Eden Research PLC, a company focused on sustainable biopesticides and plastic-free formulation technology, has released its unaudited trading update for the year ended 31 December 2023. The company reported a significant increase in revenue, with a 72% rise to £3.1m, surpassing market expectations. Product sales also saw a notable increase of 63% to £2.6m, with the company's cash position at the year-end at £7.4m. The company achieved several milestones, including the first commercial sales of Ecovelex in Italy and Esseva in France, as well as receiving California state approval for Mevalone in January 2024.

Despite challenging growing conditions affecting demand for fungicides, Eden Research PLC experienced a substantial increase in product sales, driven by new territory authorizations and label expansions. The company's first commercial sales to Corteva France in 2023 marked a significant opportunity, particularly in France, known for its high-quality agricultural output. Additionally, the approval for Mevalone in New Zealand, Ireland, and Poland, along with the resumption of Cedroz sales, contributed to the company's growth.

The company also received numerous State-level approvals for Mevalone and Cedroz in the US, with the recent approval in California expected to lead to more meaningful sales in 2024. Furthermore, the temporary approval of Ecovelex in Italy for use as a bird repellent seed treatment in maize for the 2024 growing season has allowed Eden Research PLC to make significant sales of Ecovelex to Corteva.

Eden Research PLC has also made progress with its insecticide product, with promising results from field trials conducted by potential commercial partners. The company anticipates a high level of interest in this product, particularly in key markets such as Europe and the US. Commercial discussions with potential partners for the evaluation of distribution are underway, with updates expected in 2024.

The company's achievements in 2023, including revenue growth, product sales, and regulatory approvals, demonstrate its continued progress in the sustainable biopesticides and plastic-free formulation technology sectors.