26 March 2020
During this difficult time, the agriculture industry requires a unified effort from all involved in the provenance of fresh food and produce. Eden is committed to continuing to provide biopesticide products and natural microencapsulation technologies to the global crop protection industry through its network of partners across the world. Whilst we have experienced no direct operational impact from Covid-19 at this time, we want to make Eden’s current position clear to our stakeholders.
We Are Funded for Future Growth
In March 2020, we raised £10.4 million from investors, a feat that the whole team is proud of given the volatility and uncertainty in the markets at the time. The resounding vote of confidence from our shareholders (both new and old) will help us capitalise on the global shift towards more environmentally friendly methods of crop protection, driving us to become a leading provider of sustainable solutions for global agriculture. Though the coming months will certainly present challenges for the Company, our employees and our partners, Eden remains debt-free and has a strengthened balance sheet allowing us to execute on our exciting plans. Our out-sourced manufacturing model means that we retain maximum flexibility over our choice of manufacturing locations with a low fixed cost base.
Our Industry Has a Pivotal Role to Play
As demand soars for food supply during the lockdown periods across the UK and beyond, the agriculture industry has a vital role to play in feeding the world through the crisis and minimising the economic fallout.
“Plant protection products play a fundamental role in agricultural production - without them, we would not be able to cope adequately with global emergencies such as Covid-19. The biopesticides market outlook remains undoubtedly positive, with a clear demand from consumers for sustainably grown produce and in response, a notable shift from growers towards greener farming practices. As we step into the 'new normal', consumer demand for a chemical-free supply chain journey will only be more prevalent.”
Not only do people need food to survive, they remain conscious of where it comes from and care about the supply chain journey. The choices people are making to put healthy food on the table are driving what farmers grow in their fields and how they grow them with an increasing emphasis on sustainable practices and produce that is free from pesticide residues. This is the future of farming, and Eden is at the forefront of the movement towards sustainable farming practices.
Supporting Our Employees and Partners
As always, we are working closely with our partners as they continue to maintain their business of supplying our product to growers in an increasing number of countries. Our team is reviewing the situation every day so that we can adapt to any changes that may be experienced by our partners and ensure the health and safety of their workers is paramount. Closer to home, Eden’s team are avoiding unnecessary travel and working remotely during the crisis.
I want to thank our partners and of course the farmers who cannot carry out their work remotely and who are working hard each day to ensure that we have enough to eat now and in the future. Their work cannot not stop, and we are grateful now more than ever for all that they do to feed us. We hope you stay safe and well.
Regards,
Sean
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