Oxford’s Eden Research boosts revenues 72 per cent for FY23

Published by

Daniel Face

Eden Research has posted a trading update for the year ended 31 December 2023 forecasting revenues of £3.1m – up 72 per cent on last year and ahead of market expectations.

Last year the Oxford firm made its first commercial sales of Ecovelex bird repellent and Mevalone biofungicide.

Mevalone has just received approval for use in California – which represents 80 per cent of Eden’s huge potential market in the US – adding to existing licences in New Zealand, Ireland and Poland.

Eden also signed a deal with Corteva Agriscience to distribute Mevalone in France, where it goes by the tradename Esseva. The company sees this as a key growth opportunity for the future.

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Meanwhile, field trials for its insecticide product have produced ‘encouraging results’ and it expects a ‘high level of interest’ in Europe and the US.

Eden capped off the year with a successful fundraise of £9.9m, allowing it to expedite development of new and existing products and expand into new geographies.

CEO Sean Smith said: “In 2023, Eden achieved several key regulatory and commercial milestones resulting in solid sales performance and revenues which have exceeded market expectations.

“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.

“We’ll 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.”

Daniel Face

Born and raised in Berkshire, Dan fell into journalism after completing his bachelor’s degree in English at UCL. Writing for The Business Magazine and local Biz News sites has given him the opportunity to chat with all manner of small business owners and share their success stories with a wider audience. Outside of work, Dan enjoys live music, board games and quiz shows, and is making a slow but persistent effort to learn Spanish.