pests such as nematodes, spider mites and whitefly in a range of high value glasshouse crops
- Several new project areas under investigation as part of our long term R&D strategy to ensure continued new product concepts being developed over the coming years
Financial Highlights
- Loss for the period of £1,394,000 (2007: £837,000), in line with the Company’s expectations
- Turnover for the period of £84,000 (2007: £340,000), being the milestone payment for the successful vinification report for Cheminova
- Administrative expenses £819,000 (2007: £555,000), reflecting the strengthening of the Board, management team and increased development of Eden’s IP portfolio
Tim Griffiths, Eden’s Chief Executive said:
“We are pleased with the progress made in respect of commercialisation of our lead product and the start of significant new projects to control very damaging pests in a variety of high value agricultural and horticultural crops. By focusing our development on key strategic global pest control solutions we will be able to create value in all the major food producing areas worldwide.”
Chairman’s Statement
Further to the Annual General Meeting held on 8th September, I am pleased to report that Eden has continued to advance its discussions with significant distributors to complete deals in other specialist markets such as Africa and Asia for our products.
Testing by our partners in both Europe and Asia has continued to highlight the performance benefits of our naturally based products with several new crops being investigated as part of the label extension process.
Key project areas being investigated in 2008 include controlling a range of pests such as nematodes, spider mites and whitefly in a range of high value glasshouse crops in Southern Europe.
Product safety to a range of key beneficial insects was demonstrated thereby highlighting the excellent product fit into glasshouse crops and IPM (Integrated Pest Management) strategies commonly used in the high value glasshouse crop markets.
Several new project areas are under investigation as part of our long term R&D strategy to ensure continued new product concepts being developed over the coming years.
I would, again, like to thank our team for their excellent work and expect to be able to announce further commercial progress in relation to the registration of our lead product 3-AEY and further commercial agreements over the next year.
Ken Brooks
Chairman
Income Statement for the six months ended 30 June 2008
| Six months ended 30 June 2008 £’000 unaudited |
Six months ended 30 June 2007 £’000 unaudited |
Year ended 31 December 2007 £’000 audited |
|||
| Group Turnover | 84 | 340 | 361 | ||
| Cost of sales | (2) |
- |
(5) |
||
| Gross profit | 82 |
340 |
355 |
||
| Administrative expenses | (819) |
(555) |
(1,034) |
||
| Amortisation of intangible assets Share based payments |
(240) (368) |
(558) (56) |
(456) (1,361) |
||
(1,345) |
(829) |
(2,496) |
|||
| Other operating Income | - | - | - | ||
| Operating loss | (1,345) |
(829) |
(2,496) |
||
| Interest receivable | 3 | 1 | 4 | ||
| Interest payable | (52) | (86) | (130) | ||
| Loss on ordinary activities before taxation | (1,394) |
(914) |
(2,622) |
||
| Tax on loss on ordinary activities | - | 77 | 158 | ||
| Loss for the financial period | (1,394) |
(837) |
(2,464) |
||
| Loss per share (pence) – basic and diluted | 2.62 | 1.80 | 5.13 |
The above numbers have not been reviewed by the company’s auditors
Notes
The full results are available to download in PDF format.